Louisiana Notary Exam Part 1, Louisiana Notary Prep with Complete Solutions!

Pact de non Alienando - ANSWER-Clause contained in the mortgage or other encumbrance agreement whereby the obligor agrees not to sell, engage, alienate or mortgage the same property to other persons to the prejudice of the mortgage Corporate Resolution - ANSWER-An official written certificate of the corporations secretary that the resolution was adopted by the corporations board of directors Confession of Judgment - ANSWER-A person's agreement in a mortgage to the entry of judgment if he defaults on the obligation secured by the mortgage Executory Process - ANSWER-A proceeding in court in which the holder of a mortgage containing a confession of judgment may obtain an ex parte seizure and sale of the mortgaged property without the ordinary delays required by law Relative Simulation - ANSWER-When the parties intend that their contract shall produce effects between them though different from those recited in their contract Absolute Simulation - ANSWER-When the parties intend that their contract shall produce no effects between them. That simulation, therefore, can have no effects between the parties Counterletter - ANSWER-Separate writing expressing the true intent of the parties rather than the intent purported to be manifested in another instrument not binding on third parties unless recorded. Donation intre vivos - ANSWER-"Act of Donation" of immovable property, like a sale, is a familiar contract to notaries. A contract by which a person, the donor gratuitously divests himself at present and irrevocably of the thing given in favor of another, the done, who accepts. it. Exchange - ANSWER-A contract whereby each party transfers to the other the ownership of a thing other than money Sale with a right of redemption - ANSWER-"vente a remere'" is a sale in which the vendor reserves the right to take back the property sold from the vendee. ** Seldom used** Dation in Paiement - ANSWER-An act in which a debtor transfers ownership of a thing to his creditor in payment of a debt. "giving in payment" Bond for Deed - ANSWER-A contract to sell real property, in which the purchase price is to be paid by the buyer to the seller in installments, and in which the seller, after payment of a stipulated sum, agrees to deliver title to the buyer. Title is not transferred until the purchase price is paid in full. It is a contract to sell, not a contract OF sale. Vendor's Privilege - ANSWER-A seller is said to possess this against the real estate sold for any part of the purchase price that is not paid. Such privilege must be recorded to affect any third persons. The method used to preserve this privilege is the recording of the credit sale or act of vendor's lien showing that the full purchase price has not been paid. Vendee - ANSWER-Purchaser Vendor - ANSWER-Seller Credit Sale - ANSWER-Sale is "owner-financed". The full purchase price is not paid to the vendor at the act of sale but rather that the vendee is indebted to the vendor for all or part of the purchase price Cash Sale - ANSWER-A conveyance act whereby the vendor (seller) conveys, ordinarily with warranty of title, the immovable in exchange for the price paid in money by the vendee (purchaser) Quitclaim Deed - ANSWER-An instrument in which the grantor transfers, relinquishes and or quits any claim he may have in a thing Compromise - ANSWER-A settlement or agreement between parties Meridian Line - ANSWER-The lines that run north and south when surveying property La. Base line - ANSWER-The lines that run east and west when surveying property Tow