Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
14 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
Method of annexation, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is |
A fixture or personal property |
A. Trade fixture or personal property b. Real property or real estate c. A fixture or personal property d. An improvement |
|
|
All of the following will terminate an easement except |
Release of the right of easement to the dominant tenement. |
A. When the need no longer exists b. Bonus of a prescriptive easement c. Abandonment of an easement d. Release of the right of easement to the dominant tenement. |
|
|
A parcel of property was purchased by two friends. The deed they received from the seller at closing transferred the property without further explanation. The two friends took the title as which of the following? |
Tenants in common |
A. Joint tenant b. Tenants in common c. Tenant by the entirety d. Community property owners |
|
|
Which of the following is NOT a form of coownership |
Ownership in severalty |
A. Tenancy in common b. Ownership in severally c. Tenancy by the entirety d. Community property |
|
|
A title search in the public records may be conducted by |
Anyone |
A. Anyone b. Attorneys and abstractors only c. Attorneys, abstractors and real estate professionals only d. Anyone who obtains obtains court order under the freedom of information act. |
|
|
A purchaser went to the county building to check the recorders records, which showed that the grantee in the last recorded the deed and that no mortgage was on ecord against the property. The purchaser may assume which of the following? |
The seller did not mortgage the property |
a. All taxes are paid and no judgements are outstanding b. The seller has good title c. The seller did not mortgage the property d. No one else is occupying the property. |
|
|
A buyer bought a house, received a deed and moved into the residence but neglected to record the documents. One week later the seller died and the heirs in another city, unaware that the property had been sold, conveyed to the to a relative who recorded the deed. Who owns the property? |
The buyer |
A. The buyer b. The relative c. The seller heirs d. Both the buyer and the relative. |
|
|
Which of the following would NOT be acceptable evidence of ownership? |
Deed to the current owner signed by the last seller |
A. Attorneys opinion b. Title insurance policy c. Abstract d. Deed to current owner signed by the last seller |
|
|
Chain of title is most accurately defined as |
A history of all documents and legal proceedings affecting a specific parcel of land |
A. A history of all documents and legal proceedings affecting a specific parcel of land b. A report of the contents of the public record regarding a particular property c. An instrument or document that protects the insured parties against defects in the record of a property's ownership d. The examination of the record and hidden risks such as forgeries, undisclosed heirs, errors in the public records and so on. |
|
|
Mortgagee title policies project which parties against loss |
Lenders |
A. Buyers b. Sellers c. Lenders d. Buyers and sellers |
|
|
Which of the following are traditionally covered by a standard title insurance policy? |
Improperly delivered deeds |
A. Unrecorded rights of persons in possession b. Improperly delivered deeds c. Changes in land use because of zoning ordinances d. Unrecorded liens not known to the policyholder |
|
|
Which of the following is NOT covered by a standard title insurance policy? |
Unrecorded rights of parties in possession |
A. Forged documents b. Incorrect marital statements c. Unrecorded rights of parties in possession d. Incompetent grantors |
|
|
The BEST reason for a buyer to obtain title insurance |
The ensure the seller can deliver marketable title |
A. That the mortgage lender requires it b. To ensure that the seller can deliver marketable title c. To ensure that the abstractors l has prepared a complete summary of title d. To pay for future liens that may be fulfilled |
|
|
A mortgagee received a title insurance policy on the property a buyer is pledging as security for the mortgage loan. Which of the following is TRUE |
The amount of coverage is commensurate with the loan amount |
A. The policy is issued for the benefit of the buyer b. The policy guarantees that the buyers equity will be protected c the amount of coverage is commensurate with the loan amount d. The amount of coverage increases as the borrower gets older. |
