4 - Transfer of Title to Real Property (4 / 0)

Question 1

Title to RE passes when a valid deed is

Answer 1

signed, delivered and accepted

Only Grantor is required to sign a deed, not the grantee

Question 2

Conner Act (NC)

Answer 2

Requires deed to be recorded to be enforceable

Question 3

Devise

Answer 3

Passing of real property through a will

Question 4

Testate / Intestate

Answer 4

Dies with a will / dies without a will

Question 5

Adverse Possession

Answer 5

Taking of private property from a private owner

Must be open, continuous, exclusive (20 years in NC), adverse and notorious

Question 6

Quitclaim Deed

Answer 6

Contains no warranties of ownership or encumbrances, states grantor is surrendering a right or interest in the property “if they have any”

Question 7

General Warranty Deed

Answer 7

Highest and best deed, makes most promises by the grantor

Question 8

Special Warranty Deed

Answer 8

Limited, only protects grantee as to actions which occurred during the grantor’s term of ownership

Question 9

Actual Notice vs. Constructive Notice

Answer 9

Things that we see (e.g. physically taking possession) vs. Recordation, the act of placing documents into a public database

Question 10

Excise Tax

Answer 10

Paid on the sales price, $1 for each $500, always round up SALES PRICE to nearest $500 increment