Ownership and Title Transfer

Question 1

Four conditions required for joint tenancy? TIPT

Answer 1

Title
Interest
Possession
Time

Question 2

Document promising that the title is merchantable

Answer 2

Warranty deed

Question 3

Deed containing covenants and warranties

Answer 3

Warranty deed

Question 4

Protection against losses due to undiscovered title defects or encumbrances is best provided by

Answer 4

Title insurance

Question 5

T/F acknowledgment by a notary is NOT necessary to validate a deed

Answer 5

True

Question 6

A claim against property that has an effect on merchantable title

Answer 6

Encumbrance

Question 7

The clause that names the type of estate being granted

Answer 7

Habendum clause

Question 8

Transfer of property must be accepted by

Answer 8

Grantor and grantee

Question 9

Documentary stamp tax is a debit to who?

Answer 9

Seller

Question 10

Minimum notice to terminate a monthly tenancy at will

Answer 10

15 days

Question 11

Does a grantee have to be competent in order to receive a deed?

Answer 11

No

Question 12

What type of partnership is formed to engage in on transaction and terminate after

Answer 12

Joint venture

Question 13

Executors contract is what?

Answer 13

Not been executed

Question 14

Which law requires that real estate contracts must be in writing

Answer 14

Statute or frauds

Question 15

Ownership by one person is

Answer 15

Tenancy in severalty

Question 16

Married couple purchase a home as tenancy _________

Answer 16

In common

Question 17

In selecting the form of ownership, two people would not consider ?

Answer 17

Amount of land

Question 18

Characteristics of real estate? DUPE

Answer 18

Disposition
Use
Possession
Exclusion

Question 19

If the reversionary interest in a life estate is transferred to a third party.. it becomes

Answer 19

Remainder estate

Question 20

After lease expiration but before renegotiation of lease a tenant is in what ownership ?

Answer 20

Tenancy at sufferance

Question 21

Estate that features absolute and complete ownership

Answer 21

Fee simple absolute estate

Question 22

Court ordered claim against an individual results in

Answer 22

Judgement

Question 23

The rights held by someone who has possessory interest in real estate

Answer 23

ESTATE

Question 24

Declaration would most likely be used in which type of property

Answer 24

Condominium

Question 25

The year end financial information from the previous year must be given to the buyers of

Answer 25

A condominium

Question 26

Max amount per $100 that can be charged for documentary stamp tax

Answer 26

70c

Question 27

Warranty deed that the grantor owns and has the right to transfer the property

Answer 27

Seizin

Question 28

Problem solver deed with no covenants or warranty

Answer 28

Quitclaim deed

Question 29

Purpose of recoding a deed

Answer 29

To give constructive notice

Question 30

What is issued for the amount of the mortgage loan and can be transferred

Answer 30

Title insurance

Question 31

Recording a document provides what

Answer 31

Constructive notice

Question 32

A general warranty deed does not include what kind of warranty

Answer 32

Warranty forever

Question 33

How much is the state intangible tax in a mortgage of 50,000

Answer 33

$100

Question 34

How is purchase price entered on contract

Answer 34

Credit seller debit buyer

Question 35

Property tax proration on closing statement

Answer 35

Debit seller credit buyer

Question 36

Intangible tax on closing statement

Answer 36

Debit buyer

Question 37

A buyer entering into a contract to purchase land acquires

Answer 37

Equitable title

Question 38

Forcing the other party to proceed as stated in the contract is called

Answer 38

Specific performance

Question 39

Houses built prior to 1978 must provide

Answer 39

Lead based paint disclosure

Question 40

Purpose of statue of frauds

Answer 40

Avoid oral contracts

Question 41

Retail Lease where tenant pays rent and percent of income

Answer 41

Percentage lease

Question 42

A contract for sale signed by a buyer under duress is

Answer 42

Voidable by buyer

Question 43

Statute of limitations for parole contracts is

Answer 43

4 years

Question 44

A promise in exchange for performance

Answer 44

Unilateral

Question 45

An easement may not be terminated by ?

Answer 45

Sale of property

Question 46

A committee is appointed to administer the affairs of an incompetent grantee is what kind of deed

Answer 46

Committees deed

Question 47

Seller carries second mortgage from buyer. Closing statement reads

Answer 47

Debit seller credit buyer

Question 48

Seller goes bankrupt, what happens to the listing

Answer 48

Cancelled

Question 49

Additional homestead for the legally blind

Answer 49

$500 deducted form assessed value

Question 50

A life tenant may not?

Answer 50

Transfer by will

Question 51

James crossed neighbor property for 20 years. Everyone now uses the road. This creates an easement by

Answer 51

Prescription

Question 52

Deed clause where grantor warrants ownership the Ruhr to dispose of the property

Answer 52

Seizin clause

Question 53

Death of either party prior to closing or during executory period does what?

Answer 53

Terminates

Question 54

The sum of total money promises or other items of value given exchange for receipt of something of value is

Answer 54

Consideration