Exam 31: Buying and Selling Real Property

Mortgages may always be assumed without the consent of the lender.

The Real Estate Settlement Procedures Act applies to all closings of real property.

The purchase of real property may be financed by

Litton signed a listing contract with Monroe, a real estate broker, allowing Monroe to sell his (Litton's) house for $60,000. Monroe found a buyer who was willing to pay $65,000. May Monroe keep the extra $5,000?

The major reason to record a deed is to protect the buyer.

Claims against property for unpaid taxes, rights of others, and unpaid mortgages are known as

The final step in a real estate transaction is usually called a(n)

A deed containing no warranties is a

The guarantees contained in a warranty deed are called

A summary of all transactions affecting a specific piece of property is called a(n)

If flaws in the title cannot be cleared up, the buyer can cancel the contract.

Fram signed a contract to sell his home to Mills, with possession to be given on May 1. If Mills cannot obtain a mortgage by May 1 and the contract is silent about this, can Fram force Mills to close the transaction on May 1?

The purpose of a title search is to determine whether there are any claims on real property other than those of the owner.

Taking over an existing mortgage when purchasing property is known as a(n) ____________________.

A contract of sale should include the names of the parties, the purchase price, a description of the property, and the date when title to the property will pass.

If a mortgage is silent with regard to assuming it, it is most likely

Tovin sold his house to Lake in the morning. Later the same day, Tovin sold the same house to Andre. Andre recorded the deed at once. Lake did not record the deed he received until two days later. Who legally owns the property?

The document that transfers title to real property from seller to buyer is the ____________________.

Insurance that protects the purchaser of property from outstanding claims is called ____________________ insurance.

Crane sold a house to O'Brien, unaware that there was asbestos in the walls. May O'Brien sue Crane for fraud or to rescind the contract of sale?