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Unit 21 - Review Questions: Public Records, Titles, and Closings
Flashcards installed carbon monoxide detectorTo which transactions do RESPA regulations generally apply?Under TRID rules, at what time is the lender required to provide the five-page closing disclosure to the buyer?At least three business days before closing Which of the following is generally acceptable as the evidence of marketable title?A title insurance policy Who pays the realty transfer fee in New Jersey? It is charged to the seller.recordarto remember arrears(n.,pl.) unpaid or overdue debts; an unfinished duty What must be included in an abstract of title to provide evidence of title?Legal opinion of title What coverage will title insurance companies generally cover?Documents of incompetent grantors What is the primary reason a buyer obtains title insurance?To ensure that the buyer has marketable title What does the Real Estate Settlement Procedures Act (RESPA) specifically prohibit?Kickbacks to real estate licensees for making referrals to lenders or other interested parties What is the purpose of recording a deed? Provides constructive notice What is the purpose of the Real Estate Settlement Procedures Act (RESPA)?To ensure that buyers and sellers are aware all of their settlement costs Why are documents affecting real estate recorded or filed with the county in which the property is located?Give constructive notice of the real estate interest What is a written summary of the history of all conveyances and legal proceedings affecting a specific parcel of real estate?An abstract of title What do credits to a buyer at closing represent? Bills related to the real estate that have not been paid as of the time of the closing Which of the following can be used to provide proof of title?Evidence of title as a result of a search of public records What is one New Jersey requirement that must be met before closing on any one- or two- family dwellings?Evidence of at least one properly
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