Exam 31: Buying and Selling Real Property

A property map made by a licensed surveyor is called a(n)

The purchase of a home is usually financed by a mortgage.

The buyer is usually responsible for paying the real estate agent's commission.

The ____________________ allows the mortgagor to pay the balance due on the mortgage before the end of the mortgage term without a penalty.

The legal interest an owner has in real property is called the ____________________.

A(n) ____________________ contract is the agreement executed by an owner and real estate broker for the sale of the owner's property.

The deposit a buyer makes when a contract of sale is signed is called escrow.

Only the buyer may insert contingencies in the contract of sale.

A seller may agree to finance a portion of the purchase price for the buyer.

An examination of property records to determine whether there are any liens, mortgages, or restrictions on the property is called a(n) ____________________.

A title search might disclose

Ortiz agreed to sell Patton her house for $50,000, but they did not sign a contract of sale. Later, Ortiz changed her mind and refused to go through with the sale. Is Ortiz legally obligated to sell her house to Patton for $50,000?

A detailed accounting that buyers and sellers receive at closing is pursuant to

A deed that gives to the buyer whatever title the seller has is a

A deposit on a real estate contract is usually held by the

Baker put his house on the market for $90,000. Dalton offered $80,000, which Baker refused. Baker then offered to sell Dalton the house for $85,000. Baker's $85,000 offer is a(n)

The warranty deed transfers the most complete interest in a piece of property.

If a defective title is discovered after property has been transferred by a warranty deed, the responsibility lies with the

An agreement in which a purchaser of land pays for it over a period of time and receives title only upon making the final payment is known as a(n)

The loan a buyer takes out to finance the purchase of real property is called a(n) ____________________.