Chapter 9 Flashcards
A deed must:
A. Be in writing
B. Be signed by the seller
C. Be delivered by the seller and accepted by the buyer
D. All of the above
D. All of the above.
A deed must be in writing, be signed by the seller, be delivered by the seller and accepted by the buyer. A deed is not required to be recorded it to be a valid deed..
The Texas Real Estate Commission contract forms call for the title to be delivered by a:
A. Quitclaim Deed
B. Special Warranty Deed
C. General Warranty Deed
D. Bargain and Sale Deed
C. General warranty deed.
The General Warranty Deed is the best form of deed used in Texas.
When working with a prospect, the property manager should:
A. Ask questions
B. Listen
C. Provide what the prospect needs and wants
D. All of the above
D. All of the above.
The property manager should ask questions, listen, and provide what the prospect needs and wants.
A quitclaim deed is most often used to:
A. Transfer ownership of the property being sold with the One to Four Family Contract
B. Transfer interest in real property
C. Transfer ownership when the property is a gift
D. Enforce an insurance claim
B. Transfer interest in real property.
A quitclaim deed is a legal instrument which is used to transfer interest in real property. The entity transferring its interest is called the grantor, and when the quitclaim deed is properly completed and executed, it transfers any interest the grantor has in the property to a recipient, called the grantee.
The term “for $10.00 and love and affection” is often used in the:
A. Quitclaim Deed
B. Gift Deed
C. General Warranty Deed
D. Bargain and Sale Deed
B. Gift deed. It is the consideration in the deed. The sales price is never stated in the deeds in Texas. Consideration is always stated “for ten dollars and other good and valuable consideration” or a similar statement. A gift deed may use the term “for $10 and love and affection.”
Bob and Jane wanted to buy the vacant lot next to their home and finance the home and the lot together. The type of mortgage used to do this is a/an: A. Package mortgage B. Blanket mortgage C. Construction loan D. Interim loan
B. Blanket mortgage.
A blanket mortgage covers more than one property as in the house and the vacant lot. A package mortgage covers real estate and personal property.
There are two types of title policies. The one for the lender is called a/an: A. Owner’s policy B. Seller’s policy C. Mortgagee’s policy D. Mortgagor’s policy
C. Mortgagee’s policy.
The mortgagee is the lender, and the mortgagor is the borrower.
When the deed is recorded, it will be recorded:
A. At the county clerk’s office in the county in which the property is located
B. In all counties in Texas
C. In the federal clerk’s office
D. At the title company and lender’s office
A. At the county clerk’s office in the county in which the property is located.
Each county in Texas has a county clerk’s office and all documents concerning property in that county are recorded in that office
The lender was required to make disclosures about the loan to Bob and Jane. The lender disclosed:
A. The amount to be financed
B. The APR
C. The total amount of the finance charged over the life of the loan
D. All of the above
D. All of the above. The APR is the Annual Percentage Rate. It includes the interest and other costs of the loan.
The name of the seller is not required to be in the deed.
A. True
B. False
B. False.
Deeds are fairly short documents.
A. True
B. False
A. True
A deed must be in writing and signed by the seller.
A. True
B. False
A. True
A deed must be in writing and signed by the buyer.
A. True
B. False
B. False
Deeds are the legal documents that transfer ownership of real property interests from one party to another.
A. True
B. False
A. True
A deed is not required to have a legal description.
A. True
B. False
B. False
If any of the four unities of a joint tenancy is missing, the joint tenancy becomes ineffective.
A. True
B. False
A. True
The granting clause would contain such words as “grant, bargain and sell,” “remise, release, and quitclaim,” “grant,” and “convey and warrant.”
A. True
B. False
A. True
The “subject to” clause would be used to reserve mineral rights, royalties, or easements for the seller’s own use.
A. True
B. False
A. True
If the deed is a warranty deed, it will contain a warranty clause.
A. True
B. False
A. True
The deed is not required to be delivered by the seller and accepted by the buyer.
A. True
B. False
B. False
General warranty deed = Covenant of seisin and the covenant against encumbrances
Special warranty deed = Uses the words ‘remise, release, and convey’ in the granting clause
Correction deed = Used to correct a mistake in a previous deed;
Gift deed = Is used when a property is not a purchase;
Deed in trust = Used to deliver ownership of a property at some future date;
Title = The right or claim to property;
1836 = The General Land Office was established;
Any person from whom one is descended = Ancestor;
Buyer = Grantee;
Seller = Grantor
True
General Warranty Deed is:
A The highest best form of deed
B required on 1-4 family contract
C protects you from the day of closing to the sovereignty of the soil
D all of the above
D all of the above
Sovereignty of the soil means no one in the past can come back and claim it your land.
A True
B False
A True
The habendum clause often follows the granting clause and states the interest being conveyed, Fee Simple, Life Estate, or Defeasible
Fee.
A True
B False
A True
