Law & Practice

Question 1

What is a reconveyance deed used for?

Answer 1

To transfer title from a trustee back to a trustor once a debt has been fully repaid.

Question 2

What is the Covenant of Seisin

Answer 2

Ensures that the grantor has the right to transfer ownership of the property.

Question 3

What is the main difference between a limited warranty and a general warranty deed?

Answer 3

The general warranty deed covers title problems arising during all previous ownerships while limited only covers that particular ownership.

Question 4

What type of deed is commonly used in transactions involving foreclosed or tax-delinquent properties?

Answer 4

Bargain and Sale Deed

Question 5

What is the primary function of the covenant of quiet enjoyment in a general warranty deed?

Answer 5

To guarantee that the grantee’s ownership rights will not be disturbed by third-party claims

Question 6

What sections in the townships are designated for schools?

Answer 6

Nationally the section for schools is 16 and in Colorado it is 16 and 36

Question 7

How many acres does a quarter section cover?

Answer 7

160

Question 8

What is a datum used for in surveying and property description?

Answer 8

To measure vertical elevations

Question 9

What term describes any point noted on the surveyed boundary in the metes and bounds system?

Answer 9

Monument

Question 10

What are townships in the rectangular survey system?

Answer 10

Six miles square divisions within a quadrangle

Question 11

What are benchmarks in the context of surveying?

Answer 11

Permanent markers used to assist surveyors in establishing property boundaries and measuring elevations

Question 12

Which method is typically employed in conjunction with new subdivisions or the division of a large property into smaller lots?

Answer 12

Lot and Block System

Question 13

What is the metes and bounds system used for in legal property descriptions?

Answer 13

To delineate property boundaries using specific locations, distances, and compass directions

Question 14

Why are addresses alone not considered sufficient for legal property descriptions?

Answer 14

They fail to specify the exact boundaries of the land

Question 15

Which system uses principal meridians and baselines as primary lines?

Answer 15

Rectangular Survey System

Question 16

What is the main purpose of an attorney’s opinion of title?

Answer 16

To offer an opinion on the validity of the title based on public records

Question 17

Which document provides an opinion on the validity of the title but does not guarantee ownership?

Answer 17

Certificate of Title

Question 18

What is the process of removing liens before closing called?

Answer 18

Clearing Liens

Question 19

What must the buyer do to fulfill the conditions of the sales contract?

Answer 19

Secure a mortgage and conduct a home inspection.

Question 20

What is an abstract of title?

Answer 20

A comprehensive report from a title search including public records

Question 21

What is a Torrens certificate considered as?

Answer 21

Proof of Ownership

Question 22

What are encumbrances?

Answer 22

Limitations on the owner’s rights and use of the property

Question 23

What does title insurance protect against?

Answer 23

Ownership claims that may arise in the future

Question 24

Which document provides an opinion on the validity of the title but does not guarantee ownership?

Answer 24

Certificate of Title

Question 25

What is the main focus of the Real Estate Settlement and Procedures Act (RESPA)?

Answer 25

Regulating the closing process of mortgage transactions

Question 26

How long before the mortgage closing must the Closing Disclosure Statement be given to the borrower?

Answer 26

Three Days

Question 27

What document must be provided to borrowers applying for a mortgage loan according to RESPA?

Answer 27

HUD booklet titled "Buying Your Home: Settlement Costs and Helpful Information"

Question 28

Which entity administers the integrated provisions of RESPA and TILA?

Answer 28

Federal Consumer Financial Protection Bureau (CFPB)

Question 29

What does RESPA prohibit to prevent unfair practices in mortgage transactions?

Answer 29

Undisclosed fees or kickbacks

Question 30

What is the purpose of the Closing Disclosure Statement?

Answer 30

To provide a detailed account of the loan costs and the final closing statement

Question 31

Which act governs various aspects of consumer lending?

Answer 31

TILA

Question 32

What does the term "tacking" refer to in the context of adverse possession?

Answer 32

Combining periods of possession during multiple owners' tenures

Question 33

What is the term for a voluntary transfer of property from an individual to the government for a specific purpose?

Answer 33

Dedication

Question 34

What can adverse use lead to in terms of property rights?

Answer 34

An easement by prescription

Question 35

Which concept involves the government transferring property to an individual in earlier times to encourage settlement?

Answer 35

Public Grants

Question 36

What is the function of probate?

Answer 36

To ensure the validity of a will and the proper distribution of assets

Question 37

What is the purpose of a partition proceeding?

Answer 37

To divide a single property jointly owned by multiple individuals

Question 38

What does eminent domain refer to?

Answer 38

The process by which the government acquires land for public use