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22 True/False questions

  1. The price a lender believes the property will bring at a foreclosure saleMortgage value


  2. Money to be received by buyer or seller (or conversely, reimbursed) as listed on a closing statementcredit


  3. A title that is free from reasonable doubt as to property ownershipmarketable title, clear title


  4. The price at which a willing buyer and a willing seller would strike a deal given normal market conditionsMarket value


  5. Money to be paid by buyer or seller as listed on a closing statementdebit


  6. The history of ownership of a propertychain of title


  7. A study of a property that does not necessarily return a price or valueabstract of title


  8. An accounting of the debits and credits to the buyer and seller at the close of a transactionreconciliation


  9. The cost of replacing a building in case of a total losssurvey


  10. Federal law regulating mortgage lending which prohibits kickbacks and undisclosed fees.Insured value


  11. A real estate licensee prepares a report for a seller based on recent sales of similar houses in the area. This is called a ________________.comparative market analysis


  12. Notice by matter of fact which binds the parties, even if the parties have not been specifically notified of the factactual notice


  13. A document granting right of ownership and possessionchain of title


  14. The return of funds investedchain of title


  15. A levy against a property, often used with condominiumsassessment


  16. Knowledge of a fact given to a person by being presented with noticeactual notice


  17. A brief history of the title and its current statuchain of title


  18. The calculation of shared costs between buyer and seller and based on amounts actually owedClosing statement


  19. The meeting in which title changes hands from seller to buyerchain of title


  20. The balancing of credits and debits on a closing statementdebit


  21. An opinion of value using totally objective criteriachain of title


  22. The measurement of the boundaries and size of a propertysurvey