Transfer of title 41%

Select the statement that accurately reflects the type of deed used for the transfer. Topic: Transfer of title Subtopic: Deeds A bargain and sale deed conveys property in a foreclosure proceeding. A deed of trust conveys real estate to a trustee for the beneficiary named in the deed. A referee's deed conveys property from one spouse to another in a divorce proceeding. A warranty deed conveys REO property from the lender.

A deed of trust conveys real estate to a trustee for the beneficiary named in the deed.

Which of these is excluded on a title insurance policy on Martha's property because of the schedule of exceptions? Topic: Transfer of title Subtopic: Title insurance A mechanic's lien recorded by A1 Siding and Windows A verbal lease agreement Martha has with her neighbor who leases Martha's garage Last year's unpaid property taxes The current year's unpaid property taxes

A verbal lease agreement Martha has with her neighbor who leases Martha's garage

Which of these situations might be addressed by limitations or a subject to clause in the deed Jane is using to convey property to Moira? Topic: Transfer of title Subtopic: Deeds An easement runs across the property, permitting Jane's neighbors to access the neighborhood boat dock. Jane has given Moira 24 hours to accept delivery of the deed. Jane wants to limit her liability for any title defects that may occur. Moira's acceptance of the deed is subject to receiving her financing

An easement runs across the property, permitting Jane's neighbors to access the neighborhood boat dock.

How might the lengthy purchase process for a short sale or foreclosure impact a buyer's financing? Topic: Transfer of title Subtopic: Special processes An existing interest rate lock may expire before the transaction is ready to close.Lenders won't lock in an interest rate because of the distressed nature of the sale.The lender may not be willing to finance a short sale or foreclosure.The purchase price may increase over time.

An existing interest rate lock may expire before the transaction is ready to close.

Ray purchased a new home and soon discovered an issue with one of the windows. He filed a claim with the warranty provider, but it was denied. After mediation, the issue still remains unresolved. What is the most common next step? Topic: Transfer of title Subtopic: Warranties Arbitration A second round of mediation Condemnation Litigation

Arbitration

Select the statement that accurately depicts property ownership income tax implications. Topic: Transfer of title Subtopic: Escrow or closing; tax aspects of transferring title to real property During the ownership stage, both investors and homeowners may be able to deduct mortgage interest paid. First-time home buyers can deduct closing costs paid. Homeowners can deduct depreciation during the ownership stage; investors can't. When homeowners sell their property, they'll need to calculate the depreciable basis on the property.

During the ownership stage, both investors and homeowners may be able to deduct mortgage interest paid.

Which type of deed conveys real property from a decedent's estate to a buyer? Topic: Transfer of title Subtopic: Deeds Deed in trust Executor's deed Quitclaim deed Referee's deed

Executor's deed

Select the statement that accurately describes an abstract of title. Topic: Transfer of title Subtopic: Title insurance A title company representative must certify the abstract of title. Few states require an abstract of title when conveying property. The chain of title documents the information found during the title abstract process. Title abstracts provide data for the title company's title search.

Few states require an abstract of title when conveying property.

Jane is selling her home to Micah. What must occur for Jane to effect a transfer of title to Micah? Topic: Transfer of title Subtopic: Deeds Jane must accept the deed. Jane must deliver the deed to Micah. Micah must acknowledge the deed. Micah must sign the deed.

Jane must deliver the deed to Micah.

The primary purpose of the Real Estate Settlement Procedures Act is to ensure that buyers ______. Topic: Transfer of title Subtopic: Escrow or closing; tax aspects of transferring title to real property Can get federally guaranteed loans Get favorable interest rates Have mortgage options to choose from Know all settlement costs up front

Know all settlement costs up front

Which of the following is a characteristic of an abstract of title?Topic: Transfer of title Subtopic: Title insurance Provides an attorney's opinion of the title Provides information about the payoff amount Provides information about the property location Releases an existing lien

Provides an attorney's opinion of the title

Which statement most accurately describes the type of notice provided by recording a change of ownership document? Topic: Transfer of title Subtopic: Deeds Recording the deed provides actual notice of the property sale. Recording the deed provides constructive notice of the property sale. Recording the new owner's title policy serves as constructive notice of the sale. Recording the promissory note provides constructive notice of the property sale.

Recording the deed provides constructive notice of the property sale.

Which of these statements about the homeowner's right of redemption is true? Topic: Transfer of title Subtopic: Special processes Homeowner right of redemption applies to foreclosures, short sales, and REOs. Only foreclosures are subject to homeowner's redemption rights. Right of redemption timelines are longer for foreclosures than they are for short sales. Rights of redemption window with REOs may have expired.

Rights of redemption window with REOs may have expired.

Katherine is purchasing a second home as an investment/vacation property. She has a large down payment, and the seller is financing the rest of the purchase. Which of these statements is true? Topic: Transfer of title Subtopic: Escrow or closing; tax aspects of transferring title to real property The CFPB provides forms similar to the Closing Disclosure and Loan Estimate for seller/financers to use. The Closing Disclosure and Loan Estimate aren't required in a seller-financed transaction. The seller is required to provide the same disclosure forms to Katherine as a standard lender would provide. The seller will provide the Closing Disclosure and Loan Estimate to Katherine but has a longer timeframe to do so than a traditional lender would have.

The Closing Disclosure and Loan Estimate aren't required in a seller-financed transaction.

Which covenant requires the grantor to execute any necessary legal documents (within his power) necessary to fix title defects discovered after closing? Topic: Transfer of title Subtopic: Deeds The covenant of further assurances The covenant of seisin The covenant of the right to convey The covenant of warranty

The covenant of further assurances

What title guarantees will Jody have if her property is deeded to her after a foreclosure? Topic: Transfer of title Subtopic: Deeds The covenant against encumbrances The covenant of further assurances The covenant of quiet enjoyment The covenant of seisin

The covenant of seisin

Which of these would void a deed intended to convey property? Topic: Transfer of title Subtopic: Deeds The grantee is not mentally competent. The grantee's signature is not acknowledged. The grantor is not mentally competent. The transfer includes no monetary consideration.

The grantor is not mentally competent.

What does an REO on a lender's assets mean? Topic: Transfer of title Subtopic: Special processes The lender has agreements with real estate listing agents.The lender owns real estate after a foreclosure sale.The lender prepares property management agreements.The lender received proceeds from a foreclosure sale.

The lender owns real estate after a foreclosure sale.

When purchasing a short sale or foreclosure, what's one of the biggest frustrations buyers face? Topic: Transfer of title Subtopic: Special processes Insurance companies' refusal to insure homes sold as distressed propertiesRestrictions on the amount a lender will finance on a distressed propertyThe difficulty of finding a real estate professional to help them with the purchase.The length of time it takes to purchase a distressed property

The length of time it takes to purchase a distressed property

Which of these guarantees is offered by a general warranty deed but not a special warranty deed? Topic: Transfer of title Subtopic: Deeds The property is free of debt or other claims taken on by the grantor during the ownership period. The seller is legally allowed to sell the property. The seller owns the property (title). The seller will defend against all claims against the property's title.

The seller will defend against all claims against the property's title.

What type of insurance protects a lender's collateral interest in a property that's being financed? Topic: Transfer of title Subtopic: Title insurance Collateral insurance Hazard insurance Mortgage insurance Title insurance

Title insurance

What's the purpose of a chain of title? Topic: Transfer of title Subtopic: Title insurance To determine whether encroachments exist and to determine the boundaries of the property To establish history of past ownership To establish proof of insurance To insure the policy owner against financial loss if the title to the real estate has covered defects

To establish history of past ownership

Corinne, an escrow agent, is preparing for the Thomas/Trenton closing in four days. Which of these documents will Corinne prepare? Topic: Transfer of title Subtopic: Escrow or closing; tax aspects of transferring title to real property She'll prepare a seller net sheet to disclose the seller's net profit on the sale. Working with the lender, she'll prepare the Loan Estimate, which details the costs the buyer and seller will pay at closing. Working with the lender, she'll prepare the settlement statement, which details the costs the buyer and seller will have at closing. Working with the title company attorney, she'll prepare the preliminary title commitment.

Working with the lender, she'll prepare the Loan Estimate, which details the costs the buyer and seller will pay at closing.