chapters 4-7 idaho real estate quiz

The title insurance industry is regulated by what government department?

• Department of Finance

• Department of Land

• Department of Insurance

• Department of Commerce

A title that is free from objectionable defects and encumbrances is deemed:

• Free and clear

• Contains no liens

• Saleable

• Marketable

The Uniform Commercial Code deals primarily with what type of transactions?

• Residential

• Farm land

• 2nd homes

• Business opportunities

What type of title insurance policy gives the most protection to a borrower?

• Mortgagee policy

• Owners standard policy

• Owners extended policy

• Extended lenders policy

The purpose of recording, beside giving constructive notice, is to provide:

• An immediate current history

• A history of county growth

• A brief history of the county

• A perpetual history of a parcel of land

What period of time must a person holding and possessing a property, hold the property to claim adverse possession?

• 5 years

• 10 years

• 20 years

• 40 years

An easement by prescription must be held and controlled for what period of time?

• 5 years

• 10 years

• 20 years

• 40 years

A water right can be lost if it is not used for how many consecutive years?

• 5 years
• 10 years

• 20 years

• Once properly obtained, a water right cannot be lost due to non-use

The transfer of real property must be:

• Verbally agreed to in person

• Recorded at the county recorder

• Delivered through a title company

• Signed and in writing

Certain documents must be in writing to be enforceable to satisfy:

• Contract law

• Statute of Frauds

• Idaho Statutes

• Supreme Court decisions