Deeds

20. Which of the following is not a type of title ? a. Bare legal title b. Naked title c. Full title d. Equitable title

c

1. A settlement agent is responsible for paying which of the following ? a. Balance due on the seller's mortgage b. Title insurance premium c. Costs of recording d. All of the above

d

13. After the statutory period has elapsed, what would a person have to do to formally establish clear title through adverse possession ? a. File an estoppel certificate b. File a warranty deed c. Apply for a write of attachment d. File suite for quiet title

d

18. All of the following are appurtenances except : a. Riparian rights b. A garage c. An apple orchard d. Trade fixtures

d

24. A document that is based on a full examination of the public record but frequently only identifies the present owner of record and lists only the existing encumbrances is called a a. Abstract of title b. Title search c. Title insurance summary d. Certificate of title

d

25. Jones died and left a will in which titus was named to settle Jone's affairs. Titus would be called the estate's a. Administrator b. Testator c. Accountant d. Executor

d

9. In a foreclosure sale, what kind of deed does the mortgagor receive ? a. Sheriff's deed b. Executors deed c. Quitclaim deed. d. None of these choices

d

10. Title to real property passes when a deed is a. Executed b. Acknowledged c. Delivered and accepted by the grantee d. Recorded

c

11. Mr. Smith inherits a ranch in the Midwest and without having seen it, wants to sell it. Which is the best deed he can use to convey the ranch with the least liability to himself ? a. General Warranty b. Bargain and sale c. Quitclaim d. Trustee's deed

c

17. Three children are named in their father's will to receive his real property. Each is to receive an equal interest. Collectively, they agree to sell the property and split the proceeds. What should they do ? a. File in the testate court. b. Enter an intestate interpleader c. File the will for probate d. Locate a broker and put the property on the market

c

19. Which is NOT a cloud on title ? a. A valid first mortgage b. A recorded contract for deed under which the buyer has defaulted but the contract has not been removed. c. Lack of a recorded certificate of title insurance. d. A recorded mortgage that has been paid in full but not released

c

23. The legal process of "tacking" relates to an adverse possession claim under a. Eminent domain b. Descent and distribution c. Color of title d. Assemblage

c

3. A house sold for 140,000 with the buyer making a 20% down payment. The grantors tax is charged at $1.00 per $1,000 what would the tax amount to : a. 28.00 based on the down payment b. 112.00 based on the loan amount c. 140.00 based on the selling price d. None of the above

c

27. The HUD lists all of the following except a. The sales price b. The earnest money deposit c. The brokers commission d. Price the seller originally paid for the property

d

4. When a buyer obtains a loan for the purpose of financing the purchase of real property, how does the amount of the loan obtained appear on the settlement sheet ? a. As a credit to the buyer and a debit to the seller b. As a debit to the seller and a credit to the buyer c. As a credit to the seller, only d. As a credit to the buyer, only

d

5. When the grantor's tax is calculated, how does the amount of the tax appear on the settlement sheet ? a. Debit the buyer, credit the seller b. Debit the seller, credit the buyer c. Credit the seller, only d. Debit the seller, nothing to the buyer

d

12. Quincy sold Ralph a piece of property and transferred title to Ralph by quitclaim deed. Some time later it was determined by a court that Quincy did not own the property. Which of the following is true in this situation ? a. Ralph owns the property because the court action was after he bought the property. b. Ralph has no interest in the property c. Ralph can sue quincy for misrepresentation d. The court will order quincy to return the money to ralph

b

14. Pruitt gives gray a quitclaim deed to a property which gray has bought. This means that a. The title of Pruitt and gray are merged b. Pruitts rights are terminated c. Pruitt has an easement on the property d. All deed restrictions, covenants and conditions are terminated

b

15. Three people own a piece of property as tenants in common.Two of the owners want to sell the property, but the third party does not. The two owners that want to sell could file a suit, against the third, for : a. Foreclosure b. Partition c. Detachment d. Severance

b

16. If title to real property will pass to someone, other than the grantor, upon termination of an estate, the interest held by the person who will receive the property as a a. Reversionary interest b. Remainder interest c. Equitable interest d. Ostensible interest

b

22. A type of land title system whereby owners receive a registered certificate of title through the court is the a. Basel system b. Torrens system c. Judicial order system d. Common law system

b

6. Which of the following persons executes a trust deed ? a. Trustee b. Trustor c. Mortgagee d. Beneficiary

b

7. As part of a mortgage loan agreement, the borrower is required to provide the lender with a title insurance policy. The least costly policy the borrower could furnish would be a : a. Mortgagor's policy b. Mortgagee's policy c. Owner's policy. d. Homeowner's policy with extended coverage

b

2. In transferring title, a buyer is usually expected to pay all of the following taxes and fees EXCEPT the : a. Grantor tax b. Recordation tax c. Transfer fee d. Clerk's fee for deed of trust

a

21. Which best describes marketable title ? a. Reasonably free from the risk of litigation over possible defects. b. The right to obtain ownership to property when title is held in another's name. c. Proof of ownership. d. Statement of opinion of the title's status

a

26. A deed is acknowledged by a. The grantor b. A notary public c. The grantee d. The clerk of the court

a

8. A buyer purchased a tract of land at a tax sale to satisfy the claim for delinquent taxes. If no one redeems the property during the statutory time period, the purchaser would most likely receive which of the following as evidence of ownership ? a. Tax deed b. Sherriff's deed c. Cerification of title d. Statutory warranty deed

a