Term
| Type of notice a person has because a document is recorded on the public record. |
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| This clause in a mortgage allows the mortgagor to keep possession of the mortgaged property during the period the mortgage is in place. |
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| With this system of keeping real estate records, the property owner gets a certificate of title. |
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| This is a synopsis or short record of everything recorded on the public record about a certain parcel of real estate. |
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| This remedy is available in a lawsuit involving real estate parcels because real estate is unique. |
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| This is the disinterested third person named in a contract for deed that would hold the signed deed and collect the payments. |
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| There are three methods for recording real estate records, what are they? |
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Definition
| Torrens, Tract index, Grantor and Grantee index |
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Term
| This is a type of payment that is paid off by paying so many equal periodic payments. |
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| This act clears up some up some defects in a title or cuts of claims after like 40 years. |
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| This clause states that the mortgage is defeated (of no effect) if the accompanying promissory note. |
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Term
| I have the first mortgage on your real estate. You obtain another mortgage from another source, and iagree to make my mortgage a second mortgage to the new one, what is this called. |
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Term
| Type of lawsuit a person A might file if another person B is claiming some ownership right in the same property and A wants to get rid of B's claim. |
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Term
| Buying a property and the mortgage stays on the property but there is no need for the mortgagees permission. |
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Term
| What is the advantage of a deed of trust over a typical mortgage? |
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Definition
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Term
| Who are the parties (there are three) involved in a deed of trust transaction? |
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Definition
| Lender, Borrower, and Trustee |
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Term
| Property should be taken by the government but is'nt. So you ask them to. |
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| Joint Tenancy characteristics |
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Definition
Equal Ownership
Right of Survivor ship
Cannot be willed
Can be severed |
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Term
| Four Unities of Ownership (PITT) |
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Definition
Possesion
Interest
Time
Title |
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Term
| Characteristics of Tenancy in common |
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Definition
Does'nt have to be equal
No right of survivor ship
Can be severed
Can be willed |
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Term
| Why would a mortgagee want a due on sale clause in the mortgage. |
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Definition
| Protect themselves against rising interest rates. |
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Term
| Why would a mortgagee want a due on sale clause in the mortgage. |
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Definition
| Protect themselves against rising interest rates. |
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Definition
Real Estate Interest Trust
People pooling together to buy a joint property. |
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Term
| What is a trust created during someones life. |
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Term
| How many sections in a township |
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| how many townships in a Check. |
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