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59 Cards in this Set
- Front
- Back
- 3rd side (hint)
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IRS Levy |
The Legal seizure of an individuals property to satisfy an IRS tax debt is an __________. |
take title |
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IRS Lien |
A claim used as security for the IRS tax debt. |
clouds title |
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Fiduciary |
Position of great honesty and trust. |
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Care, Obedience, Loyalty, Disclosure, Accountability, Confidentiality |
What are the Fiduciary Commitments? |
COLD AC |
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Title which is done with a deed |
In the closing process, what does the seller transfer to the buyer? |
not the paper |
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Money |
In the closing process, what does the buyer transfer to the seller? |
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Sales Contract |
The instructions for closing are provided by what documents? |
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Broker & Sales Person |
Who takes responsibility for property preparing the sales contract? |
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Prove title is transferable without liens. |
What is the objective of establishing marketable title? |
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Final Walk Through |
How does the buyer assure that repairs are made and that the property is in the same condition as when the contract was written? |
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Escrow Company |
Who performs closing duties and handles the money? |
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Title Company |
Who searches the history of properties and reports on them? |
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IRS Levy |
The seizure of an individual's property to satisfy an IRS debt is called a? |
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In the county when the property is located. (close of escrow) |
Where are documents regarding a property filed? |
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Constructive / Legal notice |
What does the act of recording documents provide. |
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IRS Lien |
A claim used as security for the IRS debt is referred to as? |
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Affidavit of property value |
What document accompanies the deed to the recorders office? |
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Delivery & Acceptance of Deed (when seller gives to escrow) |
When does title pass? |
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Recording the deed |
What is the final step in the closing process?
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Accurate Sales Price |
What does the affidavit of proper value record? |
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Preliminary Title Report |
Once escrow is opened, the title company searches title and prepares what? |
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Insures the buyer & Seller in a real estate transaction have knowledge of all settlement costs |
What is the general purpose of RESPA? |
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HUD Booklet & Loan Estimate |
According to RESPA, what must the lender provide to the borrower within 3 business days of the loan application? |
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Closing Disclosure |
RESPA requires that the closing costs be prepared on what form? |
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Kick Backs |
Respa prohibits what? |
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Seller requires buyer to purchase from a particular title company.
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What does RESPA prohibit regarding title insurance?
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Negotiated in the sellers contract |
How is the escrow company usually selected? |
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Debit |
A charge or an expense is referred to as a? |
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Person who uses it pays for it |
A key point regarding prorations is |
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Buyer |
The appraisal fee is a typical charge for which party? |
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Assures lender is in 1st Lien position |
What is the purpose of the ALTA policy? |
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Arrears |
Is mortgage interest paid in advance or arrears? |
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May |
A June 1 mortgage payment covers the use of the funds for what month? |
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Credit |
Money given back for something already paid is referred to as a? |
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Credit |
Is the earnest money a credit or debit for the buyer? |
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Title insurance policy |
What is the best proof of marketable title. |
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Calendar Year |
When calculating prorations using 365 days in a year is referred to as a ? |
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30 |
When using a statutory year, it is assumed that each month has how many days? |
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Proration |
Allocating the expenses between the buyer and seller is referred to as? |
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Actual Notice |
Expressed information or fact: that which is known as?
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Legal or Constructive Notice |
Notice of certain facts that may be discovered by due diligence or inquiry into a public record? |
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Debit |
A charge or an expense. |
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Calendar Year |
Year has 365 days; each month has actual number of days |
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Prorating |
Dividing expenses between the seller and the buyer |
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Statutory year |
Year has 360 days; each month has 30 days |
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Fiduciary |
A position of honesty and trust |
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Grantor |
A person transferring title to, or an interest in, real property. |
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IRS Levy |
The legal sexier of an individuals property to satisfy an IRS tax debt. |
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Grantee |
A person who receives from the grantor a conveyance of real property |
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IRS Lien |
A claim used as a security for the IRS tax debt. |
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Credit |
Money given back for something already paid and not used. |
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Kick Back (not legal) / Referral fee (legal) |
A fee or something of value given for the referral of any real estate settlement service. |
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Title Ins Policy |
Comprehensive indemnity contract under which a title company warrants to make good a loss arising through defects in title to real estate or any liens or encumbrances thereon: |
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Escrow |
A "clearinghouse" for the details of the transaction. |
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ALTA Policy |
Policy assuring that the lender is in first lien position behind property taxes. |
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Escrow Agent |
Disinterested (neutral) third party who facilitates the closing procedure |
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Title |
The right to or ownership of land |
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Areers |
Payment is made after the use of the funds |
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Marketable Title |
Title that is able to be transferred. |
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