Review Exam 2

  1. contract
    agreement between two or more persons
  2. agent
    a person who has the power and authority to act on behalf of another person
  3. consideration
    something of value
  4. counteroffer
    a response to an offer
  5. Power of Attorney
    written document authorizing another person to act as one's agent
  6. cashiers check
  7. certified check
    check issued by a bank, the payment of which is guaranteed by the full faith and credit of the bank
  8. closing
    data set forth in a real estate contract on which the parties agree to perform all the promises of the contract
  9. Earnest money
    money paid by the purchaser
  10. execution
    signature of a party to a legal document
  11. caption
    portion of the deed that indicates what estate in real property is being transferred by the deed of a mortgage
  12. conveyance
    the transfer of title or some or all of the ownership rights to real property from one person to another
  13. deed
    written document that transfers ownership of real property from one person to another
  14. general warranty deed
    deed containing full warranty of title
  15. grantee
    person in whom real property has been transferred by deed
  16. grantor
    transferor of real property by deed
  17. habendum
    clause found in a deed or mortgage
  18. limited (special) warranty deed
    deed wherein the grantor covenants and warrants only against lawful claims of people
  19. quitclaim deed
    deed that contains no warranties of title
  20. primary market
    lenders who make mortgage loans directly to borrowers
  21. term loan
    loan in which the borrower makes periodic payments of interest
  22. mortgage loan
    loan secured by real property
  23. interest
    charge by a lender to a borrower for the use of money
  24. power of sale
    the power given to a lender or to a trustee on behalf of the lender to sell the mortgaged property
  25. foreclosure
    sale brought by a holder of a mortgage, deed of trust
  26. promissory note
    legal document that contains a promise by one party to pay money to another party
  27. deed of trust
    legal document that conveys title to real property to a trustee who holds the title as security for a debt to a lender
  28. financing statement
    forma that is recorded to give notice that there is a security interest in personal property owned by a debtor
  29. security agreement
    legal document that pledges personal property as security for a debt
  30. requirements of a valid real estate contract
    legal capacity of the parties, mutual agreement, consideration, lawful purpose and written agreement
  31. remedies for breach of a real estate contract
    specific performance, money damages, recission or liquidated damages
  32. list the formal parts of a deed
    caption, preamble, granting clause, description, habendum clause, warranty clause, testimonium
  33. list the basic requirements of a valid deed
    written instrument, competent grantor, indentity of the grantee, words of conveyance, description of the property, consideration, signature of the grantor, witnesses of deeds, delivery to grantee
  34. list the 3 types of deeds commonly used in the U.S.
    general warranty deed, limited (special) warranty deed and quitclaim deed
  35. what is a balloon payment
    final payment of all unpaid principal and accrued and unpaid interest on the loan
  36. requirements of a mortgage
    names of the parties, words of conveyance, valid description of the property conveyed, proper execution and attestation and delivery to the lender
  37. list two types of foreclosure
    judicial foreclosure and power of sale forclosure
Card Set
Review Exam 2
Real Estate