property work book quiz Flashcards

Unit four and five property description and transfer to title to real property work book quiz Flashcards Determine the dollar amount of excise tax to be paid by the seller on a North Carolina home that sold for $103,167.Round to the next hole dollar.A.$103.50B.$104C.$206.50D. $207

D $207

A metes and bounds legal description that does not return to the point of beginning is consideredA.Standard as long as the first words used were starting at or commencing at.B.InformalC.Imperfect and in need of correctionD.Imperfect because there is a variance on the property C Imperfect and in need of correction Which of the following is most closely associated with voluntary alienation of real property?A.Bill of saleB.Adverse possessionC.DeedD.Easement by necessity C Deed If the sales price is 300,000, then the excise tax will beA.UnnecessaryB.$60C.$600D.$6000

C $600

After completing the plat map, the developers next step is toA.Request a certificate of occupancyB.Pull the building permit'sC.Record the plat mapD.Sell the lots C Record the plat map The process by which the government exercise its power to take private lands for public use isA.CondemnationB.escheatC.ForeclosureD.Eminent domain A Condemnation The formula of total sales price divided by $500 results and what figure for the NCREC closing worksheet?A.Personal property taxesB.Sellers excise taxC interim interest amount for a cellar carry loanD. PMI payment for the first month B Sellers excise tax A cloud on title has been discovered. The married couple who owned the property and joint tenants he did not properly sign the deed before giving the property to their daughter. One spouse is deceased the daughter is now trying to sell the property. The best way to release the deceased interest would beA.a quitclaim DeedB.A special warranty deedC.A warranty deedD.A sheriffs deed A A quit claim deed All of the following are necessary for a valid deed exceptA.The signature of the granteeB.Words of conveyanceC.A legal descriptionD.The names of the parties A The signature of the grantee Which of the following is true concerning the recording of documents?A.All real estate documents must be recorded to be validB. Recording real estate documents provides

constructive notice of their contents to the worldC.Recording real estate documents provides actual notice of their contents to the worldD.Recording guarantees valid and good title BRecording real estate documents provides a constructive notice of their contents to the world

A chain of title isA. A form of land measurement used by surveyors on Plat mapsB.A form of title insurance resulting in a strong guaranteeC.An encumbrance on title, which may prohibit sale of titleD.A property history of successive conveyances on recorded interests D A property history of successive conveyances and recorded interests A title search follows documents from present to the first known source. The examiner is following or creatingA.The title commitmentB.The title opinionC.The owner policyD.The chain of title

• The chain of title

Jacobson deed's property to Keene, who neither records her deed nor takes possession of the property. Jacobson later deeds the same property to Linda , who records his deed and takes possession of the property. Linda is not aware of the earlier convenience to Keene who holds legal title to the property?A. Jacobson, because Keene did not record her deedB.Keene, because Keene's deed is dated firstC.Linder, because Linders deed was recorded firstD.Keene and Linder As tenants in common, because the form of ownership was not specified in the deed C Lender, because Linders deed was recorded first A second mortgage can be distinguished from a first mortgage byA.The face amount of the mortgageB.The date the mortgage was givenC.The date the mortgage was recordedD.The date the mortgage was delivered and excepted C The date the mortgage was recorded To be valid, deed must haveA.A legal descriptionB.A list of encumbrancesC.A competent granteeD.A description of all improvements A A legal description During an inspection of their property, the out of town owners noticed that a shed and a garden have been built on their property. A woman working in the garden tells the owners that she intends to take title to the property through adverse possession. The owners give the gardener written permission to continue gardening. In this instance, will the Gardner be able to obtain title in the future?A.Yes, if the Gardner meets the requirements of time for adverse possession.B.No, the owners had given the notice, the Gardner will have an easement by prescription.C.Yes, but because the gardener received notice, there will be additional requirements to take title.D.No, the gardener has been given a license and the owners may revoke permission to possess or use the property at any time.D No, the gardener has been given a license, and the owners may revoke permission to possess or use the property at any time Which of the following is not essential to the validity of a deed?A.RecordingB.Complement grantorC.Execution by grantorD. Words of conveyance A Recording

Title insurance premiums for the owners indemnity policy are paidA.Once at the time the policy is issuedB.Monthly with the mortgage paymentC.Semi annually, along with the property taxesD.Annually, along with the homeowners insurance premium A Once at the time the policy is issued.When the buyer recorded the deed from the seller, legal consequence of the recording was toA.Transfer the titleB.Give the seller assurance of holding a first lienC.Serve as constructive notice of the buyers ownership interestD.Protect the seller from existing adverse claims C Serve as constructive notice of the buyers ownership interests Legal title to real estate is conveyed byA.A bill of saleB.A conveyance deedC.A promisary noteD.A contract to buy and sell B A conveyance deed Real estate is bought and sold on the basis ofA.Street addressB.Legal descriptionC.Plat size onlyD.Plat and parcel B Legal description A mortgagee's title insurance policy protectsA.The lenderB.The borrowerC. The grantorD.The grantee A The lender Before closing on the purchase of a duplex, the buyer asked his attorney to render a title opinion. The attorneys title opinion will do all of the following exceptA.Guarantee the buyer obtains marketable titleB.Disclose on released liens against the propertyC.Disclose personal judgments against the sellerD.Disclose the amount and status of property taxes and special assessments A Guarantee the buyer obtains marketable title In order for a metes and bounds legal description to be correct and perfect, it mustA.List the directions and feet, compass degrees, and rodsB.Start and end at a point of beginning.C.Name any known highways and streets located within a block of the property.D.Show the lots, blocks, and townships.B Start and end at a point of beginning Which of the following deed's carries with it no warranties whatsoever?A.Quit claim deedB.Sheriffs deedC.Timber deedD.Special warranty deed A Quit claim deed Legal action taken on a title claimants behalf to resolve all clouds on title is known asA.A suit for damagesB.A foreclosure suitC.A quiet title suitD.A partition suit D A partition suit Which parties must sign a deed to make it valid?A.Grantors onlyB.Grantees onlyC.Both grantors and granteesD.Leasees only A grantors only Standard coverage title insurance would protect against all of the following exceptA.A forged deedB.EncroachmentsC.Errors in the public recordD.Errors in the abstract B encroachments