Shared Flashcard Set

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CLOSING & ESCROW
Allied Real Estate School Flashcards
10
Real Estate & Planning
Professional
12/15/2011

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
ADMINISTRATOR/ADMINISTRATRIX
Definition
A PERSON APPOINTED BY THE COURT TO HANDLE THE AFFAIRS OF A DECEASED PERSON WHEN THER IS NO ONE MENTIONED IN THE WILL
Term
SETTLEMENT STATEMENT
Definition
A COMPLETE BREAKDOWN OF ALL CASH RECEIVED, ALL CHARGES AND CREDITS MADE, AND ALL COSTS INVOLVED IN THE TRANSACTION
Term
ACKNOWLEDGMENT
Definition
A SIGNED STATEMENT, MADE BEFORE A NOTARY PUBLIC BY A NAMED PERSON; CONFIRMING THE SIGNATURE ON A DOCUMENT AND THAT IT WAS MADE OF FREE WILL
Term
ABSTRACT OF TITLE
Definition
A FULL SUMMARY OF ALL CONSECUTIVE GRANTS, CONVEYANCES, WILLS, RECORDS AND JUDICIAL PROCEEDINGS AFFECTING TITLE TO A SPECIFIC PARCEL OF REAL ESTATE
Term
DEVISE
Definition
A GIFT OF REAL PROPERTY BY WILL
Term
ACTUAL NOTICE
Definition
NOTICE GIVEN BY POSSESSION OF PROPERTY
Term
CODICIL
Definition
A CHANGE IN A WILL BEFORE THE MAKER'S DEATH
Term
WITNESSED WILL
Definition
ONE PREPARED BY AN ATTORNEY, THAT IS TYPED AND SIGNED BY THE MAKER AND TWO WITNESSES
Term
RED FLAG
Definition
SOMETHING THAT WOULD WARN A REASONABLY OBSERVANT PERSON OF A POTENTIAL PROBLEM, THUS REQUIRING FURTHER INVESTIGATION
Term
LEGACY
Definition
A GIFT OF PERSONAL PROPERTY BY WILL (SEE BEQUEST)
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