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32 Cards in this Set
- Front
- Back
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absolutely privileged |
any publication during a judicial proceeding which in authorized by law bars a slander of title action against the person wrongfully claiming an interest in the property |
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lis pendens |
notice of a pending lawsuit affecting title or the right to possession of real estate described in the notice |
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expungement |
a court order removing from title to real estate the effect of a recorded lis pendens regarding litigation asserting a claim to title or possession of the property |
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specific performance action |
an action to compel performance of an agreement |
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abstract of title |
an accurate, factual representation of title to the property being acquired, encumbered or leased |
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preliminary title report |
a report furnished by a title insurer constituting an offer to issue title insurance based on property vestings and itemized encumbrances presented in the report |
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date-down search |
a further search of the public records performed immediately prior to closing and issuance of a policy of title insurance |
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abstract of title |
an accurate, factual representation of title to the property being acquired, encumbered or leased |
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proof-of-loss statement |
a statement submitted to the title insurance company by the insured referencing the encumbrance discovered after the policy was issued, the amount of the loss and the basis for calculating the loss |
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encumbrance |
a claim or lien on title to a parcel of real estate, such as property taxes, assessment, bonds and trust deeds |
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schedule A |
identification of the property interest the insured acquired, the legal description of the insured property, the date and time coverage began, the premium, paid for the policy, and the maximum total dollar amount to be paid for all claims settled
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exclusion |
risks of loss not covered under a policy of title insurance, comprised of encumbrances arising after the transfer or known to or brought about by the insured |
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schedule B |
itemization of title insurance policy exemptions and items which need to be complete before escrow can close and title insurance is issued |
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preliminary title report |
a report furnished in connection with an application for title insurance disclosing the current vesting and encumbrances which may be reflected on the public record. A prelim is an irrevocable offer by a title company to issue title insurance, and is not a representation of the condition of title |
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title insurance |
a form of indemnity insurance in which title insurance company holds harmless a person who acquires an interest in real estate against a monetary loss caused by an encumbrance on title that is not listed in the policy and the insured was unaware of when the policy was issued |
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abstract of judgement |
a condensed written summary of the essential holdings of a court judgement |
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declaration of homestead |
a document signed by a homeowner and filed with the county recorder's office to protect the owner's homestead equity from seizure by creditors |
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homestead |
dollar amount of equity in a homeowner's principal dwelling the homeowner qualifies to exempt from creditor seizure |
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quiet title |
a court action to establish title to property or remove a cloud from title |
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good faith estimate of costs |
an estimate of a buyer's settlement charges and mortgage terms handed to the buyer on a standard form within three business days following the lender's receipt of the mortgage application |
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mortgage shopping worksheet |
a worksheet designed for used by buyers to compare mortgage offers from lenders by listing all the variables commonly occurring at the time of origination and over the life of a mortgage |
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transaction agent (TA) |
the term lenders use to identify the buyer's agent in a sales transaction which is contingent on the buyer obtaining a mortgage a fund the purchase price |
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uniform residential loan application |
a standardized mortgage application completed by the buyer with the assistance of the transaction agent (TA) and the mortgage lender's representative |
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balance sheet |
an itemized dollar value presentation for setting an individual's net worth by subtracting from asset values |
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buyer mortgage capacity |
a buyer's ability to make mortgage payments based on their debt-to-income ratio |
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creditworthiness |
an individual's ability to borrow money determined by their present income and previous debt payment history |
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debt-to-income ratio |
percentage of monthly gross income that goes towards paying debt a ratio |
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loan-to-value ratio |
a ratio stating the outstanding mortgage balance as a percentage of the mortgaged property's fair market value |
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mortgage package |
a collection of documents required to process a mortgage application and sent to a mortgage underwriting officer |
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real estate settlement procedures act |
federal regulations which prohibit brokers from receiving a referral fee if the broker is already acting as a transaction agent in exchange for compensation |
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truth-in-lending act |
a law designed to protect buyers in their dealings with lenders through upfront disclosure of mortgage rates and charges |
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uniform residential loan application |
a standardized mortgage application prepared by the buyer with the assistance of the transaction agent and the lender's mortgage respective |
