1. The material terms in a contract to convey real estate would probably not include which of the following?

Names of the grantor

Names of thegrantee

Consideration paid

Description of the property

Location where the deed will executed by the grantor

None of the above

2.Where there are two owners of the property,with joint right to access but separateand distinct title, we generally refer to that form of ownership as:

Mining venture

Joint venture

Partnership

Cotenancy

Limited partnership

None of the above

3.In a property transaction the buyer discover a lien on the property for unpaid taxes and a mechanic's lien by a construction worker who had fixed the roof of the house on the land.Which of the following is true?

The seller does not have to remove the lien or encumbrances

The seller must remove the tax lien but not the mechanic's lien

The seller must remove the mechanic's lien but not the tax lien

The seller must remove both liens before closing

None of the above

4. The ' modern rule' with regard to the risk of loss,in most situations,is:

Seller retains risk of loss from the time of contracting until closing

Buyer assumes risk of loss from time of contracting until closing

The escrow agent assumes the risk of loss until closing

The risk of loss willdepend on the rules on the local municipality

None of the above

5 .When a grantor and grantee agree to the terms of a real estate transaction, the deed conveying title:

Has tobe signed by the grantor and grantee to be effective

Has tobe signed by the grantorto be effective

Has tobe signed by the granteeand grantee to be effective

Has tobe notarized to be effective

None of the above

6. When encumbrances to title exist,which of the following is true?

Seller can ignore these unless the escrow agent requires they be addressed

The seller has a reasonableamount of time to address and cure the defects

The buyer has a reasonableamount of time to address and cure the defects

The buyer can never waive outstanding encumbrances

The escrow agent has a reasonable amount of time to cure the defects

None of the above

7. When a buyer is involvedin a commercial transaction dealing with commercialreal estate:

The seller has a duty to disclose any serious environmentor other defects

The buyer has a duty to disclose any seriousenvironmentor other defects

The escrow agent has a duty to disclose any serious defects

The buyer's agent has a duty to disclose any serious defects

None of the above

8. The seller is ignorant of the true market value, and sells a property that has a market value of $100,000 for $65,000 due to their ignorance. The court, absent fraud:

Will order the property appraised by a professional adjusting the sale price

Will uphold thecontract and transaction and could order specific performance

Will reject the transaction based on the grantee's capacity

Will uphold thecontractonly if the consideration has not been paid by the Grantee

None of the above

9. When a contract is not ambiguous,and no fraud is present, which of the following is true?

The court will consider pre-contract dealings between the parties to determine intent

The court will consideroral statements and representationsbetween the parties

The court willapply the "four corners"rule and only look at document language

Oral evidence canbe taken if it is relevant, which is a fact question

None of the above

10. When you obtain financing from a lender and they want to have a claim on the collateral involved,the real property, the document that is used is referred to as:

A financing statement

A note

A deed

A mortgage

A lien

None of the above

11. A notary public isrequired on a real estate deed if you want to:

Have the grantors signature upheld in court

Havethegranteessignature upheld in court

Record the deed in the real estate records

Have the legal description affirmed by the country clerk

None of the above

12. If a grantorleaves a deed in their desk drawer with the intent of deliveringit on their death to Raymond Smith, first cousin of the grantor, what effect does that have?

The transfer is effective since the intent was to convey

The transferwas noteffectivesince there was no delivery

The transfer is effective since the deed was delivered to the drawer

If the deed was notarized it was an effective conveyance

None of the above

13. A grantor delivers a quite claim deed to the grantee. Which of the following is included in the transfer?

A warranty of title

A warranty ofpossession and quiet enjoyment

Any right title and interest the grantor may have

An absolute right to the right to groundwater and oil

None of the above

14. Barb Smith uses adjoining property as a shortcut to the public highway. Which of the following is true?

If the use was allowed by the owner Barb Smith can obtain title by adverse possession

Ifthe use wasnot continuous Barb Smith may acquire title by use

Ifthe use wasopen and hostile Barb Smith may acquire title by statue

Ifthe use washidden Barb Smith may acquire title by rule

None of the above

15. Sue Jones is owner of property being conveyed by general warranty deed.What warranties is she making?

Warranty that she can convey

Warranty of seisin

Warranty of quiet enjoyment

Warranty of further assurance

All of the above

None of the above

16. In general parties usually use a "form"deed instead of drafting one from scratch in order to:

Comply with all the statutory conveyance requirements

Include all the material terms

Insure important details are not omitted

Make thetransaction more efficient

All of the above

None of the above

17. Under the statue a bona fide purchaser of value,who does not have a notice of a prior transaction that was not recorded in the real estate records

Take subject to the prior conveyance

Takesubject to the prior conveyanceprovided the document was notarized

Takes title free and clear of the previous unrecorded conveyance

Takes titlefreeandclear of the previous unrecorded conveyance provided the conveyance was a gift

None of the above

18. Recording a deed in the real estate records

Validates the transfer and deed

Validates the accuracy of the legal description

Validatesthe title

Validates the identity of the parties

None of the above

19. In most states the recording acts are

Race statutes

Notice statues

Race/Notice statues

Title statues

None of the above

20. Kelly Blue is selling property on which a mortgage exists.At closing,or prior to sale,which of the following is true?

The mortgage needs to be released

The mortgage needs to be disclosed to the buyer

The mortgage can be ignored, as long as it is disclosed

None of the above

All of the above

21. Jan Jones is buying property and has checked title to insure that the grantor, Bob Smith, has clear title. She notices someone living on the land to be conveyed that is not Bob Smith. Does she have a duty to inquire with regard to the possible adverse possession?

No, written title will always prevail

Yes, but only if the possession was not voluntarily allowed by Bob Smith

Yes, but only if an easement has been granted

No,hostile possession cannot ripen into title without an agreement in writing

No, there is no written agreement

22. Two individuals own an undivided one-half interest in a tract of land.From a title standpoint they are known as

Grantors

Grantees

Partners

Joint ventures

Cotenants

None of the above

23. Two individuals own an undivided on-half interest in a tract of land.One of the individuals is a farmer and wants to grow corn so plants 100acres.Which of the following is true?

The farmer needs the co-owners permission to plant a crop

The farmerneeds to account to the co-owner for any profit

The farmerneeds a court order to plant the corn

The farmer can use the property without restriction or limitation

None of the above

24. Sally Jones owns a tract of land she is conveying to Bob Smith.In the chain of title a document from Sue Martin, a stranger to title, appears. Which of the following is true?

The grantor andgrantee must inquire what interest Martin is claiming

Jone must inquire what interest Martin is claiming

Smith must inquire what interest Martin is claiming

The parties can ignore Martin's document which would be considered a 'wild' document

None of the above

25. A party forges Sally Jone's signature ona deed to Bob Smith. Bob Smith sells the property to John Sprite. Who holds title?

Jone since the forged signature is ineffective

Smith since the forged signature is ineffective

Sprite since he was a good faith purchaser

Depends on the intent of the parties

None of the above