Section 9 Title Deeds and Ownerships Restrictions Flashcards Preview

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Flashcards in Section 9 Title Deeds and Ownerships Restrictions Deck (20)
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1

True or false, easements are a form of government restrictions on property.

False

Government restrictions include police power, eminent domain, and taxation. Private restrictions include deed restrictions, easements, leases, and liens

2

True or false, the deceased person who made the will is called a testator if that deceased person is a male. The deceased person is called a testatrix if that deceased person is a female.

True

3

True or false,Eminent domain provides for the property of a person who dies intestate and who has no known heirs to pass to the state the government.

False

This is by escheat. Eminent domain is the governmental power to take land from an owner through the legal process.

4

True or false, The General warranty deed is the most commonly used deed and has the most comprehensive protections.

True

5

True or false, When a lawsuit for foreclosure is proceeding, the lender will give constructive notice of the suit by filing the lis pendens notice in the county where the property is located.

True

6

True or false, an abstract of title is the linking of one owner to another as the property has been conveyed from one person to the next.

False

A chain of title is the linking of one owner to another as the property has been conveyed from one person to the next. An abstract of title is the search through recorded documents to find evidence of title transfer history and mortgages or other liens against the property including judgments and unpaid taxes.

7

The deed must be notarized for property transfer to legally occurred.

False

This deed will normally be notarized in order to be able to record the deed with the clerk of the court. Note the deed does not have to be signed by the grantee or notarized for property transfer to legally occur

8

True or false, a real estate licensee must have the knowledge to provide an opinion of title.

False

And opinion of title can only be provided by an attorney. The licensee can only share the opinion that the attorney has formed

9

True or false, devise is the gift of Real Property, where as it is a bequest if it is personal property.

True

10

True or false, four special purpose deeds used to handle special situations include personal representative deeds, guardians deeds, committees deeds, and the tax deed.

True

11

Donald claimed Jakes property through adverse possession. To have done so successfully, Donald would have to have done all of the following except:

1. Take actual possession of the property
2. Hide the fact that he was living there
3. Do so for a continuous period of seven years
4. Pay taxes for the entire period

# 2

Hide the fact that he was living there

12

Jessica took Ryan to court to force him to allow access to the main road from her property which was land locked. The easement the judge ordered is an example of:

1. Easement a pertinent
2. Easement by prescription
3. Easement in gross
4. Easement by necessity

# 4

Easement by necessity

13

A deed often used by a bank to transfer a property that it had taken after foreclosure from the previous owner:

1. General warranty deed
2. Special purpose deed
3. Quit claim deed
4. Bargain and sale deed

# 4

Bargain and sale deed

14

Carrie has a lease for which she pays the landlord $900 a month. The landlord pays the property taxes, hazard insurance, and maintenance expenses. This is an example of what type of lease?

1. Net
2. Percentage
3. Variable
4. Gross

# 4

Gross

15

Which statement is not true regarding a lenders title policy?

1. Issued for purchase price
2. Protects the lender against title defects (not the owner)
3. Transferable (assignable to someone else buying the loan)
4. One time premium paid at closing

# 1

Issued for purchase price

16

Gary rented a 1500 square-foot retail space with a rental rate of $10 per square foot at a CPI index of 1.1. The CPI increase to 1.4. How much will the new rental rate be?

1. $7.86
2. $12.73
3. $2100
4. $19,095

# 2
$12.73

Take the new CPI index and divide by the old CPI index in multiply the answer by the old rental rate: 1.4/1.1 X $10 equals $12.73

17

Landlord Brady agree to $5000 a month rental bass payment +5% of gross sales. At the end of the first year the tenant had total gross sales for the year of $200,000. How much total rent did landlord Brady collect for the year?

1. $70,000
2. $10,000
3. $60,000
4. $50,000

# 1

$70,000

$200,000 x .05 = $10,000 is the additional rent calculated on gross sales. $5000 X 12 = $60,000 is the yearly base rent paid. Add $10,000 + $60,000 = $70,000 for the total rent paid.

18

Actual notice is:

1. Something printed in the newspaper

2. Something you have learned by reading, seeing or hearing

3. Recording something with the clerk of the court

4. The same as constructive notice

# 2

Something you have learned by reading, seeing or hearing

19

Which clause must be included for a deed to be valid?

1. Habendum Clause
2. Appurtenances clause
3. Covenant of seizin
4. Covenant of warranty forever

# 1

Habendum clause

20

Faith died intestate. After an extensive search, a brother was found. Faith's property would pass to her brother by:

1. Escheat
2. Descent
3. Devise
4. Demise

# 2

Descent