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20 Cards in this Set
- Front
- Back
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A type of junior mortgage in which the existing mortgage amount, plus any additional purchase funds, is loaned to a buyer by the seller is known as: |
D) wraparound mortgage |
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The failure to perform provisions of a contract without a legal excuse is known as a(n): |
D) breach of contract |
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In an appurtenant easement, the party that benefits is known as the: |
D) dominant tenement |
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The benefit, interest or value that induces a promise, and the glue that binds a contract, is known as: |
B) consideration |
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A mineral that was once used as insulation, and is now considered harmful if disturbed or exposed, is: |
B) asbestos |
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The possession of land by one who claims to own at least an estate for life is known as: |
A) seisin |
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A claim or liability attached to a property is called: |
B) an encumbrance |
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An encumbrance that affects the title, usually related to money, is known as: |
A) a lien |
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The type of loan that allows, at the end of the term, that the entire debt is paid off, is known as a: |
C) fully amortized loan |
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The remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, as when an owner conveys a life estate to one party and the remainder to another, is called: |
B) the remainder estate |
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With this type of contract, two or more parties are bound to act as described in the contract.This is called a: |
B) bilateral contract |
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The environmental hazard found mostly in electrical equipment is known as: |
D) PCBs |
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The illegal practice of inducing homeowners to sell their properties by making representations about the prospective entry of persons of a certain race/national origin into the neighborhood is also called: |
B) blockbusting |
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A condensed history of a title to a particular piece of real estate, including a summary of the original grant, and all subsequent conveyances and encumbrances affecting the property, is known as the: |
A) abstract of title |
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When the amortized payment of a mortgage remains constant over the period of the loan but leaves an outstanding balance to be paid at the end, this payment is called: |
C) A balloon payment |
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A term used to refer to any document that transfers title to real property is known as: |
A) conveyance |
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The buyer or purchaser under a land contract is also known as the: |
A) vendee |
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A court order that authorizes and directs the proper officer of the court to sell the property of a defendant as required by the judgment or decree of the court is known as: |
B) a writ of execution |
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A new offer made in response to an offer received is a(n): |
D) counteroffer |
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The type of lease that allows for the rent to be increased or decreased periodically based on changes in the government cost-of-living index is known as a: |
C) index lease |
