Which of the following statements best describes the risk taken by NOT recording a deed? Correct answer: A subsequent purchaser’s recorded deed could take precedence over any unrecorded instrument.
Which of the following real estate contracts is a service contract?
Which of the following real estate contracts is a service contract? a listing agreement . the seller accepts the offer. A property management plan may serve different purposes for different owners, and generally has to strike a balance between preservation of the property’s value and generation of income.
Why instruments affecting real estate are recorded?
anyone. Which statement BEST explains why instruments affecting real estate are recorded? ... Recording gives constructive notice to the world of the rights and interests claims by a party in a particular parcel of real estate.
What does the FHA functions most like?
As an agency within the Department of Housing and Urban Development, the FHA has an important role in providing affordable mortgages , especially during tough economic times. The FHA insures the loans and reimburses lenders if the borrowers default.
What must be recorded to be valid quizlet?
To be valid, a deed must be in writing, identify the land and the parties , and be signed by the grantor. A deed that is defective may be classified as either void or voidable.
What are the four types of legal contracts real estate?
There are essentially four types of real estate contracts: purchase agreement contracts, contracts for deed, lease agreements, and power of attorney contracts . They each have different uses and stipulations.
What is a type of property contract?
There are 3 basic types of contract to choose from: public auction, a privately negotiated bargain and open competition . The contracts that are entered into are usually either conditional contracts or option agreements. We will look at conditional contracts and option agreements.
What is the effect of recording a deed?
Title deeds do not have to be recorded. Recording is filing them in the county recorder’s office and if recorded, the title deed acts as defacto notice to all third parties as to ownership in the property .
What is the fundamental purpose of recording a deed to real property?
A deed is a signed legal document that transfers ownership of an asset to a new owner. Deeds are most commonly used to transfer ownership of property or vehicles between two parties. The purpose of a deed is to transfer a title, the legal ownership of a property or asset , from one person or company to another.
Which recording statute is most common?
Race-notice acts : The most common type of recording act is the race-notice act, which combines the requirements of the notice and race acts. That is, a prior interest is void against a later interest if the later interest holder paid value without notice of the prior interest and recorded her interest first.
What is the difference between FHA and FHFA?
It is entirely separate from the Federal Housing Administration (FHA) , which provides mortgage insurance. The FHFA took over the legal and regulatory authority of the entities it replaced. It has the ability to put government-sponsored entities into receivership or conservatorship.
Is FHA and HUD the same thing?
Federal Housing Administration | HUD.gov / U.S. Department of Housing and Urban Development (HUD) The Federal Housing Administration (FHA) is part of the U.S. Department of Housing and Urban Development. We provide mortgage insurance on loans made by FHA-approved lenders.
What is the primary function of FHA?
The FHA’s primary function was to insure home mortgage loans made by banks and other private lenders , thereby encouraging them to make more loans to prospective home buyers.
What is the purpose of recording a deed quizlet?
Recording the deed to a property gives an owner protection from any other titles to the property that are not recorded in the public record .
What is the most common evidence of title?
In United States law, typically evidence of title is established through title reports written up by title insurance companies , which show the history of title (property abstract and chain of title) as determined by the recorded public record deeds; the title report will also show applicable encumbrances such as ...
Which of the following is not required for a deed to be valid quizlet?
Devise. Which of the following is not required for a deed to be valid? Signature of the grantee .
