Beneficiary deed - Study guides, Class notes & Summaries

A brother and a sister held title to a house as joint tenants. Other than this property, they conducted their business and affairs separately. When the brother died, he was penniless and owed several creditors substantial unsecured amounts of money. The sister took the title to the house and title was: A. Subject to the decisions of a probate court B. Subject to the claims of creditors C. Free of the debts of the brother D. Held as tenants in common along with heirs of brother Ans Fre...

For all practical purposes, an "Alienation Clause" is basically the same as a: a) Call Clause b) Acceleration Clause c) Due on Sale Clause d) Defeasance Clause - ANSWERSc) Due on Sale Clause When the lender determines the amount of money to loan to a borrower by using a percentage of the property's appraisal or sales price, they are trying to determine the: a) Loan-to-Value Ratio b) Interest rate for the loan c) Origination fees d) Borrower's ability to repay the loan - ANSWERSa) ...

Abstract of Title A summary and certification by the abstractor of the history of the title to property form the original grant through all subsequent conveyances. Acceleration Clause The clause in a mortgage or deed o trust that can be enforced making the entire debt due immediately upon default of the borrower. Acceptance The expression of the intention of the person receiving an offer (offeree, usually the seller) to be bound by the terms of the offer. Accession Obtai...

Two friends hold title as joint tenants. One borrowed money and executed a deed of trust against the property. In terms of affecting title this action could: - Place the beneficiary in a precarious position should the borrower die before the debt is paid. Joint tenant estate held by two joint tenants is severed and ended by the following: - A foreclosure by one of the joint tenants. One of the joint tenants transfers his interest to a third party. One of the joint tenants sell his interest....

Michigan Real Estate Ch. 7 - Transfer of Title to Real Property Questions and Answers 100% Accurate Abstract title - condensed history of the title - provides a summary of all links in the chain of title plus any other public record matters affecting the title - includes legal description of property & summarizes every related instrument in chronological order - one form of commercial title evidence - once completed an attorney must examine it to ensure the chain of title is clear and unbr...

A corporation is a legal entity that can buy and sell real estate as set out in its charter. Ownership in severalty is property owned by one individual or corporation. A house is owned by three joint tenants, and one of the owners, as permitted by state law, sells that interest to a new owner. The result is a tenancy in common between the new owner and the remaining joint tenants The owner of a condominium unit learns that a neighbor has failed to pay real estate taxes. I...

transactions, transactions involving a "federally related" mortgage (conventional, FHA, VA) Which party's signature is required on a deed of trust? A. the trustee B. the beneficiary C. the trustor(s) D. the grantee(s) - correct answers--C. the trustor(s) The trustor is the borrower in a lending situation using a trust deed. The borrower is giving the lender security or collateral interests in the property. Because those rights and interests belong to the borrower and they are surr...

Mortgage Loans : Most common choice for financing real property. Can be conventional or non-conventional Conventional Loan : Neither federally insured nor guaranteed Non-conventional Loan : Federally insured/guaranteed mortgage loans to encourage ownership (FHA, VA, USDA) Contract for Deed : A means by which the seller passes possession but retains title to the property until the total or a substantial portion of the purchase price is paid. Installment contract. The two parties here are...

NM Real Estate Practice Exam Questions with Verified Solutions Feet in an acre 43,560 ft Feet in a Mile 5,280 ft A Plat An unofficial map or plan of a parcel of land that's been or will be subdivided to show the boundaries of each created lot Metes and Bounds Description using compass headings and directions Lot and Block Land description which provides plat reference Oversees Fannie Mae and Freddie Mac and regulates the Federal Home Loan Bank Federal Housing Finance Agency...

ASREB SCHOOL EXAM QUESTIONS AND ANSWERS 100% PASS When a tenant moves out of a rental unit due to an electrical fire that was not their fault this would be called? Constructive eviction A property manager is considered what type of agent? General agent If a dwelling is damaged or destroyed by fire how many days must the tenant give the landlord to terminate the rental agreement? 14 A real estate broker is normally what type of agent? Special A broker's duty to a third party would be...