Chap 7: Transfer of Title to Real Property

Question 1

7. 1. All of the following are true of Land Court EXCEPT:
      a. Lien letter filed
      b. Ownership transfer at registration
      c. 20 year trespasser can file adverse possession action
      d. a TCT is assigned to each registered property

Answer 1

c. 20 year trespasser can file adverse possession action

Answer: C

Question 2

7. 2. In the Land Court System, title transfers at:
      a. Delivery of the deed
      b. Registration of the new title on the Transfer Certificate of Title.
      c. Acceptance by the buyer
      d. Issuance of a lien letter

Answer 2

b. Registration of the new title on the Transfer Certificate of Title.

Answer: B

Question 3

7. 3. In Hawaii, a conveyance tax would be paid on properties conveyed by way of:
      a. Gift deeds
      b. Devisee’s deeds
      c. General warranty deed
      d. Satisfaction of an agreement of sale

Answer 3

c. General warranty deed

Answer: C

Question 4

7. 4. The basic system of describing real property in Hawaii is:
      a. Plat and Parcel System
      b. Metes and Bounds System
      c. Government Survey System
      d. Azimuths and Benchmarks System

Answer 4

b. Metes and Bounds System

Answer: B

Question 5

7. 5. A system of land title registration in which the state guarantees title:
      a. Upstate New York System
      b. Torrens System (Land Court)
      c. Australian System
      d. State Guaranteed Registration System

Answer 5

b. Torrens System (Land Court)

Answer: B

Question 6

7. 6. Which of the following is NOT true of Land Court property:
      a. It can also be recorded in the regular system
      b. All properties are accepted for registration, regardless of the state of the title.
      c. Once accepted, the state guarantees the title.
      d. Once the title is searched, any future search of covering that same period is unnecessary.

Answer 6

b. All properties are accepted for registration, regardless of the state of the title.

Answer: B

Question 7

7. 7. Prior to recording a deed at the Bureau of Conveyances, what must happen?
      a. The conveyance tax must be paid
      b. The buyer must sign the deed
      c. The escrow company, title company, and the real estate brokerage must all be paid.
      d. Any repairs agreed to by the Buyer and Seller in the Purchase Contract must be completed.

Answer 7

a. The conveyance tax must be paid

Answer: A

Question 8

7. 8. A readily available source of information on the lots dimensions, size and nature of improvements, and current assessed value of a property a licensee plans to list is:
      a. Bureau of Conveyances
      b. Land Court
      c. Real Property Tax Office
      d. Multiple Listing Service

Answer 8

c. Real Property Tax Office

Answer: C

Question 9

7. 9. A title insured by a title insurance policy is generally considered a(n):
      a. Marketable title
      b. Defective title
      c. Unclouded title
      d. Unencumbered title

Answer 9

a. Marketable title

Answer: A

Question 10

7. 10. The conveyance tax of an owner-occupied property that is sold for $760,000 is:
       a. $760
       b. $1140
       c. $1520
       d. $1900

Answer 10

c. $1520

Amswer: C $1520 equals 2%

Question 11

7. 11. The conveyance tax on a condominium in Hawaii valued at $1,850,000 that is inherited by a family living in Texas would be:
       a. $1850
       b. $2775
       c. $4625
       d. $0

Answer 11

d. $0

Answer: D

Question 12

7. 12. The beneficiary of an ALTA extended coverage title insurance policy is most likely to be:
       a. the buyer
       b. the seller
       c. the lender
       d. none of the above

Answer 12

c. the lender

Answer: C