Real Estate Principles Unit 8 multiple choice 2 (10 thru 20)

How would a loan for the purchase of a residence appear on the buyers closing statement?

• Credit to buyer, debit to seller

• Debit to buyer, credit to seller

• Credit to buyer

• Debit to buyer

Which of the following is regarded as a recurring cost in a closing statement?

• Escrow fees

• Recording fees

• Impound accounts

• Premiums for title insurance

A buyer who wishes to insure title to real property when it is purchased, should secure a(n)

• Guarantee of title

• Abstract of title

• Certificate of title

• Title insurance policy

Which of the following title insurance policies protects against all risks?

• Standard policy

• Extended policy

• A.L.T.A. policy

• No policy insures against all risks

When buying a home, a purchaser was given a grant deed and a standard policy of title insurance. Which of the following is warranted by the seller, but is not covered by the standard policy of title insurance?

• The grantor is legally competent

• The grantor actually signed the deed

• The grand tour has placed no undisclosed liens against the property

• There are no forged deeds in the chain of title

Which of the following is not covered by title insurance?

• A zoning, ordinance, regulation, or plan

• Loss due to a missing signature of a spouse on the deed to community property

• Unpaid county property tax, not shown on the policy

• Incompetence of a former seller

Which system of land description employees meridians and baselines?

• Metes and bounds

• Public Land Survey System

• Subdivision system

• Lot, block, and tract system

County governments levy taxes through

• Property taxes

• Special assessments

• Transfer taxes

• All of the above

An example of an AdvilAn example of an ad valorem tax would be?

• Income tax

• Estate tax

• Bridge toll

• Property tax

How do special property tax assessments differ from annual property tax assessments?

• Annual assessments have priority over special assessments

• Special assessments are imposed only by local authorities

• Judicial foreclosure is required for unpaid special assessments

• Special assessments provide for local improvements