Describe the process of purchasing real estate, including the documents that would be included.
What will be an ideal response?
Sellers and purchasers may use the services of a real estate broker to assist in the process. A seller may enter into a listing agreement with a broker. A seller may be required to sign a property condition disclosure form prior to the purchaser making an offer to purchase. Once terms are agreed upon, a contract for sale and purchase is signed. The purchasers generally apply for an institutional mortgage. If the seller provides financing, a purchase money mortgage is executed. A commitment letter is received by borrowers when the mortgage application is approved. A deed will transfer title from the sellers to the purchasers at the time of closing. The borrowers will execute a mortgage note and mortgage deed or other security instrument. A title insurance policy will be procured to protect the lender and owner from claims against the title to the real estate. A HUD-1 Settlement Statement will disclose all the costs associated with the transfer of title. Other documents may be required by the lender or state law.
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The Civil Rights Act of 1964
A. was held constitutional as an exercise of congressional power to regulate interstate commerce. B. was held constitutional as an exercise of congressional power under the Reconstruction Amendments. C. applies only to state conduct. D. was held unconstitutional.
In a lien theory jurisdiction, the lender holds equitable title to the real estate in the name of the borrower under the terms of a deed of trust
A. True B. False
The right of someone to receive a deceased person's real property:
A. Gift B. Inheritance C. Sale D. Partition
This results in voiding the marriage andreturning the parties to the position they held prior to the marriage.
A. Antenuptial order B. Dissolution order C. Legal separation order D. Annulment order