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| The testator must be of sound mind at the time he or she executes the will, as determined by the tests of capacity endorsed by the probate courts in the testator's jurisdiction T/F? |
False |
0 |
gettarb Tue, 21 Sep 2010 17:26:42 GMT |
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| When a person dies intestate (without having left a valid will), the decedent's real estate and personal property pass to his or her heirs according to the wishes of the closest living relative T/F? |
False |
0 |
gettarb Tue, 21 Sep 2010 17:26:42 GMT |
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| Person who grants deed in trust is the |
Trustor |
0 |
gettarb Tue, 21 Sep 2010 17:26:42 GMT |
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| General Warranty Deed is a written instrument by which an owner of real estate intentionally conveys to a purchaser his or her right, title, or interest in parcel of real estate |
True |
0 |
gettarb Tue, 21 Sep 2010 17:26:42 GMT |
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| A will does NOT supersede community property laws in Texas T/F? |
True |
0 |
gettarb Tue, 21 Sep 2010 17:26:42 GMT |
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| Granting clause states the grantor's intention to transfer title to grantee at this time and defines type of ownership interest being given T/F? |
True |
0 |
gettarb Tue, 21 Sep 2010 17:26:42 GMT |
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| Person who has died and left a will is said to have died testate |
True |
0 |
gettarb Tue, 21 Sep 2010 17:26:42 GMT |
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| deed without warranty contains no warranties against encumbrances T/F? |
True |
0 |
gettarb Tue, 21 Sep 2010 17:26:42 GMT |
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| In addition to voluntary alienation by gift or sale title to property can be transferred by involuntary alienation, that is, without the owner's consent T/F? |
True |
0 |
gettarb Tue, 21 Sep 2010 17:26:42 GMT |
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| In respect to deeds, the seller is referred to as the grantee, and the buyer is called the grantor T/F? |
False |
0 |
gettarb Tue, 21 Sep 2010 17:26:42 GMT |
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| In Texas grantor's spouse must sign deed in order to release marital and homestead rights T/F? |
True |
0 |
gettarb Tue, 21 Sep 2010 17:26:42 GMT |
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| Special warranty deeds generally should NOT contain the words "remise, release, alienate, and convey" in the granting clause T/F? |
True |
0 |
gettarb Tue, 21 Sep 2010 17:26:42 GMT |
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| Valid deed can be signed by an attorney-in-fact acting under a power of attorney rather than the grantor T/F? |
True |
0 |
gettarb Tue, 21 Sep 2010 17:26:42 GMT |
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| Under the ten-year statute for adverse possession, a deed or chain of title in support of the claim is NOT necessary T/F? |
True |
0 |
gettarb Tue, 21 Sep 2010 17:26:42 GMT |
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| Principle of adverse possession protects an owner who does NOT use his or her land or does NOT inspect it for a number of years from losing title to another person who has some claim to the land, takes possession, and uses it T/F? |
False |
0 |
gettarb Tue, 21 Sep 2010 17:26:42 GMT |
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| Deed in which grantor fully warrants good clear title to premises |
warranty clause |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Lien that arises because of actions permitted by a person, such as when signing a deed of trust or mortgage |
voluntary alienation |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Deed executed by trustee conveying land held in trust |
trustee's deed |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Right to or ownership of land or evidence of ownership of land |
title |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Person who makes last will and testament |
testator |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Having made and left a valid will |
testate |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Deed in which grantor warrants, or guarantees, title only against defects arising during period of his or her tenure and ownership of property and not against defects existing before that time, generally using language, "by, through or under grantor but not otherwise |
special warranty deed |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Conveyance by which grantor transfers whatever interest he or she has in real estate, without warranties or obligations |
quitclaim deed |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Legal process by which court determines who will inherit decedent's property and what estate's assets are; literally means "to prove |
probate |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Document providing for transfer of title to property owned by deceased |
last will and testament |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Person signing a document swears before a notary that information in document is true and correct and signs document in presence of notary |
jurat |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Act of transferring property to another |
involuntary alienation |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Condition of a property owner who dies without leaving a valid will |
intestate |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Will that is written, dated, and signed in testator's handwriting but is not witnessed |
holographic will |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| One who might inherit or succeed to an interest in land under state law of descent when owner dies without leaving a valid will |
heir |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Part of deed beginning with the words "to have and to hold," following granting clause and defining extent of ownership grantor is conveying |
habendum clause |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Words in deed of conveyance that state grantor's intention to convey property at present time |
granting clause |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Deed in which the grantor fully warrants good clear title to the premises |
general warranty deed |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Written instrument disposing of property on death of maker. Testator must be of legal age and sound mind, and not subject to undue influence |
formal will |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Title passes when grantor delivers deed and grantee accepts it. The deed may be delivered personally or through a third-party escrow agent |
delivery and acceptance |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Deed that carries with it no warranties against liens or other encumbrances but that does imply that grantor has right to convey title |
deed without warranty |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Form of deed by which real estate is conveyed to a trustee |
deed in trust |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Written instrument that, when executed and delivered, conveys title to or an interest in real estate |
deed |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Person who has died |
decedent |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Supplement or an addition to a will, executed with the same formalities as a will, that normally does not revoke the entire will |
codicil |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Transfer of personal property to a legatee in accordance with a will |
bequest |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title |
bargain and sale deed |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Actual, visible, hostile, notorious, exclusive, and continuous possession of another's land under a claim of title |
adverse possession |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| A formal declaration made before a duly authorized officer by a person who has signed a document attesting that he or she executed the instrument and that it was his or her free and voluntary act |
acknowledgment |
0 |
gettarb Tue, 21 Sep 2010 17:05:06 GMT |
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| Which technique finances more than one property? |
Blanket Loan |
0 |
gettarb Tue, 21 Sep 2010 07:21:01 GMT |
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| Money supply decreases and the economy slows if the Federal Reserve (the Fed).....? |
Sells Government Securities |
0 |
gettarb Tue, 21 Sep 2010 07:21:01 GMT |
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| A party other than borrower pays interest in advance to lender and loan rate is reduced for first couple of years in a |
Loan Buydown |
0 |
gettarb Tue, 21 Sep 2010 07:21:01 GMT |
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| Under which financing technique would no payment be due until property is sold, borrowers move from the home for longer than 12 months, all borrowers have died, or the borrower defaults? |
Reverse Annuities Mortgages (RAMS) |
0 |
gettarb Tue, 21 Sep 2010 07:21:01 GMT |
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| To determine applicable interest rate at time of adjustment on an adjustable-rate mortgage, which of the following is added to the index rate? |
Margin |
0 |
gettarb Tue, 21 Sep 2010 07:21:01 GMT |
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| Truth-in-Lending Act, Regulation Z, applies to all real estate loans secured by a |
Residence |
0 |
gettarb Tue, 21 Sep 2010 07:21:01 GMT |
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| Which secondary market entity issues pass-through certificates that are guaranteed by entity and backed by full faith and credit of the United States? |
Ginnie Mae |
0 |
gettarb Tue, 21 Sep 2010 07:21:01 GMT |
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| The true yearly rate of interest describes |
APR |
0 |
gettarb Tue, 21 Sep 2010 07:21:01 GMT |
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| Which secondary market entity provides a secondary market for conventional loans primarily? |
Freddie Mac |
0 |
gettarb Tue, 21 Sep 2010 07:21:01 GMT |
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| A seller has an assumable $80,000 loan and is selling a property for $125,000. If the seller makes a $125,000 loan to the purchaser but continues making the payments on the original loan himself, what type of loan did the seller make to the purchaser? |
Wraparound Loan |
0 |
gettarb Tue, 21 Sep 2010 07:21:01 GMT |
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| Which financing technique includes NOT only real estate but also all personal property and appliances installed on the premises? |
Package Mortgage |
0 |
gettarb Tue, 21 Sep 2010 07:21:01 GMT |
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| With which financing technique would seller retain lien right if he or she finances part of the selling price, yet permit title to pass to buyer? |
Purchase Money Mortgage |
0 |
gettarb Tue, 21 Sep 2010 07:21:01 GMT |
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| Veterans are permitted to borrow up to what amount for 20 years under the Texas Veterans Home Improvement Loan Program? |
$25,000 |
0 |
gettarb Tue, 21 Sep 2010 07:21:01 GMT |
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| In order to be eligible for a loan under the Texas Veteran's Housing Assistance Program, the loan applicant must |
HAVE LISTED TEXAS AS THE HOME OF RECORD AT THE TIME OF ENTRY INTO THE MILITARY OR HAVE BEEN A LEGAL RESIDENT OF TEXAS FOR AT LEAST ONE YEAR PRECEDING THE FILING OF THE LOAN APPLICATION AND AT THE TIME APPLICATION WAS MADE |
0 |
gettarb Tue, 21 Sep 2010 07:21:01 GMT |
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| Closing costs on equity loans may NOT exceed |
3% |
0 |
gettarb Tue, 21 Sep 2010 07:21:01 GMT |
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| Financing technique that often results in negative amortization? |
Graduated Payment Mortgages |
0 |
gettarb Fri, 17 Sep 2010 18:41:24 GMT |
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| Agency that purchases a number of mortgage loans and assembles them into one or more packages of loans for resale to investors |
warehousing agency |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Specific credit terms, such as down payment, monthly payment, amount of finance charges, or term of loan |
trigger terms |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Created in 1946 to administer a program to provide low-interest, long-term loans to Texas veterans for purchase of land |
Texas Veterans Land Board |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Texas governmental agency that has financing programs to help low-income and moderate-income families acquire housing |
Texas Department of Housing and Community Affairs |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Mortgage loan in which lender, in exchange for loan with favorable interest rate, participates in profits (if any) mortgagor receives when property is eventually sold. |
shared-appreciation mortgage |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Market for purchase and sale of existing mortgages, designed to provide greater liquidity for mortgages |
secondary mortgage market |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Transaction in which an owner sells his or her improved property and, as part of same transaction, signs a long-term lease to remain in possession of the premises. |
sale-and-leaseback |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Mortgage that enables homeowners age 62 and older to borrow against equity in their homes, receiving monthly payments to help meet living costs |
reverse-annuity mortgage |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Law requiring credit institutions to inform borrowers of true cost of obtaining credit; commonly called Truth-in-Lending Act. |
Regulation Z |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Note secured by mortgage or trust deed given by buyer, as mortgagor, to seller, as mortgagee, as part of purchase price of real estate or a mortgage given as part of buyer's consideration for purchase of real property |
purchase-money mortgage |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| method of financing in which the Loan that finances purchase of home also finances purchase of certain items of personal property such as washer, dryer, refrigerator, stove, and other specified appliances |
package mortgage |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Mortgage loan that is expandable by increments up to maximum dollar amount, full loan being secured by same original mortgage |
open-end mortgage |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Securities that are secured by pools of mortgages and are used to channel funds from securities markets to housing markets |
mortgage-backed securities |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Loan in which mortgagor makes lower monthly payments for first few years of loan; usually based on an artificially low payment schedule, resulting in negative amortization or deferred interest |
graduated-payment mortgage |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Corporation within HUD that participates in secondary market. It sells mortgage-backed securities that are backed by pools of FHA and VA loans. Chartered as the Government National Mortgage Association (GNMA) |
* Ginnie Mae |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Corporation established to purchase primarily conventional mortgage loans in secondary mortgage market |
Freddie Mac |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Central banking system designed to manage nation's economy |
Federal Reserve System (the "Fed") |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Privately owned corporation that participates in secondary market by buying conventional, FHA, and VA loans |
Fannie Mae |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Line of credit made against equity in borrower's home |
equity loan |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Contract for sale of real estate wherein purchase price is paid in periodic installments by purchaser, who is in possession of property even though title is retained by seller until final payment |
contract for deed |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Short-term loan usually made during the construction phase of a building project |
construction loan |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Mortgage on which cash payment, usually measured in points, has been made to lender to reduce interest rate a borrower must pay |
buy-down mortgage |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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| Mortgage covering more than one parcel of real estate, providing for each parcel's partial release from mortgage lien on repayment of definite portion of debt |
blanket mortgage |
0 |
gettarb Fri, 17 Sep 2010 05:38:11 GMT |
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