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WorksheetsTransfer of Property Progress Exam 2
Total questions: 48
Worksheet time: 24mins
An on-site analysis for a policy of title insurance would be required for:
a standard policy.
an extended coverage policy.
Both a and b
Neither a nor b
To record a deed it must be:
acknowledged.
state on its face the name and address of the person to whom the tax statement is to be mailed.
neither
both
Alienation is most opposite to:
ad valorem.
acceleration.
acquisition.
amortization.
In a transfer of title through an escrow agent the deed would be acknowledged by the:
grantor.
grantee.
escrow agent.
notary public.
The most common method of a buyer assuring himself he is receiving a marketable title is a:
grant deed.
warranty deed.
standard policy of title insurance.
deed of trust.
Assume you are a buyer and want to be protected against unrecorded encumbrances in the purchase of real property. You would:
obtain a extended coverage policy.
obtain a standard policy of title insurance.
ask the seller to give you a written guarantee.
write this agreement in the standard purchase contract.
A house is to be sold in probate. The bid submitted to court for confirmation is $200,000. The first minimum overbid would be:
$200,001
$210,500
$225,000
$230,500
In which of the following situations would a deed be invalid or void?
When executed by a person serving a prison term
A forged deed in the hands of a bonafide purchaser
If the grantee is 17 years of age and unmarried
When there is no monetary consideration for the deed
When considering the purchase of a policy of title insurance, a buyer should be aware that:
the standard policy does not cover encroachments or parties in possession with an unrecorded claim to the title.
the standard policy insures him against defects in the chain of title.
the extended coverage insures him against unrecorded risks with an exception of governmental regulations concerning occupancy and use.
All of the above
To bid on property in a probate sale, the offer must be at least _______ of appraised value in order to be confirmed by the probate court:
75%
80%
90%
100%
Which of the following is necessary to create a valid deed?
Recording
Recording and acknowledgment
Date and statement of considerations
Description of the physical property
Wills play a very important part in the transfer of title to real property. Which of the following would not be a party to a will?
Testator
Executor
Administrator
Devisee
Alienation expressed as a meaning is most completely opposite to:
acceleration
subordination
acquisition
subrogation
A father names his son as a grantee in a deed which he put in his safe deposit box with a note to give the deed to his son in the event of death. Which of the following would be questionable?
capacity
delivery
recording
acknowledgment
Proration of taxes, insurance, and interest are based on a:
360 day yr
365 day yr
366 day yr
any of the above
In absence of a will, the separate property of the decedent is divided among the surviving spouse and two children:
equally among surviving spouse and children
1/2 to surviving spouse and 1/2 to the children.
1/3 to surviving spouse and 2/3 to the children.
none of the above
Where are the termite inspection and clearance reports filed?
secretary of state
Structural Pest Control Board
Department of Etymology
Local building inspector
A grant deed:
can be used for the transfer of real and personal property.
implies no encumbrances.
implies title has not been previously conveyed.
gives a conditional transfer of title.
Land acquired by accretion is by:
adverse possession.
eminent domain.
accession.
any of the above
An executrix is appointed by the:
probate court.
heirs of the deceased.
deceased's attorney.
deceased.
Which of the following is a correct statement regarding a deed?
A deed when delivered is presumed to be recorded.
An exception in a deed is the withholding of rights in the property from the grantee.
The granting clause is required to record the deed.
All of the statements are correct.
The selling price is shown on a buyer's closing statement as:
credit buyer.
debit seller.
credit seller.
a debit buyer.
In probate court matters concerning the sale of a recently deceased person's real property, the commission for the sale is set by:
the administrator.
the court.
the executor.
the broker.
A sale of property is considered transfer of title by:
descent.
will.
involuntary alienation.
voluntary alienation.
Which of the following would have the most influence in establishing fire insurance rates?
The insurance company
The insurance commissioner
The location of the property
The zoning
Broker Nelson listed and negotiated the sale of a house of Mr. and Mrs. Welles. After the deed had been signed, the escrow officer called Broker Nelson and informed her that the sellers were under 18 years of age. The deed was:
valid.
voidable.
void.
invalid.
Personal property left by will is called:
codicil.
ambulatory.
legacy.
testate.
The following words "ambulatory," "legatee," and "codicil" refer to which of the following?
Will
Charity
Easement
Statutory
During settlement, there are many items known as recurring costs. Which of the following would be handled as a recurring cost?
A policy of title insurance
Cost for appraising the property
Escrow charges
Property taxes
Another name for a sheriff's deed is a(n):
court deed.
administrator's deed.
deputy's deed.
deed of conveyance.
After all necessary instruments and instructions have been submitted and proceedings started, the escrow can be canceled by:
broker telling escrow to terminate.
death or incapacity of the parties.
expiration of time period of escrow.
any of the above
All of the following would be found in the credit column of a buyer's closing statement except:
purchase price.
prepaid rents.
first trust deed that is assumed by buyer.
newly executed second trust deed to seller.
Which of the following would represent a distinction between a grant deed and a quit-claim deed?
After-acquired title
The word "grant"
Implied warranties
All of the above
The selling price of a home would appear on the closing statement as:
a charge to the seller.
a credit to the buyer.
a charge to the seller and a credit to the buyer.
a debit to the buyer and a credit to the seller.
Which instrument requires a listing or inventory of buildings on real property that are to be sold, conveyed, or insured?
a land contract
a grant deed
A.L.T.A
None of the above
Of the following, short rate refers to:
interest on a promissory note.
accrued depreciation.
insurance.
prepaid rents.
A title plant refers to the records of property in a:
county.
subdivision.
condominium.
community project.
With respect to deeds:
a grant deed must state two warranties.
a quitclaim deed does not move the entire present interest in the title owned by the grantor.
a recorded deed is presumed delivered and accepted.
a deed of trust is commonly used to convey ownership and possession.
A married man died without leaving a witnessed will. However, after his death, his wife found a statement naming his son as executor and expressing his wishes for the disposition of his estate. It was dated three years previously and was entirely written and signed by him in pencil. This would mean:
an administrator would be appointed to preserve his estate until the completion of probate.
his death would be classified as intestate and his wife would be executrix of the estate.
his will would be classified as nuncupative and his wife would receive his estate without probate.
his death would be classified as testate; however, any real property would have to be probated in whatever state it is located.
In a buyer's closing statement, the purchase price is:
a seller's debit.
buyer's debit.
seller's credit.
buyer's credit.
An auction was held to sell some property from an estate. A buyer at the auction would be the:
offeror.
offeree.
trustor.
trustee.s
A deed must:
legally describe the property being conveyed.
be signed by a legally competent grantee.
be acknowledged by the grantor witnessed by a notary public, clerk of a court or other person competent to take an oath or affirmation.
be none of the above
A standard title insurance policy will insure against:
forgery in the chain of title.
unrecorded encumbrances and liens.
government regulations.
any of the above
When title to real property, which is encumbered by a deed of trust, is transferred as the result of a sale, it is always necessary to:
obtain the permission of the beneficiary.
pay off the balance of the deed of trust.
have the grantor deliver a deed.
refinance completely.
Assume all necessary instruments, properly executed and delivered, concerning a sale of real property were placed into escrow. It later develops that the escrow instructions signed by the buyer and the seller contained terms in conflict with the original deposit receipt:
the original deposit receipt prevails.
a new deposit receipt would have to be drawn up by both parties.
the escrow instructions would prevail.
the sale would be voided.
The kind of deed given by the government on the original transfer of government land to the original grantee is called:
original deed.
State Controller's deed.
warranty deed.
patent.
Who is named in a will to deal with the distribution of an estate?
Administrator
Codifier
County coroner
Executrix
A deed:
cannot be recorded in more than one county.
need not be recorded to convey title.
that is recorded does not give the grantor protection of recording by law if a quit claim deed is used.
that is recorded gives actual notice that title has been conveyed.
