real estate terms.

the condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyance and encumbrances affecting the property and certification by the abstractor that the history is complete and accurate.

A formal declaration made before a daily authorized offer, usually a notary public by person who has signed a document

express information or fact, that which is known as direct knowledge

the actual open, notorious, hostile and continuous possession of another land under a claim of the title possession for a statutory period may be a means of acquiring title

an abststrct of title that an attorney has examined and has certified to be in the attorney opinion, an accurate statement of the facts concerning the property's ownership

a deed that carries within no warranties against liens or other cumbrances but that des not imply that the grantor has the right to convert title

a statement of opinion on the status of the title to a parcel of real estate based on eximamination of specified public records

the succession of conveyance from some accepted starting point, where by the present hider of real property derives title

The grantee receives greatest protection with which type of deed

Under the convenient of quiet enjoyment, the grantor

eminent domain and escheat are two examples of

a person who has died without a will has died

Generally, a probate proceeding involving real property takes place

Chain of title is MOST accurately defined as

All encumbrances and liens shown on the report of title, other than those waived or agreed to by the purchaser and listed in the contract, must be removed so that the title can be delivered free and clear. The removal of such encumbrances is typical the duty of the

Legal title ALWAYS passes from the seller to the buyer

A buyer purchases a home in an area where closings are traditionally conducted in escrow. Which item would the buyer deposit with escrow agent before closing date

A property being closed in escrow would most likely be in

A mortgage reduction certificate is executed by a(n)

Which charge noted on the Good Faith Estimate must be the same or less then the charge noted on the HUD-1 form

The documents that provides borrower with general information about settlement cost, RESPA provisions and the Uniform Settlement Statement is the

The purpose of the Texas Real estate License Act is to

How many members make up the Broker-Lawyer Committee

Which action might leave a licensee open to a charge of practicing law without a license

What should a licensee do in transaction for which there is no TREC promulgated contract

What should licensees do when transactions involve unusual matters

Section 5.008 of the Texas Property Code required

If the discloser is provided to the buyer after the contract is fully executed

Mr. And Mrs. Seller are separated and she actually lives in another town. It is still important to have her signature on

Any addenda to be attached to the contract

A careful review of the default section of a sales contract can

The uniform electronic transactions act provides that

any document, claim, unreleased lien or encumbrance that may impair the title to real property or make the title doubtful, usually revealed by a title search and removed by either a quit claim deed or suit to quiet title

A supplement or addition to a will executed with the same formalities as a will, which normally does not revoke the entire will

Notice given to the world by recorded documents. All people are changed with knowledge of such documents and their content, whether or not they have actually examined them. Possession of property is  also considered constructive notice that the person in possession has an interest in the property

A written instrument that when executed and delivered, convey title to an interest of the real estate

An instrument that grants a trustee full power to sell a parcel of land held in trust for the benefit of the beneficiary

A gift of real property by will the donor is the devisor, and the recipient is the devisee

A deed in which the grantor fully warrants good, clear title to the premises. Used in most real estate deed transfer. A general warranty deed offers the greatest protection of any deed.

The owner transferring title to, or an interest in real property to a grantee

The port of a deed beginning with the words "to have" "to hold" following the granting clause and defining the extent of ownership the grantor is conveying.

One who might inherit or succeed to an interest in land under that state law of descent when the owner died without leaving a valid will

A will that is written, dated, and signed in the testator's handwriting.

The condition of a property owner who dies without leaving a valid will title to the property to another alienation may be voluntary such as a gift or sale. Involuntary as though eminent domain or adverse possession.

The act of transferring property to another alienation may be voluntary such as a gift or sale

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

An oral will declared by the testator in his or her final illness, made before witnesses and afterward reduced to writing

A written instrument authorizing a person, the attorney-in-fact, to act as an agent for another person to the extent indicated in the instrument

The order of position or time the priority of liens is generally determined by the chronological order in which the lien documents are recorded. Tax lien have priority

A legal process by which a court determines who will inherit a descendant's property and what the estate's assets are

A conveyance by which grantor transfer whatever interest they have in real estate, without warranties or obligation

A deed used by a trustee under a deed of trust to return the title to the trustor

The act of entering or recording documents affecting of conveying interest in real estate in the recorder's office established in each country. Until it is recorded, a deed or mortgagees ordinarily is not effective against a subsequent purchasers or mortgage

A deed in which the grantor warrants or guarantees, the title only against the defects arising during the period of his or her tenure and ownership of the property and not against defects existing before that time

A court action intended to establish or settle the title to a particular property, especially when there is a cloud on the title

Having made and left a valid will

A person who has made a valid will

The right of ownership or the ownership of land or the evidence of ownership of land

A policy insuring the owner or mortgagee against lost by reason of defects in the title to a parcel of real estate

The examination of public records relating to real estate to determine the current state of ownership

A method of evidencing title by registration with the proper public authority generally called the register, named for its founder Sir Robert Torrens

Tax stamps required to be affixed to a deed by state and/or local law

A deed executed by a trustee conveying land held in a trust

A written document, properly witnessed providing for the transfer of the title to property owned by the deceased called the testator

A written statement, made under oath by a seller or grantor of real property and acknowledge by a notary public which grantors. 1) Identify themselves and indicate marital status 2) Certify that since the exam of the title no defects have occurred and 3) certify that they are in possession of the property

an estimate of the quantity, quality, or value of something the process through which conclusion of property value are obtained; also refers to the report that sets forth the process of estimation and conclusion of value

Physical or tangible asset that have value (property->land, car, house, stock, bond, and retirement)

Second search, is made after the closing and before any new documents are filled

An event where promises made in a sales contract fulfilled and mortgage loan funds (if any) are distributed to the buyer

Must prepare the deed and the HUD-1 Settlement Statement

An electronic network for handling loan applications through remote computer terminals linked to various lenders computer

An arrangement whereby a package of services (real estate firm, title insurance company, mortgage broker, home inspection company) is offered to consumers

The process of estimating the value of a property by adding to the estimated land value that appraisers estimate of the reproduction or replacement cost of building, less depreciation

On a closing statement, an amount entered in a person's favor either an amount the party has been paid or an amount for which the party must be reimbursed

A detailed report of an individual's credit history prepared by a credit bureau and used by a lender to in determining a loan applicants creditworthiness

A statistically derived numeric expression of a person's credit-worthiness that is used by lenders to access the likelihood that a person will repay the debts

On a closing statement, an amount: that is, an amount that the debited party must pay

1) Appraisal, a loss of value in property due to any clause, including physical deterioration, functional obsolescence, and external obsolescence 2) In real estate investment, an expense deduction for tax purpose taken over the period of ownership of income property

The trust account established by a broker under the provision of the license law for the purpose of holding funds on the behalf of the broker's principal or some other person until the consummation or termination of a transaction

Adisintered third party is authorized to act as escrow agent and to coordinate the closing activities on behalf of the buyer and seller

6 Attorneys appointed by president of state bar, 6 Brokers appointed by TREC, and 1 Public member appointed by the Governor, they also write the Texas contract forms

To publish or print, as in rules or administration regulation

Texas Real Estate Commission. 6 Brokers members and 3 public members - created to administer the provisions of the license act - they promulgate contracts and forms for licensees

(Texas Real Estate License Act) Passed by legislation to protect the public

Advise those who are not their clients to seek an attorney's advise