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REE 3433 Final Review CH. 10
REE 3433 Final Review CH. 10
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REE 3433 Final Review CH. 10"New York Style" Closing - ANS-Parties exchange documents at a closing table.
Advantage is that last-minute problems can be resolved because everyone is present.
"Western Style", "California Closing", or Escrow Closing - ANS-Parties deliver executed
documents and deliver to an escrow agent via overnight mail/escrows. Advantage is
that all documents prepared and examined by escrow agent in advance, thereby, all but
eliminating last-minute problems.
A deed is: - ANS-A written instrument by which one individual conveys title of real
property to another individual. It is also a conveyance of land, tenements, or
hereditaments, from one individual to another.
A grantor who acquired his title by a "Forged Deed" is: - ANS-Not liable for a breach of
a covenant of a Special Warranty Deed, because the grantor wasn't the one who
committed the forgery.
Actual Possession - ANS-Possessor must enter land and make actual use of land
appropriate to nature of land.
Adverse Possession - ANS-Method of acquiring
ownership of property
through possession and
use of property for
certain number of years.
Adverse Possession Without Color of Title - ANS-When the possessor has been in
actual continued possession of real property for 7 years under a claim of title exclusive
of any other right, but not founded on a written instrument, judgment, or decree.
Appraisal - ANS-This is required by the lender to determine that the money they are
lending is being used for a property that is worth what the buyer is paying for it.
Brokerage Fees - ANS-Also called a sales commission, this fee is agreed upon between
the seller and the sales associate representing the brokerage at the time the property is
listed.
, Consummation occurs when: - ANS-The borrower becomes contractually obligated to a
seller in a real estate transaction.
Continuous Possession - ANS-Must use land for certain number
of years as set forth by state statute (tacking permitted).
Covenant of Further Assurances - ANS-The grantor promises he will perform all
reasonable acts necessary to perfect title for the grantee.
Covenant of Quiet Enjoyment Against Encumbrances - ANS-The grantor promises there
are no encumbrances against the grantor's title and promises to indemnify the grantee
for any loss resulting from the existence of encumbrances not specifically excluded from
the grant.
Covenant of Seisen - ANS-An assurance that the grantor has the very estate in quantity
and quality which he purports to convey.
Covenant of the Right to Convey - ANS-Is a promise that the grantor has the right to
convey the state or interest that he or she purports to convey.
Covenant to Warranty and Defeat the Title - ANS-The grantor promises to defend the
title to the land and all the fixtures against all lawful claims and demands.
Deed is delivered in escrow when it is: - ANS-Deposited with third party
with directions to deliver to
Grantee upon performance of
some condition set forth in
escrow instructions, not in
deed.
Designated referees that supervise real estate closings are: - ANS-1) Title Company
2) Closing Attorney
3) Escrow Agent
Dodd-Frank Wall Street Reform and Consumer Act of 2010 - ANS-Transferred
rule-making authority under RESPA to the newly created Consumer Finance Protection
Bureau (CFPB). The CFPB amended existing rules and enacted new rules.
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