CHAPTER 01 – 17e
1) If a lender is to repossess or bring about the sale of a property if the borrower defaults on
the mortgage loan, the lender is said to have a _ in the real estate.
A) freehold interest
B) lease interest
C) secured interest
D) quitclaim
2) A(n) _ estate represents the most complete form of ownership of real estate;
the owner is free to divide it up into lesser estates and sell, lease, or borrow against them as he or
she wishes.
A) fee simple
B) freehold
C) leasehold
D) life
3) Mr. Smith has allowed Mrs. Jones to run a sewer line through Mr. Smith’s backyard so
that Mrs. Jones has access to the city sewer system. This is an example of a(n):
A) easement.
B) encumbrance.
C) estate for years.
D) title assurance.
4) Which type of deed offers the grantee the MOST protection?
A) Quitclaim deed
B) Special warranty deed
C) General warranty deed
D) Officer’s deed
5) What term BEST describes a person that owns a property and is conveying title to the
property to another person?
A) Mortgagor
B) Grantor
C) Mortgagee
D) Grantee
6) What type of estate lasts for an indefinite period of time?
A) Freehold estate
B) Estate from year-to-year
C) Leasehold estate
D) Estate for years
7) Which of the following is NOT a good method of title assurance?
A) Seller provides a warranty in the deed
B) An attorney searches recorded documents
C) Title insurance is purchased
D) Seller provides a quitclaim deedhttps://learnexams.com/