VA Moseley Transfer of Property

An individual, appointed by the court to handle the affairs of someone who died intestate, is exempt from the State of Order's License Law. This person is called a(n): A. Executor B. Testator C. Administrator D. Trustee

C. Administrator

Which of the following statements is NOT true about a title search? A. It is an examination of public records B. The purpose is to determine any defects in the chain of title C. The title searcher goes back at least 100 years D. It is usually performed by a title company or title abstractor

C. The title searcher goes back at least 100 years

A quitclaim deed may be used to: A. Transfer ownership of a fee simple estate B. Transfer interest in a life estate C. Terminate an easement D. Any of the above

D. Any of the above

Deed restrictions apply to: A. Current owners B. Subsequent owners C. All property owners in a neighborhood D. Both A and B

D. Both A and B

Who pays excise taxes? A. Grantor B. Grantee C. Broker D. Both A and B

D. Both A and B

If a seller deposits the deed with an escrow agent, but dies before it is delivered to the purchaser, the transfer of title becomes effective on the date the deed was deposited into escrow due to the: A. Party's consent B. Law of contracts C. Parole evidence rule D. Doctrine of relation-back

D. Doctrine of relation-back

All of the following statements are true about valid restrictive covenants except: A. The covenant runs with the land B. The covenant may be removed without legal action C. The covenant does not need a termination date D. The covenant may be at variance with Fair Housing laws

D. The covenant may be at variance with Fair Housing laws

All of the following circumstances are examples of insurable title defects, except: A. Forged documents B. Undisclosed heirs C. Mental incompetence D. Unrecorded easments

D. Unrecorded easments

In the event of any conflict, which clause would best state the extent of ownership? A. Premises B. Testimonium C. Habendum D. None of the above

A. Premises

Which of the following deed clauses is most likely to state the names of the parties? A. Premises B. Habendum C. Testimonium D. None of the above

A. Premises

Which of the following amounts is NOT prorated between buyer and seller at closing? A. Recording fees B. Real estate taxes C. Rents D. Homeowner's insurance premiums

A. Recording fees

Title passes from the grantor to the grantee after a deed is: A. Signed B. Acknowledged C. Delivered D. Recorded

C. Delivered

All of the following transfers would be considered involuntary alienation, EXCEPT: A. Foreclosure B. Eminent domain C. Devise D. Adverse possession

C. Devise

Chris defaults on his house loan and the lender wants to auction the property (which secures the loan) in order to satisfy his debt. This is known as: A. Short sale B. Forfeiture C. Foreclosure D. None of the above

C. Foreclosure

Which of the following deeds creates the most liability for a seller? A. Special warranty deed B. Universal warranty deed C. General warranty deed D. Quitclaim deed

C. General warranty deed

Pete purchased a home from Tony. He did not record his deed, but took immediate possession. Tony died a few months later and according to the terms of his will, the property was to go to his nephew, Bob. Bob knew his friend Angela was interested in buying a house. They inspected the property and Angela agreed to buy it from Bob. Angela recorded her deed. Who owns the property? A. Angela, because she recorded the deed B. Bob, because Tony died testate C. Pete, because he purchased it from Tony D. Pete, due to the relation-back doctrine

C. Pete, because he purchased it from Tony

Gill had a bad year. In September 2014, Gill's vacation home had a 1st mortgage, a mechanic's lien, and a special assessment filed against it. Later, in May 2015, a second mechanic's lien was filed against the property. Which lien has priority? A. Mortgage B. 1st mechanic's lien C. Special assessment D. 2nd mechanic's lien

C. Special assessment

What is the covenant in a deed where a grantor guarantees that no one has any other interest that might disturb the grantee's possession? A. The covenant of further assurances B. The covenant against encumbrances C. The covenant of quiet enjoyment D. The covenant of seisin

C. The covenant of quiet enjoyment

Which of the following actions is required to transfer title to property by deed? A. The deed must be recorded in the public record B. The deed must be signed by the buyer C. The deed must be signed by the grantor D. Both B and C

C. The deed must be signed by the grantor

Sam sells property to Sally. After the transfer, Sally discovers a defect in the title. However, this defect can be remedied if Sam were to file a correction deed. Which of the following covenants would best justify Sally's request that Sam execute the correction deed? A. Covenant of warranty forever B. Covenant against encumbrances C. Covenant of seisin D. Covenant of further assurances

D. Covenant of further assurances

In a foreclosure sale, what kind of deed does the mortgagor receive? A. Sheriff's deed B. Executor's deed C. Quitclaim deed D. None of the above

D. None of the above

For closed real estate transactions, a report must be filed with the IRS on form 1099-S. Required information includes the seller's name, social security number, and: A. The buyer's name and social security number B. The selling price of the property C. The name of a mortgage lender D. A description of the property

B. The selling price of the property

Bob the Bigot imposes a deed restriction on his property, which prohibits the sale of his home to anyone from France. Bob's deed restriction is: A. Voidable B. Void C. Enforceable D. Irrelevant

B. Void

When the grantor of a deed swears that he is conveying title of his own free will, this action is referred to as: A. Execution B. Acknowledgment C. Novation D. Authentication

B. Acknowledgment

Tax assessment of real property according to value is known as: A. Appraisal B. Ad valorem C. Replacement cost D. Accretion

B. Ad valorem

What is the result of recording a deed in the public office? A. Title will pass to the new owner on the date of recording B. Constructive notice C. Actual notice D. Both B and C

B. Constructive notice

Which of the following clauses is least likely to be included in a mortgage? A. Acceleration B. Habendum C. Alienation D. Defeasance

B. Habendum

Which of the following statements is NOT true about title insurance? A. The policy will include a list of exclusions B. It serves many of the same functions as homeowner's insurance C. It will insure the owner against losses arising from title defects D. It will generally include exclusions for unrecorded easements

B. It serves many of the same functions as homeowner's insurance

Quincy sold a piece of property to Ralph, and transferred title through a quitclaim deed. Later, a court determined that Quincy did not own the property. Which of the following statements is true in this situation? A. Ralph owns the property because the court action happened after the transfer of title B. Ralph has no interest in the property C. Ralph has a good claim against Quincy for misrepresentation D. Both B and C

B. Ralph has no interest in the property

When a property sells, who pays to record a satisfaction or release of the existing deed of trust? A. Buyer B. Seller C. Lender D. Broker

B. Seller