Random

Question 1

a written and signed legal instrument that is used to transfer ownership of real property from the old owner (the grantor) to the new owner (the grantee).

Answer 1

Deed

Question 2

A section in a real estate contract that transfers ownership of a property with no restrictions. The new owner has absolute ownership of the property and has the right to sell it, bequeath it to an heir, and so on. Because the clause begins with the phrase, “To have and to hold,” the ______ ________ is sometimes called the “to have and to hold clause.”

Answer 2

Habendum Clause > “To have and to hold clause”

Question 3

A section in a real estate contract that transfers ownership of a property with no restrictions. The new owner has absolute ownership of the property and has the right to sell it, bequeath it to an heir, and so on. Because the clause begins with the phrase, “To have and to hold,” the _________ ________ is sometimes called the “to have and to hold clause.”

Answer 3

Habendum Clause > “To have and to hold clause”

Question 4

Words in a deed of conveyance that state the grantor’s intention to convey the property at the present time. This clause is generally worded as “convey and warrant,” “grant,” “grant, bargain, and sell.”

Answer 4

Granting Clause

Question 5

List a few examples of encumbrances.

Answer 5

Examples include: easements, encroachments, restrictive covenants, leases, liens, mineral and timber rights

Question 6

A special, written contract for conveying a permanent interest in real property.

Answer 6

Deed

Question 7

A deed must be _______ to be upheld by court?

Answer 7

in writing

Question 8

legally binding promises

Answer 8

Covenants

Question 9

Deeds differ by number of _________?

Answer 9

Covenants

Question 10

The highest quality deed has the most ________?

Answer 10

Covenants

Question 11

This type of deed includes no covenants and makes no assertions about grantor’s interest

Answer 11

Quitclaim deed

Question 12

This type of covenant of a deed will defend grantee against claims of others

Answer 12

Quiet enjoyment

Question 13

A deed is a special form of written contract used to convey a permanent interest in real property. Unlike most contracts, a deed requires?

Answer 13

Only the grantor to be legally competent and of legal majority age.

Question 14

Oldest form of acceptable land description and the most flexible

Answer 14

Metes and Bounds

Question 15

Voluntary conveyances without a deed include _______only

Answer 15

Easements

Question 16

Most often used in the description of urban property, which of the following methods of land description contains information regarding the location of various easements and may even contain a list of restrictive covenants?

Answer 16

Subdivision plat lot and block number

Question 17

The most flexible method of land description, capable of describing even the most irregular of parcels, can be described as a very precise, compass-directed walk around the boundary of a parcel. This method is commonly referred to as:

Answer 17

Metes and Bounds

Question 18

One of the most important requirements of a land description is for it to be unambiguous. Which of the following methods of property description is the most unambiguous and is appropriate for use in legal documents?

Answer 18

Metes and Bounds

Question 19

When a landowner subdivides land in a way that causes a parcel to be landlocked, it is possible for property to be voluntarily conveyed without a deed. If the landlocked parcel has no prior path of access, which of the following types of easements will automatically be created to make the land useful?

Answer 19

Easement of necessitiy

Question 20

Considered a “questionable conveyance of title” by most courts, which of the following types of deeds is worded to imply no claim of title, but rather only convey what interest the grantor actually has? (Hint: This type of deed may be used by a developer to convey certain lands of a subdivision to the local government

Answer 20

Quitclaim Deed

Question 21

Although deeds can only deliver what a grantor actually owns, they can still vary in “quality.” Which of the following types of deeds is considered to be the “highest quality” because it contains the full set of legal promises the grantor can make?

Answer 21

General Warrant Deed

Question 22

Which of the following clauses contained in a deed defines or limits the type of interest being conveyed?

Answer 22

Habendum Clause

Question 23

The type of deed offered by the grantor is communicated through a phrase such as “does herby grant, bargain, sell and convey unto . . .” This clause is referred to as the:

Answer 23

Words of Covenance

Question 24

A deed is a special form of written contract used to convey a permanent interest in real property. Unlike most contracts, a deed requires:

Answer 24

only the grantor to be legally competent and of legal majority age.

Question 25

An appraiser is hired to estimate the value of a parcel of vacant land. Which of the following is the most logical thing for the appraiser to determine first?

Answer 25

The highest and best use of land

Question 26

What type of listing does an owner agree to that allows the listing broker to sell his/her property; pays the listing broker should a different broker sell it; and does not allow the seller the right to sell the property him/herself without paying a fee?

Answer 26

Exclusive right to sell

Question 27

A listing which allows the owner to sell the property himself without being liable for a commission, but which appoints only one broker to act as his sole agent is a(n)

Answer 27

Exclusive agency listing

Question 28

The duty of ___________ means that an agent must follow all of the lawful instructions of the client.

Answer 28

Obedience

Question 29

Sam listed his property with three different real estate brokers. In each agreement he reserved the right to sell the property himself without paying a commission. The type of listing that Sam signed with each broker was an:

Answer 29

Open listing

Question 30

Commision rates are set by

Answer 30

broker and agent

Question 31

A broker hears that his neighbor's house is for sale, and convinces a prospective buyer to make a written offer to buy. The broker then contacts the owner who agrees to receive the offer. At this point in time

Answer 31

Not entitles to commission

Question 32

Legal relationship created when one person known as the principal expressly authorizes the other person the agent to act on their behalf

Answer 32

Agency

Question 33

Allows the broker to act on their behalf in a specific transaction such as the sale of a home.

Answer 33

Special Agency

Question 34

A property owner agrees to pay a broker a commission, provided the owner receives a minimum amount of proceeds from the sale at closing. This is an example of a(n)

Answer 34

Net listing

Question 35

An owner agrees to pay a broker for procuring a tenant unless it is the owner who finds the tenant. This is an example of a(n)

Answer 35

Exclusive agency agreement

Question 36

The type of listing that assures a broker of compensation for procuring a customer, regardless of the procuring party, is a(n)

Answer 36

Exclusive right to sell

Question 37

One agent (broker) is hired; broker receives a commission only if he or she is the procuring cause; seller retains right to sell without obligation to pay commission

Answer 37

Exclusive-Agency Listing Agreement

Question 38

Broker has the right to purchase the property; broker must be very honest to avoid charges of fraud

Answer 38

Option Listing

Question 39

Multiple agents; Only the selling agent (broker) entitled to commission; seller retains right to sell independently without obligation to pay anyone a commission

Answer 39

Open Listing

Question 40

Broker entitled to any amount above the seller's stated net; often illegal; potential conflict of interest between broker's interest and seller's interest

Answer 40

Net Listing

Question 41

A federal statute that prohibits discrimination based on disabilities and requires reasonable accommodation by employers and land owners

Answer 41

American with Disabilities Act of 1990 (ADA)

Question 42

Prohibits discrimination in housing based on race, color, religion, sex and national origin

Answer 42

1968 Fair Housing Act Title VII of the Civil Right Act of 1968

Question 43

The practice of showing different properties to people of different races or ethnic backgrounds in an attempt to "steer" them to neighborhoods of like composition.

Answer 43

Steering

Question 44

The attempt to promote sales in a racially transitional neighborhood by encouraging the idea that the transition is harmful.

Answer 44

Blockbusting

Question 45

Licensed real estate brokers or salespersons who are members of the NAR.

Answer 45

Realtors

Question 46

A contract between a seller of real estate and a real estate broker in which the broker is authorized to serve as the seller's agent

Answer 46

Listing Agreement

Question 47

Have been a real estate salesperson for 2 years and must have completed a specified number of real estate classes

Answer 47

Broker Requirements

Question 48

Salespersons Requirements

Answer 48

Must be supervised by a licensed broker and pass a special examination

Question 49

An agent authorized under state real estate licensing laws to operate independently in a real estate brokerage business.

Answer 49

Real Estate Broker

Question 50

1. Agent is an expert in the specialized field | 2. Agent always acts in the principal or client's best interest.

Answer 50

Duties of the Broker

Question 51

Do not have a real estate agent representing them on the sale of a property.

Answer 51

FSBO For sale by owner

Question 52

A deed to convey property would be SIGNED by

Answer 52

the grantor

Question 53

Purpose is to serve as a contract of employment between the owner and the broker

Answer 53

The primary purpose of a listing agreement

Question 54

When a listing on a residential property is signed, which type of agency relationship is usually created?

Answer 54

special agency

Question 55

Five acres of land were zoned residential that were surrounded by other properties that were also residential. The owner wanted to re-zone the 5 acres so that a commercial building could be built. Which of the following would have to be obtained to allow for the change?

Answer 55

Spot zoning

Question 56

In some cases a broker's commission can be earned if he can prove he set in motion a series of events which resulted in the sale of a property. If a broker produces a ready, willing and able buyer he would most likely

Answer 56

Be considered procurring the cause of sale

Question 57

The amount of a broker's commission usually is established by?

Answer 57

An agreement between the broker and the seller or the buyer.

Question 58

An agent was showing a property to a prospective buyer. The buyer sees a "FSBO" sign, and requests to see the property. What should the agent do next?

Answer 58

Obtain written permission from the seller and then show the home

Question 59

Blockbusting is best described as an attempt

Answer 59

to panic a neighborhood into thinking property values will decline due to unwanted person(s) moving in.

Question 60

If a person believes that he or she is a victim of illegal discrimination in housing, he or she should

Answer 60

HUD within 1 year

Question 61

Buildings that were erected before the enactment of a zoning ordinance and do not comply with the zoning limitations are called

Answer 61

nonconforming uses

Question 62

Establishes code of ethics for realtors

Answer 62

National Association of Realtors (NAR)

Question 63

Is FSBO beneficial to the owner?

Answer 63

no because realtors do not want to sell and it realtors have more exposure and know more people.

Question 64

How do you list a FSBO?

Answer 64

Obtain sales contract from online or from a lawer.

Question 65

Typical Commission for: Residential homes ___ % New Construction ___ % Commercial or Land ___%

Answer 65

Residential homes 6-7% New Construction 5% - more volume, more demand Commercial or Land 10% - less demand, land is speculativee

Question 66

Follow rules that seller/buyer sets

Answer 66

Obedience

Question 67

Must be accountable for money that is a part of the real estate deal

Answer 67

Accountablilty

Question 68

Money put in place to lock in deal, so seller knows that the buyer is serious

Answer 68

Earnst money

Question 69

"let the buyer beware"

Answer 69

Cavet emptor

Question 70

Realtors must keep the financial information of a client private

Answer 70

Confidientiality

Question 71

Must keep client up to date on business, laws, and education

Answer 71

Reasonable care

Question 72

A legal representation of the land's size, location and basic physical features, such as a house's location and dimensions.

Answer 72

Surveyor

Question 73

Grantor must sign and sealed the deed.

Answer 73

Testimony clause

Question 74

A list of successive owners of a parcel of land, beginning from the government, or original owner, to the person who currently owns the land.

Answer 74

Chain of title

Question 75

is the process of retrieving documents evidencing events in the history of a piece of real property, to determine relevant interests in and regulations concerning that property.

Answer 75

Title search

Question 76

A brief history of the titles for a piece of land; lists all of the legal actions that have been performed or used in conjunction with a piece of property. This is used to determine whether or not there is any kind of claim against a property.

Answer 76

Title abstract

Question 77

The grantor (seller) guarantees ownership and can convey the rights of ownership to the grantee (buyer).

Answer 77

Seizin

Question 78

The grantee will not be bothered by subsequent claims of ownership by others with a superior title.

Answer 78

Quiet enjoyment

Question 79

The grantor assures they are doing everything possible to provide the grantee title and will provide further documents if there are problems or mistakes discovered at a later date.

Answer 79

Further Assurance and Assistance

Question 80

No additional encumbrances exist other than the ones that are known and stated

Answer 80

Against encumbrances

Question 81

Any legal document that transfers title.

Answer 81

conveyance

Question 82

proof of ownership.

Answer 82

Title

Question 83

Protects the owner from any defects found with the title. ●This is a one time fee paid at closing of the sale. ●It is nontransferable.

Answer 83

Title Insurance

Question 84

Consideration for the interest in the property must be shown, but can retain privacy regarding the exact amount paid.

Answer 84

Good consideration

Question 85

●Actual amount ●“$1 and other good and valuable consideration” ●“The sum of $10 and love and affection”

Answer 85

Good consideration

Question 86

A term for a survey of a piece of land to identify boundaries, easements, flood zones, roadway, and access rights of way. It is the legal description of a specific piece of real property and is required if land is to subdivided for building homes, & creating parks.

Answer 86

Plat

Question 87

A satisfactory description of the property that cannot possibly be misunderstood. 1. Lot and Block System 2. Metes and Bounds System 3. Governmental Survey System

Answer 87

Legal description of a deed