PRII Ch 27

Which of the following best describes the concept of "legal title" to real estate?"

• Ownership of the bundle of rights to real estate
• The right of a buyer or lender to obtain ownership under certain circumstances certain circumstances
• Possession of a deed
• Absolute proof of ownership of real estate

A person claims ownership of a parcel of real estate to a prospective buyer, stating that she has lived on the property for five years and nobody has ever bothered her. The claimant also shows the buyer a copy of the deed. The legal basis of this claim is referred to as

• prescriptive notice.
• constructive notice.
• hostile notice.
• actual notice.

Constructive notice of ownership of a parcel of real estate is primarily demonstrated through

• direct inspection to see who is in possession.
• title insurance.
• title records.
• a construction permit.

An owner transfers title to a property to a buyer in exchange for a consideration. This is an example of

• voluntary alienation.
• escheat.
• hypothecation
• estoppel.

For a deed to convey title, it is necessary for the deed to be

• on a standard form
• certified by the grantor.
• accepted by the grantee.
• signed by the grantee.

The only required clause in a deed of conveyance is one that

• states restrictions and limitations to the estate being conveyed.
• states the parties and the type of estate being conveyed.
• states that the grantor has done nothing to impair title to the property being conveyed.
• states the grantor's intention, names the parties, describes the property, and indicates a consideration.

The purpose of a covenant clause in a deed of conveyance is to

• state the grantor's assurance or warrant to the grantee that a certain condition or fact concerning the property is true.
• state the grantee's promise to use the property in a prescribed manner.
• warrant that the grantor has never encumbered title.
• describe the consideration that the grantee promises to give in return for title.

The type of statutory deed that contains the most complete protection for the grantee is a

• guardian's deed.
• special warranty deed.
• general warranty deed.
• quitclaim deed.

A person wishes to convey any and all interests in a property to another without making any assurances as to encumbrances, liens, or any other title defects on the property. This party would most likely use which of the following types of deed?

• A sheriff's deed
• A special warranty deed
• A partition deed
• A quitclaim deed

A one-time tax levied on a property for purposes of recording a transaction is called

• an intangible sales tax.
• a documentary stamp tax.
• an ad valorem tax.
• a franchise tax.