Chapter 5 Quiz

Acknowledged

1. A deed must be ............. in order to be recorded? o AAcknowledged o BPresented in Person o CSigned by the buyer o DCopied

Title

1. A legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest is known as what...? o ATitle o BDeed o CNotice o DCertificate of Occupancy

Adverse Possession

1. A means of acquiring title where an occupant has been in actual, open, notorious, exclusive, and continuous occupancy of property under a claim of right for the required statutory period is known as what...? o AAdverse Possession o BAdverse Takeover o CAccession o DTransfer of Title

Executor

1. A person or institution appointed by a testator to carry out the terms of their will is known as a/an...? o AExecutor o BAttorney o CGrantor o DJudge

Avulsion

1. A sudden and perceptible loss or addition to land by the action of water, or a sudden change in the bed or course of a stream is known as what...? o AAvulsion o BAlluvion o CAccession o DAccretion

Outstanding building violation

1. A title search conducted on a property may reveal which of the following...? o AOutstanding building violations o BThe condition of the roof o CThe condition of the foundations o DThe building materials used for construction

Full Covenant and Warranty Deed

1. A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee is known as what...? o AFull Covenant and Warranty Deed o BQuitclaim Deed o CReferee's Deed o DBargain and Sale Deed

Dedication

1. An appropriation of land to some public use, made by the owner, and accepted for such use by or on behalf of the public is known as what...? o ADedication o BGift o CDelivery o DConveyance

Department of Buildings

1. As a real estate agent, where should you search to find any records of violations on a property...? o ADepartment of Buildings o BDepartment of Taxation o CDepartment of Finance o DLegal Department

5500

1. If the final sales price of a property is $550,000, how much does the seller have to pay for the State transfer tax...? o A5500 o B2750 o C11000 o D7500

1000000

1. In New York State, when the purchase price exceeds this amount, a 'mansion tax' is required to be paid...? o A1000000 o B250000 o C500000 o D2000000

At the signing of the contract

1. In most transactions, the buyer is accepting the condition of the property at what point in time...? o AAt the signing of the contract o BAt closing o CAt the time of the first viewing o D30 days after closing

Administrator

1. In the case where the owner of a property has died without leaving a will, the fiduciary appointed to represent the estate is known as a/an...? o AAdministrator o BAttorney o CGuardian o DRepresentative

Grantee

1. Joe is selling his house to Kevin for $520,000. Kevin is known as who in the transaction...? o AGrantee o BGrantor o CMortgagor o DMortgagee

Survey

1. John is looking to purchase a property but first wants to verify the size of the lot. What document should John request from the owner that shows the exact size of the lot and house...? o ASurvey o BMetes and Bounds o CDeed o DLot and Block

Grantor

1. John is selling his house to Abby for $345,000. John is known as who in the transaction...? o AGrantor o BGrantee o CMortgagee o DMortgagor

Dedication by Deed

1. Land that has been put aside for a public use by a deed which states exactly what the property will be used for is known as what...? o ADedication by Deed o BGift o CFull Covenant and Warranty Deed o DQuitclaim Deed

Actual Notice

1. Notice delivered in such a way as to give legally sufficient assurance that actual knowledge of the matter has been conveyed to the recipient is known as what...? o AActual Notice o BConstructive Notice o CPublic Notice o DDelivered Notice

Captial Gains Tax

1. Out-of-state sellers are subject to what tax, in addition to the typical state, local, and building taxes...? o ACapital Gains Tax o BIncome Tax o CLiability Tax o DInsurance Tax

Loan

1. The 'L' in the acronym 'CATTL' refers to what...? o ALoan o BLetter of Intent o CLegal o DLiable

Statute of Frauds

1. The New York General Obligations Law Section 5-703 refers to what...? o AStatute of Frauds o BReal Property Law o CProcedure for Closing o DStatute of Limitations

1%

1. The New York State Transfer tax is equal to what percent of the sales price...? o A1 (Percent %) o B0.5 (Percent %) o C1.5 (Percent %) o D2 (Percent %)

Accretion

1. The addition of land through processes of nature, as by water or wind is known as what...? o AAccretion o BAccession o CAlluvion o DAvulsion

Clear and Marketable Title

1. The covenant that states "that the said premises are free from encumbrances", meaning what is being sold to the buyer, is known as what...? o AClear and Marketable Title o BQuiet Enjoyment o CFurther Assurance o DWarranty

Conveyance

1. The means or medium by which title of real estate is transferred is known as what...? o AConveyance o BDedication o CConsideration o DClosing

Merger Doctrine

1. The proposition that the contract for the conveyance of property merges into the deed of conveyance is known as what...? o AMerger Doctrine o BStatute of Frauds o CClosing o DTransfer of Deed

Grantor

1. The seller in a transaction is known as the...? o AGrantor o BGrantee o CMortgagee DMortgagor

Chain of Title

1. The sequence of historical transfers of title to a property is known as what...? o AChain of Title o BDeed o CActual Notice o DAbstract of Title

Conveyance

1. The transfer of the title of land from one to another is known as what...? o AConveyance o BConsideration o CDedication o DClosing

Full Covenant and Warranty Deed

1. This type of deed contains the strongest guarantee of title...? o AFull Covenant and Warranty Deed o BQuitclaim Deed o CBargain and Sales Deed o DReferee's Deed

Quitclaim

1. This type of deed is typically used when money is not being exchanged and the grantee is willing to take the property 'subject to' its condition? o AQuitclaim o BFull Covenant and Warranty o CBargain and Sale o DExecutor

Referee's Deed

1. This type of deed is used to convey real property sold pursuant to a judicial order in an action for the foreclosure of a mortgage or for partition? o AReferee's Deed o BFull Covenant and Warranty Deed o CQuitclaim Deed o DBargain and Sales Deed

Quitclaim Deed

1. This type of deed is usually used to remove a cloud from the title...? o AQuitclaim Deed o BFull Covenant and Warranty Deed o CReferee's Deed o DBargain and Sales Deed

Easement

1. What is an example of a covenant that may be found in a deed...? o AEasement o BLien o CMetes and Bounds o DPlot Map

As-is

1. When a buyer purchases real property, he/she is purchasing the property in what condition...? o AAs-is' o BUpgraded to the seller's satisfaction o CUpgraded to the buyer's satisfaction o DHighest and best use

The amount of loan

1. When reviewing the closing statements from the various parties in a transaction, the bank's closing statement will include which of the following...? o AThe amount of the loan o BThe amount of taxes owed o CThe amount of commission to be paid o DThe amount of attorney fees to be paid

Title Insurance Company

1. Where can one order a title report from...? o ATitle Insurance Company o BAppraisal Company o CDepartment of Finance o DACRIS

The lender's attorney office

1. Where might the closing take place when the buyer is taking out a mortgage to buy a home or condominium...? o AThe lender's attorney's office o BThe buyer's attorney's office o CThe management company's office o DThe title company's office

CATTL

1. Which of the following acronyms can be used to help remember the necessary steps in the closing process...? o ACATTL o BCLOSING o CACRIS o DRESPA

Immediate upkeep costs

1. Which of the following buyer's costs are commonly overlooked in a transaction...? o AImmediate upkeep costs o BCapital gains tax o CState transfer tax o DFlip tax

The buyer's/seller's attorneys

1. Which of the following parties is most likely to attend the closing of the property...? o AThe buyer's/seller's attorneys o BThe buyer's/seller's brokers o CThe seller o DThe buyer

Title Insurance representative

1. Which of the following representatives attends the closing of real property to ensure that the title is transferred properly...? o ATitle insurance representative o BSeller's broker o CBuyer's agent o DEscrow agent

The buyer's attorney

1. Who may be responsible for reviewing a title report to determine if there are any conflicting rights that may negatively affect the property...? o AThe buyer's attorney o BThe seller's attorney o CThe seller o DThe mortgage broker

Grantor

1. Who signs the deed prior to transfer of title...? o AGrantor o BGrantee o CBoth Parties o DNeither of the Parties