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59 Cards in this Set
- Front
- Back
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Title to real property is synonymous with ___________________ |
ownership |
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The deed that provides the greatest protection to the grantree is the ________________ deed |
general warranty |
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The quitclaim deed contains ____________________ warrants |
no |
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Title to real property passes to the grantee when the deed is___________________and __________________ |
delivered and accepted |
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Recording a document in the public records provides _________________ notice |
constructive |
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To be valid, a deed must be signed by 3 people, who are they? |
signed by the grantor and signed by two witnesses |
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A ___________________ deed is one of three ways in which a defect in title can be cured |
quitclaimm |
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What are classified as superior liens? |
Real estate taxes special assessments federal estate taxes |
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When all rights under a lease have been transferred for the entire lease period, the process is called _________________________ |
assignment |
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Which instrument transfers title from one individual to another? (a) Contract (b) Deed (c) Warranty (d) Covenant |
(b) Deed
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What does the term "title" refer to in real estate? (a) Any instrument that guarantees legal rights (b) A legal instrument that transfers property from one party to another (c) Ownership (d) A piece of bond paper |
(c) Ownership
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What is a warrant in a deed? (a) A disclaimer (b) A promise made by the grantee (c) Unenforceable (d) A promise made by the grantor |
(d) A promise made by the grantor |
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Which clause in a deed states the interest that is being conveyed? (a) Habendum (b) Reddendum (c) Release (d) Seisin |
(a) Habendum
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Which of the following is the warrant in a deed in which the grantor assures the grantee freedom from hostile claims against their ownership? (a) Habendum clause (b) Warrant of seisin (c) Warrant of quiet enjoyment (d) Reddendum clause |
(c) Warrant of quiet enjoyment
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Which statement is correct concerning a quitclaim deed? (a) The only warrant contained in the deed is the warrant of seisin. (b) The grantor cannot transfer ownership under a quitclaim deed. (c) A quitclaim deed transfers temporary title. (d) It may be used to cure defects in title. |
(d) It may be used to cure defects in title. |
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What type of deed is most commonly used? (a) Special warranty (b) General warranty (c) Quitclaim (d) Bargain and sale |
(b) General warranty
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What is the term used to describe an individual who dies without leaving a will? (a) In default (b) Intestate (c) In bond (d) Escheat |
(b) Intestate
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What is the term used to describe a person who is appointed by a court to act for a decedent? (a) Referee (b) Benefactor (c) Personal representative (d) Relative |
(c) Personal representative
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Mary and Louise open a beauty shop in a regional mall. The terms of their lease require that a portion of their business income, in addition to the periodic rent, be paid to the landlord. What type of lease do they have? (a) Gross (b) Step-up (c) Percentage (d) Ground |
(c) Percentage
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Zoning is an example of which government limitation over private property rights? (a) Police power (b) Eminent domain (c) Escheat (d) Taxation |
(a) Police power
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Which of the following statements is true regarding an attorney’s opinion of title? (a) It guarantees the title. (b) It guarantees the authenticity of the documents. (c) It is the same as title insurance. (d) It is rendered after an examination of an abstract. |
(d) It is rendered after an examination of an abstract.
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Which of the following is required to obtain title by adverse possession? ' (a) Possession of the property for one month (b) Paying taxes on the property for two years (c) Notorious, open, hostile, adverse and exclusive possession of the property for seven or more consecutive years (d) Open and continuous use for 20 or more years |
(c) Notorious, open, hostile, adverse and exclusive possession of the property for seven or more consecutive years
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What type of notice is considered to be the best proof of ownership? (a) Actual (b) Constructive (c) Implied (d) Expressed |
(b) Constructive
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A five-year lease of a 10,000-square-foot warehouse prohibits assignment. After two years, the tenant is unable to continue with the full rent payments and arranges with another tenant to take over one-half of the space and pay one-half of the rent for the remaining term. What is this arrangement called? (a) A violation of the terms of the lease (b) A sublease (c) A violation of F.S. 83 (d) A lease-option |
(b) A sublease
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What may a real estate licensee do with respect to model residential lease forms approved for use by the Florida Supreme Court? (a) Fill in the blanks (b) Prepare an addendum (c) Modify language to conform to the agreement of the landlord and tenant (d) Interpret a clause in the document in answer to a question |
(a) Fill in the blanks
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Which of the following best describes a gross lease? ( a) The tenant pays one payment and the landlord pays taxes, maintenance, and insurance. (b) The tenant pays rent as a percentage of gross revenue collected. (c) The tenant pays rent to the landlord, but also pays taxes, maintenance, and insurance separately. (d) The tenant pays rent which is applied to the future purchase price, should the tenant decide to purchase the property. |
a) The tenant pays one payment and the landlord pays taxes, maintenance, and insurance.
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Which of the following is required for a valid deed? (a) It must be notarized. (b) It must be recorded. (c) It must be witnessed. (d) It must be acknowledged. |
(c) It must be witnessed.
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What type of lease, that is often a commercial lease, requires the tenant to pay the rent, plus also separately pay taxes, insurance, and maintenance? (a) Net Lease (b) Gross Lease (c) Percentage Lease (d) Graduated Payment Lease |
(a) Net Lease
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Sales associate Sally discovers that a property that she has listed has title defects which may render the title unmarketable or unmerchantable. What should Sally do? (a) Notify the Florida Real Estate Commission of the condition of title. (b) Licensees should not offer opinions as to the marketability of title, so Sally should do nothing. (c) Sally should disclose the condition of the title to the buyer at closing. (d) Sally should immediately notify the owner of the problem she has discovered. |
(d) Sally should immediately notify the owner of the problem she has discovered.
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Which of the following would be used to cure a defect in title of real property? (a) A mortgage (b) A quitclaim deed (c) Title insurance (d) Contract for purchase and sale |
(b) A quitclaim deed
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A new expressway is being built through a neighborhood. If the residents do not want to sell their land, what right would the government exercise to take the land? (a) Eminent domain (b) Zoning (c) Escheat (d) Defeasance |
(a) Eminent domain
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Which deed would be the best deed in regard to promises and guarantees from the grantee's point of view? (a) Quitclaim (b) General Warranty (c) Bargain and Sale (d) Sheriff's deed |
(b) General Warranty
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Liens may be specific to one property or be general in nature and apply to any property the person may own. Which of the following liens is a general lien? (a) Construction lien (b) Property tax lien (c) Judgment lien (d) Mortgage lien |
(c) Judgment lien
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Which of the following is a valid reason for the government to utilize its eminent domain power? (a) The town council wishes to sell land containing a closed government office building. (b) The city council has decided that it would prefer that a developer tear down historic homes, and replace them with a private condominium complex. (c) The government has decided to build a new shopping center in conjunction with a private developer. (d) The government has decided to build a new interstate highway by-pass of the city to help move traffic more quickly. |
(d) The government has decided to build a new interstate highway by-pass of the city to help move traffic more quickly.
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All of the following are required elements of a valid deed, EXCEPT: (a) Granting clause (b) Premises clause (c) Signature of the grantee (d) Signature of the grantor |
(c) Signature of the grantee
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A homeowner has run into some financial difficulty and has not been able to pay property taxes or income taxes. If liens resulted in a foreclosure sale, which of the following is the correct order for payment of the liens? (a) The city would be paid first. The IRS would be paid after the city, provided the sale produced enough funds. (b) All liens will be added together and each lien holder would receive their prorated share. (c) The IRS would be paid first. The county would be paid next. (d) The order of these two liens would depend solely upon the order in which they were filed. |
(a) The city would be paid first. The IRS would be paid after the city, provided the sale produced enough funds.
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Which of the following is a correct combination regarding alienation of property? (a) Voluntary alienation - Deed, Will, Eminent Domain (b) Voluntary alienation - Deed, Escheat, Will (c) Involuntary alienation - Adverse Possession, Eminent Domain, Escheat (d) Voluntary alienation - Will, Deed, Eminent Domain |
(c) Involuntary alienation - Adverse Possession, Eminent Domain, Escheat
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The purpose of recording a deed in the public records is to give notice to all parties. Which term refers to this type of notice? (a) Timely notice (b) Constructive notice (c) Actual notice (d) Illegal notice |
(b) Constructive notice
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Which clause in a deed specifies the type of estate that is being conveyed from the grantor to the grantee? (a) Premises (b) Habendum (c) Granting (d) Tenendum |
(b) Habendum
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Which condition correctly describes the requirement for a lease longer than one year to be enforceable? (a) It is oral and witnessed by two people. (b) The Statute of Frauds does not apply to leases. (c) It is in writing, signed by the landlord, and witnessed by two persons. (d) Witnesses are not required. |
(c) It is in writing, signed by the landlord, and witnessed by two persons. |
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Which of the following is a complete list of the required components of a valid lease? (a) Names and signatures of lessor and lessee, legally competent parties, legal description, consideration, and definite lease term (b) Signature of lessor, seal, legal capacity, consideration, and term (c) Names of lessor and lessee, seal of lessor, consideration, and capacity (d) Signature of lessee, terms, property description, and consideration |
(a) Names and signatures of lessor and lessee, legally competent parties, legal description, consideration, and definite lease term
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A party entitled to the ownership of property must be able to show he or she has acquired such right, or risk losing the to another claimaint. What are the two methods: |
Actual Notice Constructive Notice |
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What is constructive notice? |
Also called legal notice, is achieved by recording documents in the public records |
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What is a deed? |
A document that conveys title from one party to another when real property is sold or conveyed by gift. Deeds are most common document used to transfer title. |
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What are the two ways to transfer a title through voluntary alienation: |
Deed and Will |
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What is a will? |
A will is a document that provides for the transfer of title upon the death of an individual who died and left a will. |
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What are the four ways to transfer a title through involuntary alienation: |
descent and distribution escheat eminent domain adverse possession |
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What is escheat? |
the reversion of property to the state if someone dies and doesnt have any heirs |
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What is eminent domain? |
governments right to take private property, through a process called condemnation, for public benefit. |
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What is adverse possession? |
owner may lose title to another person who has taken control over the property (seven continious years) |
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Alienation of a title is also called |
transferring a title from one ownership to another |
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A lease in which the tenant agrees to pay a fixed rental amount, and the landlord pays all the expenses related to the property such as real estate taxes, insurance, and maintenance, cost |
GROSS LEASE |
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A financial claim againsty property by a creditor or unit of government that is used to secure the payment of a debt or other obligation owed by the proerty owner |
A lien |
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What is a warrant in the deed?
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Promise made by the grantor |
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Warrant of quiet enjoyment |
warrant in the deed that the grantor assures that the grantee will not suffer from hostile conditions |
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What is the most common deed ?
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General warranty or the warranty deed; type of bargain and sale deed |
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Intestate |
when someone died and has no will. |
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escheat |
died and has non heirs for the property |
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judgement lien |
has nothing to do with the house |
