Unit 3 Ownership and Title Transfer

Question 1

the Forms of ownership are:

Answer 1

• Sole ownership/ Estate in severalty
• Concurrent (multiple) Ownership
• Common interest community ownership

Question 2

Ownership by an individual is:

Answer 2

Estate in severalty

Question 3

A written legal document by which ownership of real property is tranferred from one party to another is a:

Answer 3

Deed

Question 4

The two parties to a deed are:

Answer 4

Grantor and grantee

Question 5

In order to convey title, a deed must be signed by the:

Answer 5

Grantor

Question 6

Title does not pass to the grantee until the deed is:

Answer 6

Delivered and accepted

Question 7

Assurance to the grantee that he will bot be disturbed by someone else with lawful interest in the property is the covenant of:

Answer 7

Quiet enjoyement

Question 8

The type of deed considered the best deed for a grantee is a:

Answer 8

General warranty deed

Question 9

A person who holds stock in a building owned by a corporation owns the rights to a:

Answer 9

Cooperative

Question 10

A form of concurrent ownership in which all owners have equal shares in the property and the right of survivorship is:

Answer 10

Joint tenancy

Question 11

A deed that conveys what ever interest in the property the grantor holds at the time of conveyance and contains no covenants or warranties is a:

Answer 11

Quit claim deed

Question 12

An undivided interest in a resort condo as a tenant in common for at least 5 times over 5 years is a:

Answer 12

Time share

Question 13

An owner who fails to inspect her real property and give notice to a trespasser might lose the right of ownership through:

Answer 13

Adverse possession

Question 14

A form of concurrent ownership in which all owners have equal shares in the property and have no right of survivorship is:

Answer 14

Tenants in common

Question 15

A condominium is created by filing a:

Answer 15

Declaration

Question 16

Intestate:

Answer 16

No will

Question 17

True or False

Deeds guarantee and prove ownership

Answer 17

False

Question 18

Probate:

Answer 18

The act of distributing all of a deceased person’s assets.

Question 19

True or False

Joint Tenancy overrides a will.

Answer 19

True

Question 20

A special form of ownership favored in NC for married couples.

Answer 20

Tenancy by the entirety

each spouse owns an equal undivided interest, regardless of the financial contribution to the purchasers

Question 21

True or False

Couple who continues to own marital property together after divorce are automatically joint tenants.

Answer 21

False

They become tenants in common.

Question 22

True or False

Condo’s , cooperatives, and other forms of common interest ownership are often regulated under a states common interest ownership act

Answer 22

True

Question 23

Generally, a common interest community has the authority to levy what on its owners for the maintenance of common elements?

Answer 23

Mandatory assessments

Question 24

Yes or No

Condos can be any type or use of real estate- residential, commercial, etc.

Answer 24

Yes

Question 25

PITT:

Answer 25

Possession, interest, title, and time.

Question 26

A competenent seller must be:

Answer 26

18, Sane, and sober. (buyer does not need to be competent)

Question 27

Consideration is

Answer 27

Money or something of value (a Dime A Dollar or a Doughnut)

Question 28

True or False In NC, while title has passed at closing, the standard sales contract states the property is not considered closed until the deed is recorded because recording shows proof of acceptance.

Answer 28

True

Question 29

7 essential elements of a Deed

Answer 29

1) Competent grantor 2) Execution by grantor 3) Identifiable grantee 4) Delivery and acceptance ( by grantee) 5) Legal Description 6) Consideration 7) Words of conveyance

Question 30

In regard to a Deed the term execution refers to:

Answer 30

The signature of the grantor

Question 31

Which must always be TRUE of tenants in common? a. Each tenant must have equal ownership share. b. Each tenant rents her share of the land. c. Each tenant has the right of survivorship. d. Each tenant must join in a conveyance of title to the property.

Answer 31

d. (while shares in tenancy in common may be unequal, each co-owner must sign the document(s) of title conveyance (deed, contract for deed)

Question 32

Which of the following is MOST closely associated with the voluntary alienation of real property? a. Bill of Sale b. Adverse possession c. deed d. Easement by necessity

Answer 32

c. deed | remember voluntary vs involuntary

Question 33

A group of people who have continuously used a path over private property may gain the right to a prescriptive easement through the process of :

Answer 33

Tacking