Exam 9: Real Property and Home Ownership

It is illegal for a person to sell their own home themselves unless they possess a real estate license.​

If a lender (creditor) wishes to claim a(n) _____________ they should chose a judicial foreclosure over a non-judicial foreclosure.​

Briefly describe private mortgage insurance (PMI).​

Harvey Hadley conveyed a parcel of property in the city of Fairlywell Downs to Carl Bland and Dirk Pitts. The granting clause of the deed stated that Carl and Dirk take the property jointly. Neither Carl nor Dirk signed the deed. a. What is the nature of the joint ownership interest of Carl and Dirk? Explain? b. Of what impact is it that neither Carl nor Dirk signed the deed? Explain? c. If the property were still in escrow, of what effect would a recorded tax lien be?​

Assume that a quiet, young, loving couple that is three years out of college with one small child lives in a subdivision home, but is disturbed nightly by the activities of the neighbors. These activities include a loud stereo playing very undesirable music; many cars coming and going at all hours of the night, many of which squeal their tires; loud voices in the middle of the night, both in front and in back of the neighbor's home; and vulgar epithets shouted day and night. Further, the  neighbors neglect to remove litter of all kinds (automobile parts, papers, boxes, jars, etc.) from their  front and side yards. What economic consequences are involved, and what legal remedies does the  young couple have? ​

Chang, Ruth and Reggie were joint tenants. Reggie dies.​

The document that constitutes a power to foreclose upon collateral and apply its value to satisfaction of the underlying debt, is called​

Peter, the seller, and Sendhil. The buyer, enter into a real estate purchase agreement. The property is put into _ while Sendhil applies for a loan. After Sendhil qualified, he changed his mind. Undoubtedly Peter's recovery would be ____________ based on the _____________ in the Purchase agreement.​

The document that is usually called a deposit receipt is best described as​

Money borrowed and secured with a home equity loan can only be used for home improvements. ​

The annualized percentage rate (APR) of a home purchase mortgage may be larger than the interest rate stated in the note if __________________ are paid by the borrower to the lender.​

Which of the following documents will be signed by a seller as part of the purchase of a home?​

Cassey wished to convey a 40-acre tract of land to his two children, George and Martha, so each would own the property equally and be free to transfer their interest to anyone they wished during life or at death. What form of joint ownership should Cassey choose?​

After a home mortgage loan is made by a bank or savings and loan, it may be sold (assigned) to investors who participate in what is called the __________________ . These buyers essentially are purchasing a stream of future income represented by the monthly payments made on the home mortgages they purchased.​

A ______________ deed is the deed that provides the new owner the greatest protection.​

Houses owned by institutional lenders through foreclosure are referred to as​

The difference between the market value of a home and the sum of all mortgages and liens against it is called the owner's _________________ . What is ignored in this calculation is the impact of ________________ on the owner's true economic interest in the property.​

The document that constitutes evidence of a debt and contains the essential terms of the financing, is called​

Which of the following documents will not be signed by a buyer as part of the purchase of a home?​

The size of each payment required to amortize an adjustable interest rate mortgage (ARM) may remain constant even though the adjustable interest rate may increase from time to time. ​