Real Estate Final Exam pt 6

Title insurance has a one-time premium paid at closing and protects the insured against loss from

• Hail and Flood damages

• All damages made from a Natural Disaster

• all defects up to the policy's effective date which are not specifically excluded in the policy

An abstract of title is

• A summary of all recorded instruments pertaining to a given property

• existing properties

• given details of title

A tract of land described as the SW ¼ of the SE ¼ of the NE ¼ of the NW ¼ contains

• 5 acres

• 2 1/2 acres

• 3 acres

Which of the following is not a major acceptable means of describing property?

• phone number

• House Number

• name

• email

A legal description of property using physical features is called a description by

• Monuments

• square foot

• value

Real property described by beginning at a certain point and measuring and indicating the direction and length of the boundaries of the property until the point of beginning is again reached is called

• WIdth

• length

• Metes and Bounds

• scale

An example of a government lot is

• parking lot owned by the goverment

• A parcel of land along the shore of lake or river usually containing less than forty acres

The sections in a township are numbered in a “snake” like pattern that always begins in what corner of the township?

• The NE Corner

• The SE corner

• The NW Corner

The Indian Meridian is located

• about midway through the state running north and south.

• Up north west

• Down South

• Not sure

Limited partners are

• Limited as to their liability for debts of the partnership

• Partners for a limited time period

• People who help you for a limited time