Unit 3 Review

Which type of deed provides the highest level of protection to the buyer?

• Quitclaim Deed
• General Warranty Deed
• Special Warranty Deed
• Trustee's Deed

What is a "quitclaim deed"?

• A deed that provides full protection and guarantees against defects
• A deed that transfers whatever interest the grantor has in the property without warranties
• A deed that guarantees against title issues caused by previous owners
• A deed used only for transferring commercial property

True or False: A quitclaim deed guarantees a clear title to the property.

• True
• False

Which of these deeds is commonly used to quickly transfer property between family members without a title guarantee?

• Special Warranty Deed
• General Warranty Deed
• Quitclaim Deed
• Foreclosure Deed

Which term describes the person receiving the property in a deed transaction?

• Grantor
• Grantee
• Trustee
• Escrow Agent

A general warranty deed includes a promise from the seller to the buyer that:

• The property has no title issues at any point in its history
• The property is free of defects caused only by the seller
• The property has been fully paid off by the seller
• The buyer can request a refund if issues are found

If a seller uses a special warranty deed to transfer property, they are guaranteeing against title issues caused by:

• All previous owners
• Themselves only
• The buyer
• No one

Janelle sold her property to Tim with a special warranty deed. Who is responsible for issues with the title caused by owners before Janelle?

• Janelle
• Tim
• The previous owners
• The title company

Tom transfers his interest in a property to his brother using a quitclaim deed. If a title defect from a previous owner is found, who is responsible for resolving it?

• Tom
• Tom's brother
• The original grantor
• The title company

True or False: A special warranty deed provides more protection to the buyer than a general warranty deed.

• True
• False