Exam (elaborations)
ree 3433 study guide 3
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- REE 3433 Chapter 3 Q
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- REE 3433 Chapter 3 Q
ree 3433 study guide 3
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ree 3433 study guide 3Acceleration Clause - ANS-The clause in a mortgage or deed of trust that can be
enforced to make the entire debt due immediately if the borrower defaults on an
installment payment or other covenant.
Action to Quiet Title - ANS-A court action that establishes ownership when ownership
cannot be traced through an unbroken chain of title.
An action compelling someone to establish his claim of an interest in land or forever be
estopped from asserting it.
Adverse Possession - ANS-A means of acquiring the title to another's land by openly
taking possession of it for a prescribed period of time
Adverse Possession Elements - ANS-1.) Open and notorious
2.) Actual
3.) Exclusive
4.) Hostile and under claim of title or right
5.) Continuous for the statutory period
think OCEAN
Adverse Possession, Policy behind - ANS-Ensures that land is being used efficiently
Annual Percentage Rate (APR) - ANS-Cost of borrowing money on an annual basis;
takes into account the interest rate and other related fees on a loan. Expressed as
yearly percentage
Appraiser - ANS-An independent person trained to provide an unbiased estimate of
value
assignment - ANS-The lessee's transfer of the entire unexpired remainder of the lease
term to the sublessee.
Assumption of Mortgage - ANS-Acquiring title to property on which there is an existing
mortgage and agreeing to be personally liable for the terms and conditions of the
mortgage, including payments. "Assume" means the buyer takes on liability, and the
seller is no longer primarily liable
, Attachment lien - ANS-A lien intended to prevent property transfer pending the outcome
of litigation.
attorney fee provision - ANS-A provision in an agreement specifying the prevailing party
to a dispute is to receive attorney fees if litigation results.
Bargain and Sale Deed - ANS-A deed that carries with it no warranties against liens or
other encumbrances but that does imply that the grantor has the right to convey title.
The grantor may add warranties to the deed at his or her discretion
Claim of right - ANS-An adverse possessor's claim of land as his own
- claimant can actually gain title
closing in lawyers office - ANS-the culmination of a deal, contract, or transaction. The
term is often used at the end of real estate transactions when the parties exchange
deeds for payment and final signatures.
Closing Process - ANS-To close the deal on your home, you need a closing agent (also
called a settlement or escrow agent). They'll coordinate document signing for all the
parties, verify that both you and the seller have met the terms of the purchase
agreement, and finally pay out all funds, transfer the title, and record the deed
Color of Title - ANS-verse possessor's claim to land derived from an invalid legal
document
commercial lease - ANS-a lease that applies to business property
rent determined by: square footage, The landlord will present a cost per square foot in
this calculation and multiply it by the size of the space.
Conventional mortgage 1st - ANS-Primary reason is to buy a home.
Pros: become a homeowner, becomes an investment, tax deductible.
Cons: the ownership is tied on your ability to repay the debt, bank maintains lien on
prop. and can foreclose/repossess if you don't make payments
Conventional mortgage 2nd - ANS-A home equity loan, used by homeowners to tap into
their houses equity. Instead of getting a personal loan you can tie second loan to your
prop., further leveraging your home with another lien.
Pros: can get a lower interest rate, tax deductible
Con: you're taking out another loan.
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