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19 Cards in this Set
- Front
- Back
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In NC, the statutory period for adverse possession (without color of title) is an uninterrupted period of how many years when truing to acquire privately owned property? |
20 yrs |
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When property is sold for $75,000 the excise tax would be |
$150 |
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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? |
$372.00 |
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Title to real estate may be transferred during a person's lifetime by which of the following means? |
Alienation |
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What type of deed might an owner of real estate use to voluntarily transfer a right, a title, or an interest in real estate ? |
Warranty Deed |
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A man owned property as a tenant in common with his two best friends. Years later, he was adjudged legally incompetent and moved into a nursing home. During his stay the man wrote a will leaving his entire estate to a nursing asst. He was survived by three children when he died. After his death, his real estate interests passed to |
His children by the law of intestate succession |
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Which of the following is NOT a means of title transfer by involuntary alienation? |
a Foreclosure |
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Which of the following best describes the covenant of quiet enjoyment? |
The grantor ensures that the title will be good against the title claims of third parties. |
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A purchaser went to the Registry of Deeds to check then 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? |
All taxes are paid, and no judgements are outstanding |
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The person who examines the chain of title and prepares an opinion of title for a parcel of real estate |
writes a brief history of the record of ownership of the property |
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Instruments affecting real estate are recorded in the public records of the country where the property is located bc |
recording gives constructive notice to the world of the rights and interests in a particular parcel of real estate. |
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Chain of Title refers to |
succession of conveyances from some starting point whereby the present owner derives title |
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A title insurance policy with standard covg generally covers all of the following except |
Rights of parties in possession (covers forged docs, incorrect marital statements, incompetent grantors) |
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Condemnation is |
the process by which eminent domain is exercised |
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Which of the following is NOT a necessary condition of eminent domain? |
property is to be given to the owner of a quasi-public corp |
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Which of the following real estate docs is LEAST likely to be recorded? |
Month to month lease |
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Which of the following should be discoverable in a search of the public records? |
Easements |
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In NC the statutory period of possession req to acquire title of privately owned property by adverse possession with color of title is how many yrs |
7 yrs |
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which type of deed merely implies but does nOT specifically warrant that the grantor holds good title to the property |
Bargain and Sale |
