Chapter 3, ch 3 finance RE Flashcards

Chapter 3, ch 3 finance RE Flashcards Covenants in a deed assure that the grantor can be sued for failing to deliver good title leases longer than a year, mortgagesThe primary means of satisfying the doctrine of constructive notice is by recordingMultiple choice question.a. all documents in a real estate transaction.b. any document that might be disputed.c. any document related to a real estate saled. any document conveying a real property interest.deedThe general warranty deed is considered the highest

quality deed because it :a. is the only deed that can convey

title.B. affirms that the grantor is financially sound.C. is the only deed that always conveys good title.D. has the most covenants.adverse possession.an implied easement of access. The purpose of marketable title laws is to:Multiple choice question.a. shorten the time span of title searchb. eliminate old easements and restrictive covenantsc. root out faulty documents from the recordsd. limit the life span of recorded documents Required conditions for successful acquisition of property through adverse possession are that possession must be -continuous-actual use-hostile to the owners interest-"open and notorious" A titled interest (rather than an easement) in real property can be conveyed intentionally, but without a deed, through dedication

• easement by prior use.- easement by estoppel.-

easement of necessity.Under the Statute of Frauds which of these must be in writing to be enforceable?Multiple select question.- Property management contract- Monthly rental agreement- Ten-year lease- Mortgage is the simplest form of description for most property owners to interpret.Which of these risks is not mitigated by either of the main forms of evidence of title, title abstract with attorney's opinion or title insurance commitment?Multiple choice question.a. Erroneous land descriptionb. Fraudulent deedc.Undetected claim of dower rightsd. Undetected liene. Facts discoverable by inspection of the property can be sued for failing to deliver good title. The general warranty deed imposes the highest financial responsibility of any deed for the grantor to have good title.This is because the deed hasMultiple choice question.a.the fewest covenants.b. covenants plus posted performance bond.c. acknowledgment or witnesses.d. the maximum number of covenants.quitclaim deed-includes no promises about the interest that the grantor holds-conveys whatever interest the grantor holds-can convey the same property interest as a general warranty deed

Special warranty deedAmong modes of conveying real property that are involuntary, but involve a deed, which is most likely to be flawed, resulting either in litigation or failure of conveyance?Multiple choice question.DivorceBankruptcyForeclosureCondemnationProb ate The fundamental requirement for a land description is to bePermanently unambiguous

• bind the grantor to legal promises about title.- enable the

grantee to sue for damages for misrepresentations about title.Which of these modes of title conveyance is most likely to cause conflicts or "clouds" to title?Multiple choice question.a. Condemnationb. Patentc. Probated. Divorce settlemente. Foreclosure For real property the best definition of title is -a collection of documents and other evidence pointing to some persons or entity as holding the fee, or titled, interest dedicationWhich of these statements best characterizes the doctrine of constructive notice?Multiple choice question.a. If people are explicitly advised of a claim it is enforceable.b. If people know about a claim it is enforceable.c. If people are given legal notice of a claim it is enforceable.d. If it is possible to know about a claim it is enforceable.dedicationWhich of these events can affect the chain of title for real estate?Multiple select question.Deedsfive-year leaseMarriagesEstate settlementsForeclosures Under the doctrine of constructive notice, if people ______ a claim it is enforceable can learn about any document conveying a real property interest. Which of the conveyances of a real property interest listed below probably would be detected only by actual notice?Multiple select question.- Mortgage- Easement by estoppel- Marital ownership claim by a - former spouse of the owner- Prescriptive easement Which two of these modes of title conveyance are most prone to unresolved title conflicts?Foreclosure & bankruptcy

• Signature of the grantor- Words of conveyance-

Acknowledgment Covenants in a deed assure that the grantorMultiple choice question.a. will inform the grantor of any doubt about good title.b. can be sued for failing to deliver good title.c. will deliver good title.d. will take the property back in case of title problems.to establish title for real property the most important considerations are -all recorded evidence & actual notice Modes of real property conveyance of easements where no deed is involved include -easement by estoppel-easement of necessity-easement by prior use for a deed, identify the requirements of a granteeclearly identifiable

FCovenants in a deed are important because they:

covenant of seizin.In a deed the habendum clause:Multiple choice question.a.

Names the granteeb. Imposes any restrictions sought by the grantorc. Promises that the grantor has titled. Defines

the interest being conveyed The description of land by subdivision plat lot and block number -is the simplest form of description for most property owners to interpret

• HAS THE MOST COVENANTSThe type of deed with no covenants, explicit or implied, is

theMultiple choice question.a. general warranty deed.b.quitclaim deed.c. limited warranty deed.d. deed of bargain and sale.Reasons that the conveyance of real estate is uniquely complicated include that -real estate rights are long enduring-real estate interests are complex-real estate must be described on a continuous surface

• Covenant of quiet enjoyment- Covenant of seizin-

Covenant against encumbrances Which two of these modes of title conveyance are most prone to unresolved title conflicts?Multiple select question.- Probate- Foreclosure- Condemnation- Bankruptcy- Divorce Which of these statements best characterizes the doctrine of constructive notice?if it is possible to know about a claim it is enforceable They are a point rather than a boundary descriptionThe description of land by subdivision plat lot and block numberMultiple choice question.a. rarely has useful information for a property buyer other than the parcel boundaries.b. is applicable to all urban property.c. cannot be use outside of cities.d. is the simplest form of description for most property owners to interpret.-HabendumReasons that the conveyance of real estate is uniquely

complicated include that:- real estate rights are long

enduring- real estate interests are complex- real estate is very valuable- real estate is highly regulated- real estate must be described on a continuous surface

• generally restrict required title search to the years

following root of title.- can cause restrictions or easements in deeds from before the root of title to disappear.- define a "root of title," as the last conveyance of the property that is at least a certain number of years old.The fundamental requirement for a land description is to beMultiple choice question.a. universally applicable.b.practical and inexpensive.c. permanently unambiguous.d.simple.Defines the interest being conveyedThe conveyance of real estate is uniquely complicated because :Select more than 1:- real property interests are complex.- government regulation of real estate can change.- real estate records tend to disappear.- real property interests have a long history.- real estate must be described on a continuous surface.quitclaim deed commonly would be used for clearing a conflicting claim to title & adding a spouse to a property title

deedEasements where no deed is involved include:Multiple

select question.- highway right-of-way easement- easement by prior use.- easement by estoppel.- easement of necessity.the maximum number of covenants.The quitclaim deedMultiple select question.- is mainly a quick way of conveying title.- conveys whatever interest the grantor holds.- Includes no promises about the interest that the grantor holds..- can convey the same property interest as a general warranty deed.