Course 1 Quiz 7

A contract in which each party promises to do something is known as a/an....? A. Unilateral Contract B. Implied Contract C. Bilateral Contract D. Express Contract

C. Bilateral Contract

This type of lien takes first priority in the priority of liens..? A. Minor Lien B. Mechanic's Lien C. Junior Lien D. Senior Lien

D. Senior Lien

A tax deed conveys to the purchaser only such title as the defaulting taxpayer had....? A. True B. False

A. True

This type of title insurance covers matters of record, forgery and fraud, ownership of the property, accessibility to the property, and marketable interest...? A. CLTA B. RESPA C. ALTA D. TILA

A. CLTA

A perfect escrow is another term for a ......? A. Completed Escrow B. Satisfied Escrow C. Legal Escrow D. Default Escrow

A. Completed Escrow

A contract that has been put into words, either spoken or written is known as a/an...? A. Express Contract B. Implied Contract C. Bilateral Contract D. Unilateral Contract

A. Express Contract

In the deed of trust system the lender is called the beneficiary...? A. True B. False

A. True

A ...... includes a binding contract between a buyer and seller, and a conditional delivery of something of value to the escrow holder? A. Valid Escrow B. Dual Agency C. Perfect Escrow D. The Company

A. Valid Escrow

Express or implied knowledge of a fact is known as....? A. Notice B. Actual Notice C. Recordation D. Constructive Notice

B. Actual Notice

This type of title insurance covers unrecorded liens, unrecorded easements, encroachments, and items covered by a survey...? A. CLTA B. RESPA C. ALTA D. TILA

C. ALTA

This is a legal proceeding by an individual or company who are no longer able to pay their respective debts...? A. Foreclosure B. Escrow C. Bankruptcy D. Probate

C. Bankruptcy

An agreement that has to be put into words, but is implied by the actions of the parties is known as a/an...? A. Express Contract B. Unilateral Contract C. Implied Contract D. Bilateral Contract

C. Implied Contract

Bankruptcy is initiated by a....? A. Notice B. Lis Pendens C. Petition D. Foreclosure

C. Petition

This type of insurance is used to protect a real property owner or lender up to a specified amount against certain types of loss, such as defective or unmarketable title...? A. Extended Insurance B. Recordation Insurance C. Title Insurance D. Homeowners Insurance

C. Title Insurance

Reorganization of debt is also known as this type of bankruptcy...? A. Chapter 3 B. Chapter 7 C. Chapter 11 D. Chapter 13

D. Chapter 13

In this type of contract one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it; the contract is formed only if the other party does perform the requested act..? A. Bilateral Contract B. Unilateral Contract C. Implied Contract D. Express Contract

B. Unilateral Contract

A valid contract must have consideration and consent...? A. True B. False

A. True

Separation from debt is also known as this type of bankruptcy...? A. Chapter 3 B. Chapter 7 C. Chapter 11 D. Chapter 13

B. Chapter 7

Which of the following can serve as escrow in a transaction...? A. Insurance Companies B. Real Estate Attorneys C. Title Companies D. All of the above

D. All of the above

Money is an example of which of the following..? A. Receipt B. Ownership C. Asset D. Consideration

D. Consideration

The official proving of a will. is known as....? A. Probate B. Estate C. Lis Pendens D. Notice

A. Probate

Title insurance is the same as homeowners insurance..? A. True B. False

B. False

Recordation is an example of...? A. Involuntary Alienation B. Constructive Notice C. Legal Notice D. Actual Notice

B. Constructive Notice

Escrow is required in all single family transactions...? A. True B. False

B. False

A contract for sale of real property does NOT have to be in writing...? A. True B. False

B. False

Escrow agents have these, which include loyalty, reasonable care, and good faith ....? A. Obligations B. Fiduciary Duties C. Interests D. Oaths

B. Fiduciary Duties

Which of the following is the governing law on bankruptcy...? A. Federal Law B. State Law C. County Law D. All of the above

A. Federal Law

The sale of property after a period of nonpayment of taxes is known as a.....? A. Tax sale B. foreclosure C. probate D. Lien Sale

A. Tax sale

The deposit of instruments and/or funds with instructions with a third neutral party to carry out the provisions of an agreement or contract is known as...? A .Notary B. Insurance C. Fiduciary D. Escrow

D. Escrow

An agreement to do or not to do a certain thing is also referred to as a......? A. Deed B. Probate C. Trust D. Contract

D. Contract