Flashcards in Real Estate Sales Licensing - Notes & Facts for Brief Study Deck (171)
What rates are used to calculate the assessed value of 1) Residential and 2) Land
How will property taxes show on Closing Statement
Debit Seller, Credit Buyer
What is lien priority
When a property tax sale is held. What does the low interest bidder receive
Certificate of Purchase
Property Taxes Would be AHEAD of an IRS lien or a deed of trust
Arizona Property taxes would always be in first lien position
What is a buyer most likely to accept title with....
property tax lien for the current year's taxes
Which of the deeds have the best warranties
Who receives title through a deed of conveyance
Deed restrictions that run with the land and liens are
Escrow Company works for....
Buyer and Seller
A deed is legally enforceable if it is....
What is the purpose of a closing statement
Shows all monies / costs involved in a transaction
Who signs the settlement sheet?
Buyer, Seller and Escrow agent
What does the Covenant of Seisin promise?
The grantor has the right to convey the property
Title Insurance has no impact on what?
No impact on property value
When an abstract of title was completed, what does it indicate?
It indicates that a title search was completed
What must be paid when a conventional loan is greater than 80%?
PMI Private Mortgage Insurance must be paid at time of closing.
Owner's Title Insurance is for the protection of who?
What would never show on a closing statement?
What is the (mathematical) difference between debits and credits?
The amount needed to close the escrow and balance.
When the buyer is buying a rental property, the security deposits are....
Owner's title insurance policy would not cover.....
Parties in Possession
What is it called when the escrow company turns the matter over to the court to settle a dispute?
Can a property be sold with no ingress or egress?
Yes, is must be stated in the deed
What is the Affidavit of Value
document recorded along with the deed. (Affidavit literally means "has pledged one's faith".
When / Why is Affidavit or Value used by the county assessor
to hep the assessor determine property value for taxation
When is the docket and page number assigned
What would an extended policy of title insurance cover
In order to record a deed it must be....?
Signed and Acknowledged