Chapter 8: QUIZ QUESTIONS

A deed contains language stating that Party A is conveying to Party B without warranty of title. What kind of deed is it? A special warranty deed. A general warranty deed. A quitclaim deed. A bargain and sale deed.

Answer: A Quitclaim Deed.

If the seller is a corporation, what additional information will the closing agent need in order to close, besides the full name of the corporation? A certificate of good standing. A corporate seal. A separate title commitment naming the officers as insureds. A copy of the corporation's tax return.

Answer: A certificate of good standing.

Which of the following is not a true statement about an easement? The property that has the easement on it is the 'burdened" property. An easement can only arise by a properly recorded instrument. There can be easements for light. An easement that is recorded runs with the land.

Answer: An easement can only arise by a properly recorded instrument.

If a deed is not signed by the grantor, what are the consequences? The deed cannot be recorded. It may be more difficult to establish delivery. It is not valid. It is deemed not to have been delivered.

Answer: It is not valid.

If a deed is not acknowledged, what are the consequences? It cannot be recorded. It may be more difficult to establish delivery. It is not valid. It is deemed not to have been delivered.

Answer: It may be more difficult to establish delivery.

If the buyer obtains a survey, which of the following parties will not be listed on the surveyor's certificate? Seller. Title underwriter. Buyer. Lender.

Answer: Seller.

Which of the following instruments will not have a legal description that must be checked at closing? Survey. Title commitment. Mortgage. Settlement statement.

Answer: Settlement statement

The deed should be dated to reflect what? The date of execution. The date of recording. The date of delivery of deed. The date of acknowledgment.

Answer: The date of delivery of deed.

A scrivener's error is made in the legal description of the deed. What is the result? The deed is invalid. The deed is valid, but only if a corrective deed is recorded. The deed is valid, but the error should be corrected. The deed cannot be recorded.

Answer: The deed is valid, but the error should be corrected.

What is the purpose of the Owner's Affidavit? To establish ownership of the property. To establish a corporate officer's authority to execute a deed. To establish the non-foreign status of the seller. To give the title underwriter assurances to allow it to remove some of the standard exceptions.

Answer: To give the title underwriter assurances to allow it to remove some of the standard exceptions.