chapter 12

a. warranty forever

a deed contains a guarantee that the grantor will compensate the grantee for any loss resulting from the titles failure in the future. this is an example of: a. warranty foeve, b. further assurance, d. quiet enjoyment, d. seisin.

b. will

grantee is to a deed as devisee is to a: a. trust, b. will, c. estate, d. leashold

b. in units of $500, at the rate of 75 cent for each unit or fraction of a unit.

how is the real estate transfer tax liability in Illinois computed? a. in units of 1k at a rate of 1 buck per unit or fraction, b. in units of 500, at the rate of 75 cents for each unit or fraction of a unit, c. in units of $100 at a rate of $35 for each unit or fraction of a unit

a. general warranty

in Illinois the words convey and warrant are contained in the granting clause of which type of deed? a. general warranty, b. bargain and sale, c. quitclaim, d. reconveyance

b. seller

in a real estate transaction, who is usually responsible for paying any transfer taxes that are due: a. buyer, b. seller, c. escrow agent, d. listing agent.

d. the grantors warranties are limited to the time the grantor owned the property.

which of these is true regarding a special warranty deed? a. the grantor is making additional warranties beyond those given in a warranty deed. b. the grantor retains an interest in the ownership, c. the grantor is warranting that no encumbrances exist on the property. d. the grantors warranties are limited to the time the grantor owned the property.

c. the will must be in writing, signed, and witnessed by 2 people

which of these statements is true regarding the execution of a valid will in Illinois? a. the testator must be at least 21 yrs old and of sound mind, b. the will must be witnessed by 3 people, c. the will must be in writing, signed, and witnessed by 2 people, d. the will must be notarized.

a. quitclaim

which type of deed can be executed without subjecting the grantor to legal warranties? a. quitclaim, b. bargain and sale, c. trust, d. trustees deed

c. voidable

a 15 year old boy inherited land and sells a parcel of it, he enters into a deed conveying that, such a conveyance is: a. valid, b. void, c. voidable, d. invalid

d. special warranty deed

a grantor does not wish to be responsible for defects in the title that arise from previous owners but will guarantee the title for the time the grantor has the ownership. what type of deed would the grantor convey: a. bargain and sale deed, b. quitclaim deed, c. reconveyance deed, d. special warranty deed.

a. applies only to a definite limited time.

a special warranty deed differs from a general warranty deed in that the grantors covenant in the special warranty deed: a. applies only to a definite limited time. b. covers the time back to the original title. c. is implied and is not written in full, d. protects all subsequent owners of the property.

d. deed in trust

a third party holds title to property on behalf of someone else through the use of a: a. devise, b. quitclaim deed, c. bequest, d. deed in trust.

d. court action known as probate

a valid will devises the decedents real estate after the payment of all debts, claims, inheritance taxes, and expenses through the: a. administrator of the estate, b. law of testate succession, c. granting clause established in the will. d. court action known as probate.

d. adverse possession

a woman bought acreage in a distant county, never went to see the acreage, and did not use the land. a man moved his mobile home onto the land, had drilled a well for water, and lived there for 22 yrs. the man may become the owner of the land if he has complied with the state law regarding: a. requirements for a valid conveyance, b. avulsion, c. voluntary alienation, d. adverse possession

b. acknowledgment

a woman signed a deed transferring ownership of her property to a man. to provide evidence that the womans signature was genuine, she executed a declaration before a notary. this declaration is called: a. affidavit, b. acknowledgment, c. affirmation, d. estoppel

d. grantees signature

all of these are required under Illinois law for a deed to be valid except the: a. grantees present address, b. grantors signature, c. recital of consideration, d. grantees signature

a. warranty deed

an Illinois bargain and sale deed is similar to, but less complete in its warranties than a: a.warranty deed, b. quitclaim deed, c. reconveyance deed, d. trustees deed.

c. to remove a cloud on title

in which of these situations would a quitlclaim deed be the most appropriate type of deed to use? a. to convey a marketable title. b. to release a substantial real estate interest, c. to remove a cloud on title, d. to warrant that a title is valid

b. computed on the sales price less the amount of any existing mortgage to which the property remains subject.

in Illinois, the state transfer tax: a. customarily paid by the buyer, b.computed on the sales price less the amount of any existing mortgage to which the property remains subject. c. not required if the actual total consideration is less than $500. d. assessed at the rate of $1 per $1,000 of sales price.

a. the grantor must be legally competent

in order for a deed to be valid, the: a. grantor must be legally competent, b. signature of the grantor must be witnessed. c. deed must be recorded, d. grantee must sign the deed.

a. it is signed by an attorney in fact rather than the seller

normally a deed is considered valid even if: a. it is signed by an attorney in fact rather than the seller. b. the grantor is not a legal entity, c. the grantor is a minor, d. the grantor did not deliver the deed

b. dedication

property may transfer upon the death of its owner by all of these means except: a. devise, b. dedication, c. descent, d. escheat

b. state law

the basic requirements for a valid conveyance are governed by: a. local custom, b. state law, c. national law, d. the law of descent.

c. granting clause

the clause in the deed that conveys the rights and privileges of ownership is called the: a. habendum clause, b. appurtenances clause, c. granting clause, d. acknowledgment

b. bargain and sale deed

the deed that 'grants, bargains, and sells' and implies that the grantor has title is a: a. special warranty deed, b. bargain and sale deed, c. quitclaim deed, d. trust deed

a. a devise.

the gift of real property by will is called: a. a devise, b. a testate, c. an implied estate, d. a descent.

b. transfer title rights

the primary purpose of a deed is to: a. prove ownership, b. transfer title rights, c. give constructive notice, d. prevent adverse possession.

d. there are no guarantees to the deed

the seller conveyed a quitclaim deed to the buyer. upon receipt of the deed, the buyer may be certain that: a. the seller owned the property, b. there are no encumbrances against the property, c. the buyer now owns the property subject to certain claims of the seller. d. there are no guarantees given by the deed.

b. delivered and accepted

the title to real estate passes when a valid deed is: a. signed and recorded, b. delivered and accepted, c. filed and microfilmed, d. executed and mailed.

c. general warranty deed

the type of deed in which the granting clause states 'convey and warrant' is: a. quitclaim deed, b. bargain and sale deed, c. general warranty deed, d. reconveyance deed.

d. general warranty deed

the type of deed in which the grantor defends the title back to its beginning is a: a. trustees deed, b. quitclaim deed, c. special warranty deed, d. general warranty deed.

c. guarantees that the title will be good against the title claims of third parties.

under the covenant of quiet enjoyment, the grantor: a. promises to obtain and deliver any instrument needed to make the title good, b. guarantees that if the title fails in the future, she will compensate the grantee. c. guarantees that the title will be good against the title claims of third parties. c. warrants that she is the owner and has the right to convey title to the property.

c. trustees deed

under the terms of a trust established by a will, the trustee is required to sell the real estate the trust holds. the deed that will be delivered at settlement is a: a. deed of release, b. warranty deed, c. trustees deed, d. trustors deed

a. they are examples of involuntary alienation

what do the terms condemnation and escheat have in common? a. they are examples of involuntary alienation. b. they are examples of voluntary alienation, c. they are processes used in adverse possession. d. they are methods of transferring title by descent.

c. to show the genuineness of the grantors signature

what is the purpose of the acknowledgment by a notary public on a deed? a. to make the deed eligible for recording, b. to assure that the title is valid, c. to show the genuineness of the grantors signature, d. to prove that the property has not been emcumbered

c. may not the exceptions in the deed of conveyance.

when the grantor does not wish to convey certain property rights, the grantor must: a. must note the exceptions in a separate document, b. may not do so, as the deed conveys the entire premises, may note the exceptions in the deed of conveyance, d. must convey the entire premises and have the grantee reconvey the rights to be retained by the grantor.

c. having a piece of land sold for delinquent taxes

which activity is an example of involuntary alienation? a. selling a property to pay off debts, b. giving a piece of land to the zoo, c. having a piece of land sold for delinquent taxes. d. letting another person plant crops on an unused portion of a piece of land.

a. deeds between relatives

which deed requires the Illinois transfer tax? a. deeds between relatives, b. a deed conveying a property owned by a charitable institution, c. a deed conveying a property owned by a government body. d. deeds for property valued at less than $100.

b. the age of the grantor

which is least likely to be found in a deed? a. the signatures of the grantors, b. the age of the grantors, c. the marital status of the grantors, d. the granting clause

b. defeasance clause.

which of these is not associated with deeds? a/ covenant of seisin, b. defeasance clause, c. delivery and acceptance, d. granting clause

d. bargain and sale

which of these types of deeds merely implies, but does not specifically warrant, that the grantor holds good title to the property? a. special warranty, b. quitclaim, c. trustees, d. bargain and sale.

b. a quitclaim deed

which type of deed contains no expressed or implied warranties? a. a bargain and sale deed, b. a quitclaim deed, c. a warranty deed. d. a grant deed.