What is an important legal characteristic of an option?
What is an important legal characteristic of an option to buy agreement? The potential buyer, the optionee, is obligated to buy the property once the option agreement is completed. The optionor must perform if the optionee takes the option, but the optionee is under no obligation to do so.
In which of these contracts is the payment of all or part?
In which of these contracts is the payment of all or part of the sale price deferred? An installment sales contract, or contract for deed, is an agreement in which the seller defers receipt of some or the entire purchase price of a property over a specified period of time.
Which statement best defines a multiple listing service MLS )?
A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. An MLS allows brokers to see one another’s listings of properties for sale with the goal of connecting homebuyers to sellers.
Which of the following provides a buyer with the best assurance of clear marketable title quizlet?
Which of the following provides a buyer with the best assurance of clear, marketable title? Title insurance provides the best assurance of marketable title.
Which of the following is the best explanation of specific performance?
Which of the following is the best explanation of specific performance? A legal procedure or action brought by either the buyer or seller to enforce the terms of a sales contract. Blake, a broker, negotiates the sale of a parcel of real estate for Young, a minor.
Which of the following contracts must be in writing to be enforceable?
The most common types of contracts that must be in writing are: Contracts for the sale or transfer of an interest in land, and. A contract that cannot be performed within one year of the making (in other words, a long-term contract like a mortgage).
Which of these evidence is marketable title?
Evidence of a marketable title includes: An abstract of title. A title insurance policy. A certificate of title.
What is evidence of a marketable title?
The best evidence of marketable title is a lender`s or owner`s title insurance policy. But when a title insurance company is willing to insure the title, the buyer or lender feels confident the title is marketable.
Which of the following is accepted as proof of marketable title?
An abstract and opinion by an attorney, as well as title insurance is considered evidence of marketable title.
Which of the following offers the most assurance of marketable title to a grantee?
The general warranty deed, or warranty deed for short, is the most commonly used deed. It contains the fullest possible assurances of good title and protection for the grantee. The deed is technically a bargain and sale deed in which the grantor promises to defend against any and all claims to the title.
Which of the following is not evidence of a marketable title?
Which of the following is not considered evidence of marketable title? A record of all previous owners of the property ( title insurance documents include all liens and defects of record and easements, but not the chain of title. Which title insurance guarantees against every threat?
Which form of evidence has the most assurance the title is marketable?
What is the most important document at closing and why? The deed is the most important document because it transfers the property to the purchaser. Define the term “marketable title.” A marketable title is one that is so free of defects that the buyer is certain he or she will not have to defend the title.
Who is usually responsible for providing marketable title to the property?
Who is usually responsible for providing marketable title to the property? The answer is the seller. Most contracts clearly state that the seller is responsible for providing marketable title to the property.
Which deed offers the greatest protection?
A warranty deed provides the greatest protection to the purchaser because the grantor (seller) pledges or warrants that she legally owns the property and that there are no outstanding liens, mortgages, or other encumbrances against it.
What is the best deed?
A Warranty Deed is the best of the best. It protects you from all future and past issues with property title and any outstanding debts or liens.
What is marketable titles quizlet?
A marketable title is one that contains no defects in the chain of title, encumbrances on the land not listed in the deed, or zoning violations.
What makes land unmarketable?
A title to a piece of land is considered unmarketable if there are encumbrances on the land, such as mortgages, unless the buyer waives them. Title is also unmarketable if the land was obtained through adverse possession, or if the land violates any zoning laws.
Which statement is true about marketable title in Texas?
Generally speaking, marketable title means that the title to the property is reasonably free from doubts that would affect the market value of the property. Reasonable doubt is generally defined as a doubt which would induce a prudent person to hesitate in purchasing the property.
Which of the following would create a cloud on title?
A cloud on title is a claim or encumbrance that affects the ownership of a property. These claims or encumbrances can arise from easements or mortgages on the land. They can also arise from a defect in a deed or a lien that may yield title to a third party such as mechanic’s liens.
Which of the following persons is protected by the recording laws?
b. The recording laws protect those who rely on what is contained in the public records. c. An acknowledgement is a formal declaration made before some public officer, usually a notary public, by a person who has signed a real estate document or other instrument stating that the signature is genuine and given freely.
Which statement is true about marketable title in Texas quizlet?
A marketable title is one that is so free of defects that the buyer is certain he or she will not have to defend the title.
What does a Texas title company do?
What does the Title Insurance Company do? Title insurance companies in Texas have two primary functions: holding and disbursing funds from escrow accounts, and issuing an insurance policy covering ownership of the property.