Chapter 5
A written document that, when properly executed and delivered, conveys title to land
What is a deed
The formal declaration by a person stating that they did in fact sign the document or contract
What is an Acknowledgement
a legally enforceable agreement between two or more parties to do (or not to do) a particular thing
What is a contract
To allow time to ascertain that the parties can each perform the terms of the agreement which are written and signed promises to perform
What is the purpose of a sales contract
What year was the University of Arkansas founded
Making a valid will before death
What is testate
Protects homeowner/lender from financial loss due to issues against a property
What is Title Insurance
Which contract meets all requirements of law
What is a valid contract
Money that accompanies an offer to purchase
What is an earnest money deposit
Which building on campus is the oldest and most iconic, often featured on logos and photos
What is Old Main
The amount of time it takes to claim property ownership through adverse possession in Arkansas
What is 7 years
Document in chronological order of all former and current owners of a parcel of real estate
What is a Chain Of Title
a document by which one person authorizes another to act on his/her behalf
What is power of attorney
Term used to convey time limits set by the contract must be faithfully observed or the contract is voidable by the non-defaulting party
What is Time is of the Essence
What year did Arkansas win its only football national championship
Additional types of land transfers
What is Dedication, Forfeiture, and Alienation
Title that is free from reasonable doubt about who is the owner
What is a marketable title
party providing the wrong information is not doing so to deceive another for the purpose of reaching an agreement
What is innocent misrepresentation
How much of the nation’s housing had some form of lead-based paint before 1978?
What is ¾
Which Razorback program has won the most national championships
Who is Men's Track and Field
Increase of land by gradually receding water/waterline exposing the dry land
What is reliction
What are the two requirements for a recording
What is a witness and an acknowledgment
Types of contracts include
What is expressed, implied, unilateral, and forbearance (other)
What is a real estate license not
What is a license to practice law
What real estate brokerage does professor Scott Miller practice with!!! (What position does he hold for brownie points)
Or
What is the name of his band
Who is Lindsey & Associates (Sr. Vice President/Executive Broker)
Or
Who is Nothin' Fancy