Superior School Chapter 4

Descripción

Transfer of Title to Real Property
Larkin Willis
Test por Larkin Willis, actualizado hace más de 1 año
Larkin Willis
Creado por Larkin Willis hace alrededor de 3 años
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Resumen del Recurso

Pregunta 1

Pregunta
Title to real estate passes when a valid deed is:
Respuesta
  • signed and recorded
  • signed, delivered and accepted
  • filed and microfilmed
  • executed and mailed

Pregunta 2

Pregunta
Title to real estate inherited from a person who died testate is referred to as a:
Respuesta
  • legacy
  • bequest
  • devise
  • descent

Pregunta 3

Pregunta
Which of the following is an essential element of a valid North Carolina deed?
Respuesta
  • a seal
  • recordation
  • the signature of the grantee
  • words of conveyance

Pregunta 4

Pregunta
When the grantor does NOT wish to convey certain property rights:
Respuesta
  • exceptions must be noted in a separate document
  • the deed must convey the property with all rights intact
  • exceptions may be noted in the deed of conveyance
  • the grantor must convey the entire premises and have the grantee reconvey the rights to be retained by the grantor

Pregunta 5

Pregunta
A trespasser built a log cabin in a remote area of a national park and occupied the structure for more than 25 years. That person will never be able to claim the property under adverse possession statutes because:
Respuesta
  • the possession was not notorious
  • the possession was not open
  • the property was not privately owned
  • the property was not properly fenced

Pregunta 6

Pregunta
The seller conveyed a quitclaim deed to the buyer. Upon receipt of the deed, the buyer may be certain that:
Respuesta
  • the seller owned the property
  • there are no encumbrances against the property
  • the buyer now owns the property subject to certain claims of the seller
  • any and all of the seller's interests in the property belong to the buyer

Pregunta 7

Pregunta
Which of the following statements about North Carolina deeds is correct?
Respuesta
  • A general warranty deed is the best way for the buyer to receive title.
  • A special warranty deed gives the seller the greatest degree of liability.
  • A bargain and sale deed is very much like the special warranty deed.
  • A gift deed must be recorded within 30 days to remain valid.

Pregunta 8

Pregunta
Which of the following is TRUE regarding a special warranty deed?
Respuesta
  • A grantor makes additional warranties beyond those given in a general warranty deed.
  • The grantor retains an ownership interest in the property.
  • The grantor is warranting that no undisclosed encumbrances exist against the property.
  • The grantor's warranties are limited to the time the grantor owned the property.

Pregunta 9

Pregunta
Regarding title recordation, which of the following statement(s) is/are true? l. Physically taking possession of the property is constructive notice. ll. Public notice of recording documents is actual notice.
Respuesta
  • l only
  • ll only
  • Both l and ll
  • Neither l nor ll

Pregunta 10

Pregunta
Which of the following would be considered an essential element of a valid deed in North Carolina? I. Acknowledgement II. Witnessed
Respuesta
  • I only
  • II only
  • Both I and II
  • Neither I nor II

Pregunta 11

Pregunta
All of the following may be discovered in a title search, EXCEPT:
Respuesta
  • the legal description of the property
  • liens and judgments
  • easements
  • encroachments

Pregunta 12

Pregunta
Which of the following is TRUE?
Respuesta
  • The grantor under a special warranty deed warrants that the grantee's title will be defended and protected against any claims whatsoever.
  • The grantor under a general warranty deed promises that the grantee's title will be defended and protected only against claims resulting from the grantor's ownership.
  • The grantor under a quitclaim deed only conveys any interest the grantor may have in the property.
  • A minor will convey absolute ownership interest in a property as long as the signature is obtained in the presence of a parent.

Pregunta 13

Pregunta
The recording of a deed:
Respuesta
  • is required in order to fully transfer the title of the real estate
  • makes the deed enforceable
  • ensures the grantee's interest in a parcel of real estate
  • warrants the grantee's title to real property

Pregunta 14

Pregunta
The recordation of a general warranty deed:
Respuesta
  • guarantees ownership
  • protects the interests of the grantee
  • prevents claims of parties in possession
  • provides defense against adverse possession

Pregunta 15

Pregunta
Don, a real estate broker, has agreed to prepare a deed for the seller in a transaction in which he is the listing agent. If he does not charge the seller a separate fee for this service:
Respuesta
  • He has done nothing illegal since he did not charge a separate fee for his service.
  • He may have his license suspended or revoked by the North Carolina Real Estate Commission.
  • He has not violated any rules or laws as long as he obtains consent from both parties prior to engaging in this act.
  • There is no violation as long as he has a broker’s license.

Pregunta 16

Pregunta
When the seller of the property gives a deed to a buyer “by, through, or during” the current ownership period of time, what type of deed is given?
Respuesta
  • General warranty deed
  • Special warranty deed
  • Quitclaim deed
  • Trustees deed

Pregunta 17

Pregunta
Under the North Carolina Conner Act, all the following documents must be recorded to be enforceable against third parties, EXCEPT:
Respuesta
  • an easement
  • a deed of trust
  • a purchase contract
  • a set of restrictive covenants

Pregunta 18

Pregunta
Determine the excise tax to be paid on a house that sells for $268,210 if the buyer makes a $25,000 down payment and the seller takes back a second mortgage for $50,000?
Respuesta
  • $536.42
  • $537
  • $533
  • $538
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