Foreclosures
Name the first step in the formal foreclosure process.
What is the borrower defaults on their mortgage?
Name the difference between Testate probate and Intestate probate.
What is Intestate probate is conducted when the deceased doesn't have a will?
What is when an investment property is sold and the proceeds are used to acquire another for the purpose of tax deferment?
Explain with FIRPTA is.
BONUS: +75pts if you can name what FIRPTA stands for.
What is income tax imposed on foreign persons or entities in regard to real estate sales in the U.S?
BONUS: What is Foreign Investment in Real Property Tax Act? (took effect in 1984)
Name the purpose of the transaction status email to realtors.
What is to keep the realtors updated on closing and any title issues?
Name the next step in the formal foreclosure process after the Order of Sale is recorded.
What is a public foreclosure auction is held to sell the property to the highest bidder?
Name the length of time for the Creditors' Claim Period.
BONUS: +50pts if you can name what the Creditors' Claim Period is.
What is 90 days?
BONUS: What is when creditors must file a claim against the estate to be paid back what they're owed.
What is the QI (Qualified Intermediary)?
Name the tax percentage collected on a residential sale between $300k-$1mil.
BONUS: +50pts if you can name the tax percentage collected on a sale above $1mil.
What is 10%?
BONUS: What is 15%?
Name the estimated tax document that should be used for property tax estimates and sent to the lender with title work.
What is the TRIM Notice?
BONUS: +50pts if you can name what TRIM stands for.
Name the process for when the defendant doesn't answer the foreclosure summons.
BONUS: Name how long the defendant has to answer the foreclosure summons.
What is the summary judgment and the Order of Sale are recorded?
BONUS: What is 20 days after the serve date? (Saturdays, Sundays, and Holidays included)
Name the duties of a PR (Personal Representative) of an estate.
What is to collect and preserve the assets of the estate; to pay all debts of the decedent and expenses of administration including taxes; and finally to distribute the remainder of the estate to those persons entitled to it?
Name the difference between a 1031 exchange and a reverse 1031 exchange.
What is in a 1031 exchange, the relinquished property is sold before acquiring the replacement property and in a reverse 1031 exchange, it's the opposite?
Name the consideration amount for taxes if only 1 of the 2 sellers on a property is a foreign person.
What is 1/2 of the sales price?
Explain how a processor can find out closing particulars and commission information about a certain realtor.
What is PipeDrive contact notes?
Explain the importance of a Mortgage being in 1st lien position as it pertains to a foreclosure.
What is the Lender wants to be in 1st lien position so that no lienholder has precedence over them if they were to foreclose on the home?
Name the purpose of the Order Determining Homestead.
What is to verify the homestead of the decedent to protect the house from creditors?
Name the permissible properties for 1031 exchanges.
What is residential and commercial investment properties and rental properties like retail centers, warehouses?
Name the length of time the title company/escrow agent has to send the tax amount collected to the U.S. Treasury Department.
What is 20 days after closing?
Name CNT's process for open and/or expired permits.
What is we do not close open and/or expired permits out unless the buyer prefers or asks them to be closed out?
Name the title process if there is a pending foreclosure.
What is we need to request a payoff from the lender's attorney, confirm that ALL attorney and legal fees are included in the payoff, ensure that once payment is received, the Lis Pendens will be released and the case will be dismissed/closed?
Name the 5 most common documents requested by UW for probate proceedings.
BONUS: +50pts if you can name which document is always required for title insurance to be issued.
What is the Will, Order Admitting Will/Appointing PR, DR-312, Death Certificate, and Order Determining Homestead?
BONUS: What is the Order Determining Homestead? (This will prove homestead cannot be used as collateral)
What is work with the QI to receive and have paperwork signed for the 1031 and disburse the proceeds to the 1031 exchange company OR receive cash to close from the 1031 exchange company if reverse 1031?
Name the tax form that is filed with the IRS for FIRPTA tax withholding.
What is Form 8288-A - U.S. Withholding Tax Return for Dispositions by Foreign Persons of U.S. Real Property Interests?
What is request the original titles and MH information from the seller, request a title search or title retirement/transfer on MHTS, collect the MHTS/DMV costs, and have the MHTS packet signed at closing?