Unit 5 quiz
In North Carolina, the statutory period of possession required to acquire title of privately owned property by adverse possession with color of title is how many years? A-Seven B-12 C-20 D-30
A
Instruments affecting real estate are recorded in the public records of the county where the property is located because I. Recording is constructive notice to the world of the rights and interests in a particular parcel of real estate. II. The instruments must be recorded to comply with the terms of the county recording Laws. A-I Only B-II Only C-both I and II D-neither I nor II
A
The person who examines the chain of title and prepares an opinion of title for a parcel of real estate A-Writes a brief history of the record of ownership of the property B-Ensures the condition of the title C-Inspects the physical condition of the property D-Issues a guarantee as to the quality of the title
A
The NCBA/NCAR 2-T offer to purchase and contract form indicates that the seller will deliver which deed to the buyer? A-Special warranty B-General warranty C-Quit claim D-Bargain and sale
B
What type of deed might an owner of real estate used to voluntarily transfer of right, title, or an interest in real estate? A-Sheriffs deed B-Warranty deed C-Foreclosure deed D-trustees deed
B
Which of the following is not a necessary condition of eminent domain? A-Use benefits the public B-Property is to be given to the owner of a quasi-public corporation C-Property owner is protected by due process of law D-Just compensation is paid to the property owner
B
Which of the following real estate documents is least likely to be recorded? A-Deed B-Month to month lease C-Option contract D-Land contract
B
Which type of deed merely implies but does not specifically warrant that the grantor holds good title to the property? A-Special warranty B-Bargain and sale C-Quitclaim D-trustee
B
A man Owned property as a tenant in common with his two best friends. Years later, the man was adjudged legally incompetent and moved into a nursing home. During his stay at a nursing home, the man wrote a Will leaving his entire estate to the nursing assistant assigned to his care. The man was survived by three children when he died. After his death, his real estate interests pass to A-His two best friends due to ownership rights B-The nursing assistant named in his will C-His children by the law of intestate succession D-The state by escheat
C
A purchaser went to the registry of deeds to check the public records. She found that the seller was the grantee in the last recorded deed and that no mortgage was ever on record against the property. Therefore, the purchaser may assume which of the following? A-I'll taxes are paid, and no judgments are outstanding B-The seller has good title C-The seller probably did not mortgage the property D-probably no one else is occupying the property
C
Condemnation is A-The right of the government to take private property B-Rezoning of private property C-The process by which eminent domain is exercised D-Adverse possession with just compensation
C
I title insurance policy was standard coverage generally covers all of the following except A-Forged documents B-Incorrect marital statements C-Rights of parties in possession D-Incompetent grantors
C
In North Carolina, The statutory period for adverse possession (without color of title) is an uninterrupted period Of how many years when trying to acquire privately owned property? A-Three B-Seven C-20 D-30
C
Title to real estate may be transferred during a persons life time by which of the following means? A- escheat B-descent C-Alienation D-Devise
C
A seller sold his property for $185,900 and let the buyer assume his loan balance of $125,000. How much excise tax will the seller pay at closing? A-$121.80 B-$122 C-$371.80 D-$372
D
Chain of title refers to a A-Summary of all instruments and legal proceedings affecting a specific parcel of land B-Series of links measuring 7.92 inches each C-Document that protects the insured parties against defects and hidden risks such as forgeries, undisclosed heirs, errors in the public records, and so forth D-Succession of conveyances from some starting point where buy the present owner derives title
D
When property is sold for $75,000, the excise tax would be? A-$75 B-$125 C-$135 D-$150
D
Which of the following best describes the covenant of quiet enjoyment? A-The grantor promises to obtain and deliver any instrument needed to make the title good B-The grantor Guarantees that if the title fails in the future, the grantor will compensate the grantee C-The grantor warrants that the grantor is the owner of the property and has the right to convey title to it D-The grantor ensures That the title will be good against the title claims of third parties
D
Which of the following is not a means of title transfer by involuntary alienation? A-Eminent domain B-escheat C-Foreclosure D-Will
D
Which of the following should be discoverable in a search of the public records? A-Encroachments B-Rights of any party in possession C-Inaccurate surveys D-Easements
D