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Exam 9: Real Property and Home Ownership

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Question 1

True/False

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In general, home sales have changed from a "Let the buyer beware" to a "Let the seller beware" market.

A) True
B) False

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verified

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Question 2

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Tran conveyed to Liu all his ownership interest in his real property but when he did so he made no promise that he had conveyed anything. Liu received a​

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quitclaim deed

Question 3

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An obstacle to clear title in real estate is called a ____________ .​

All the money necessary to complete the purchase of a home, above and beyond the net amount of the new mortgage loan, and whether used for payment of "garbage fees," reimbursement to seller of prepaid property taxes, or for part of the purchase price, is called the ________________ .​

A homeowner's monthly mortgage payment often includes or combines sums of money for payment of property taxes and casualty insurance with the sum for principal and interest on the mortgage. ​

The forced sale of real property following a court proceeding is called a:

A due on sale clause ​

The grantor promises that he or she will transfer all they own, but do not guarantee they own  anything. They have transferred property with a ​

Monthly payments on home mortgages often include, PITI, Principal, Interest, Property Taxes, and ________________ .​

A foreclosure is a process by which secured real property is confiscated at the direction of the unpaid creditor and sold to the highest bidder​

_______________ is money or other property made available as security by a debtor to a creditor, through physical possession or legal right, to guarantee repayment of a loan.​

A(n) _ _ _ _ _ _ _ _ _ _ _ gives a person the right to make limited use of another person's real property, such as driving a car over it.​

Sometimes a homeowner who becomes wholly unable to make mortgage payments can protect his or her credit rating by giving the lender a(n) __________________​.

State laws provide that all documents that affect the ownership of, or possession of, real estate may be _________________ in public official records.​

A real estate agent employed by the buyer to find attractive homes to purchase is called the listing agent.​

The standard real estate commission paid a listing broker/agent is 6%. That amount is;​

A document used to transfer ownership interest in real property is called a deed and it has different legal significance than a contract.​

One advantage to a fixed-rate mortgage is that the lender typically will not charge the borrower any loan origination fee. ​

A judgment against a debtor for the unpaid balance still due after judicial foreclosure of a real estate mortgage is called a right of redemption.​

A homeowner desires to sell his or her home and signs an exclusive-listing agreement, requiring  payment of a six percent commission to the real estate agent. If shortly thereafter, but before the  agent has time to do anything to sell the property, the owner surprisingly finds a couple who  purchases it for $400,000, the homeowner ​