Unit 5 - 7 quiz

Which of the following is an example of involuntary alienation? -Selling a property to pay off debts -Donating a piece of land to the zoo -Having a piece of land auctioned for delinquent taxes -Letting another person plant crops on an unused portion of a piece of land

Having a piece of land auctioned for delinquent taxes

Which of the following deeds contains no expressed or implied warranties? -Timber deed -Quitclaim deed -Warranty deed -Grant deed

Quitclaim deed

Which of the following deeds would probably be used to transfer title by a grantor to a grantee when the grantor is providing no warranties on the title? -Quitclaim deed -Bargain and sale deed -Special warranty deed -Trustee's deed

Quitclaim deed

in which of the following situations would a quitclaim deed be the most appropriate type of deed to use? -Conveyance of a marketable title -Transfer of a nominal real estate interest -Removal of a cloud on a title -Warranting validity of a title

Removal of a cloud on a title

Which is true? The grantor under a special warranty deed warrants that the grantee's title will be defended and protected against any claims whatsoever. The grantor under a general warranty deed promises that the grantee's title will be defended and protected only against claims resulting from the grantor's ownership. The grantor under a quitclaim deed only conveys any interest the grantor may have in the property. A minor will convey absolute ownership interest in a property as long as the signature is obtained in the presence of a parent.

The grantor under a quitclaim deed only conveys any interest the grantor may have in the property.

Which of the following is TRUE regarding a special warranty deed? -A grantor makes additional warranties beyond those given in a general warranty deed. -The grantor retains an ownership interest in the property. -The grantor is warranting that no undisclosed encumbrances exist against the property. -The grantor's warranties are limited to the time the grantor owned the property.

The grantor's warranties are limited to the time the grantor owned the property

Which of the following statements about North Carolina deeds is CORRECT? -A general warranty deed is the best way for the buyer to receive title. -A special warranty deed gives the seller the greatest degree of liability. -A bargain and sale deed is very much like the special warranty deed. -A gift deed must be recorded within 30 days to remain valid.

A general warranty deed is the best way for the buyer to receive title.

An outstanding claim which, if valid, would impair an owner's title is a -clear title. -cloud on the title. -quiet title. -subrogation.

cloud on the title.

A valid will devises the decedent's real estate after the payment of all debts, claims, inheritance taxes, and expenses through the -administrator of the estate. -law of intestate succession. -granting clause established in the will. -court action known as probate.

court action known as probate

A typical title insurance policy will usually protect the purchaser against all of the following EXCEPT -misrepresentation of the true owners of the property. -defects discoverable by a survey that was not conducted. -mistakes in recording legal documents. -documents executed under fraudulent powers of attorney.

defects discoverable by a survey that was not conducted

When the grantor does NOT wish to convey certain property rights -exceptions must be noted in a separate document. -the deed must convey the property with all rights intact. -exceptions may be noted in the deed of conveyance. -the grantor must convey the entire premises and have the grantee reconvey the rights to be retained by the grantor.

exceptions may be noted in the deed of conveyance.

The recording of a deed -is required in order to fully transfer the title to real estate. -gives constructive notice of the ownership of real property. -insures the grantee's interest in a parcel of real estate. -warrants the grantee's title to real property.

gives constructive notice of the ownership of real property

A grantee took delivery of the deed to his newly purchased North Carolina property but neglected to record the deed. Under these circumstances, the -transfer of the property from the seller is ineffective. -grantee's interest is not fully protected against third parties. -deed is invalid after 120 days. -deed in invalid after 2 years.

grantee's interest is not fully protected against third parties.

All of the following are true about adverse possession EXCEPT -possession of the property occurs without the owner's consent.continuous occupancy of the property occurs over a minimum time period. just compensation is given to the owner upon passing of the required period of possession.the person taking possession possibly becomes the owner of the property.

just compensation is given to the owner upon passing of the required period of possession.

Legislation designed to convert residential zoning into conservation or recreational purposes -is usually supported by all of the residents of a given area so that the majority rules. -may be found by the courts to be a taking without the payment of just compensation to the property owner. -is generally supported by special interest groups whose power might be greater than that of the courts. -has been determined by the courts to be an excessive use of police power and was therefore ruled as unconstitutional.

may be found by the courts to be a taking without the payment of just compensation to the property owner

A bill of sale is used to transfer the ownership of -real property. -fixtures. -personal property. -appurtenances.

personal property.

In a real estate transaction, excise taxes are the responsibility of the -buyer. -seller. -escrow agent. -broker.

seller

The North Carolina Marketable Title Act -guarantees that general warranty deeds transferred in North Carolina are free of defects and therefore, fully marketable. -states that a title search conducted on a property's history of the previous 30 years will normally extinguish any defects that pre-date that period. -negates all claims to a property through adverse possession. -requires title searches to review the chain of title since North Carolina became a state.

states that a title search conducted on a property's history of the previous 30 years will normally extinguish any defects that pre-date that period.

In order for the government to acquire land under the right of eminent domain, -the acquisition must be for a public purpose. -there must be a statutory dedication. -the owner must agree to the taking. -there must be constructive notice.

the acquisition must be for a public purpose.

In order for a deed to be valid -the grantor must be legally competent. -the signature of the grantor must be witnessed. -the deed must be recorded. -the grantee must sign the deed.

the grantor must be legally competent.

A trespasser built a log cabin in a remote area of a national park and occupied the structure for more than 25 years. That person will never be able to claim the property under adverse possession statutes, because -the possession was not notorious. -the possession was not open. -the property was not privately owned. -the property was not properly fenced.

the property was not privately owned.

All of the following are true regarding public records EXCEPT -they give notice of encumbrances. -they establish priority of liens. -they guarantee marketable title. -they provide constructive notice about interests in the property.

they guarantee marketable title

An attorney's statement that indicates the quality of title as of a certain time is a -title abstract. -title opinion. -title search. -title insurance binder.

title opinion.

Grantee is to a deed as devisee is to a -trust. -will. -estate. -sales contract.

will.