State Exam Ch 21

Front 1

Chapter 21

Abstract of title

Back 1

Condensed history, of all documents, affecting, a parcel of Real Estate.

Front 2

Actual notice

Back 2

Information, one actually knows.

Front 3

Affidavit

Back 3

A written statement, sworn to before an officer, who, is authorized, to administer, an oath or affirmation.

Front 4

Arrears

Back 4

Payment, after the service, has been rendered. money, that is owed, and should have been paid earlier.

Front 5

Attorney opinion of title

Back 5

Lawyer statement, after studying, an abstract.

Front 6

Caveat Emptor

Back 6

Let the buyer beware

Front 7

Chain of title

Back 7

Shows the record, of ownership, of the property, over a period of time.

Front 8

Closing disclosure

Back 8

An account, of what the borrower paid, what the seller paid, or what was paid by others.

Front 9

Constructive notice

Back 9

Information, one could know by investigating. Notice, given to the World, by recorded documents.

Front 10

Credit

Back 10

Money due, and payable, to one party, at the closing.

Front 11

Debit

Back 11

Money, to be paid, (owed) by one party, at the closing.

Front 12

Escrow closing

Back 12

Closing, handled by, a neutral, third-party.

Front 13

Evidence of title

Back 13

Proof of ownership, of property, commonly, a certificate of title, a title of insurance policy, an Abstract title, with lawyers opinion, or a Torrens registration certificate.

Front 14

Marketable title

Back 14

Good, or clear title, reasonably free, from defects. Free from, the risk of litigation, over possible defects

Front 15

Proration

Back 15

Expenses, that are prepaid, or paid, in arrears, that are divided, or distributed, between the buyer, and the seller, at the closing.

Front 16

Public record

Back 16

County's collection, of documents, relating to, real estate.

Front 17

TRID, Truth in Lending Act

Back 17

Federal law, ensuring, that the buyer, and seller, receive a detailed, accounting of funds, at the closing.

Front 18

Realty transfer fee

Back 18

Tax, due to the state of New Jersey, at the closing.

Front 19

Suit to quiet title.

Back 19

Court action, to remove Cloud, on title.

Front 20

Title insurance policy

Back 20

Title companies, guarantee, of a clear title.

Front 21

Section 8

Back 21

Prohibits kickbacks.

Front 22

Public records, may be inspected by?

Back 22

Anyone.

Front 23

The date, and time, on a document, is recorded, to establish?

Back 23

Priority.

Front 24

An instrument, affecting the title, to a parcel, of real estate, gives constructive notice, to the world, when it is filed, with the?

Back 24

County, Recorder.

Front 25

In New Jersey, no Deeds, may be recorded, unless?

A. It has been acknowledged.

B. The transfer fee, has been paid.

C. Full consideration is stated.

D. All of the above.

Back 25

Answer.

All of the above.

Front 26

Which of the following, is not acceptable proof, of ownership?

A. A Torrens certificate.

B. A title insurance policy.

C. An abstract & lawyer's opinion.

D. A deed signed by the last seller.

Back 26

D. A deed signed by the last seller.

Front 27

Torrens

Back 27

A method of evidencing, title find registration, with the proper Public Authority, generally called registrar.

Front 28

In locations where the abstract system is used, an Abstract is usually, determined by the?

Back 28

Attorney for the purchaser.

Front 29

Proof, of the kind of estate, and liens against, a partial of real estate, can usually be found, through?

A. A recorded deed.

B. Court suit, For specific performance.

C. One of the four evidences of title.

D. A Foreclosure suit.

Back 29

Answer.

C. One of the four evidences of title.

Front 30

Four forms of evidence of title are?

Back 30

1. Abstract of title & lawyers opinion.

2. Owner's title insurance policy

3. Torrens certificate

4. Certificate of title.

Front 31

A fee title insurance policy, generally defends, the property owner, against problems, arising from?

A. Unrecorded documents.

B. Facts Discoverable by survey.

C. Forged documents.

D. All of the above.

Back 31

C. Forged documents.

Front 32

Mortgage title policies, protect which parties against loss?

A. Buyers.

B. Sellers.

C. Lenders.

D. Buyers & Lenders

Back 32

Answer.

C. Lenders.

Front 33

If you lose your deed, you can still sell your house, if?

Back 33

It has been recorded.

Front 34

RESPA

Back 34

Prohibits Kickbacks, or unearned fees.

Front 35

A mortgage reduction certificate, is executed, by?

Back 35

A Lending institution.

Front 36

At the closing, the seller's attorney gave credit to, the buyer for certain accured items. These items were?

Back 36

Bills relating to the property that the buyer will pay.

Front 37

Earnest money, left on a deposit, with a broker, is a?

Back 37

Credit, to the buyer.

Front 38

Under TRID rules, what is the time frame, for the lender, to provide the Closing Disclosure (CD) to the borrower

/buyer?

Back 38

3 business days, before closing.

Front 39

Security deposits, should be listed, on a closing statement, as credit, to the?

Back 39

Buyer

Front 40

When a, realty transfer fee, is involved?,

Back 40

The seller, is responsible for, the payment.

Front 41

Chapter 21

The lender requires the following before the closing?

Back 41

1. Title insurance policy, abstract of title.

2. A fire & harzard insurance policy with receipt for the premium

3. Survey, termite, inspection report

4. Reserve, escrow account

5. Representation of attorney