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1. An instrument that places the lien on the real estate is the
2. bondmortgagedeedestoppel

QUESTION 2

1. The most complete ownership possible in land is a
2. life estateabsolute easementreversionfee simple absolute

QUESTION 3

1. A right granted in writing for the use of real property is
2. an easementa licensereversiona public restriction

QUESTION 4

1. Which is not an essential element of all deeds?
2. identification of the grantor and granteedescription of the ownership interest conveyedsignature of the granteesignature of the grantor

QUESTION 5

1. A deed in which the grantor warrants that he has a valid title and that he has not encumbered the title to the land, is
2. quitclaim deedbargain and sale deedgrant deedfull warranty deed

QUESTION 6

1. The warranty in a deed that promises that the grantor has the right and power to convey fee simple title is the
2. covenant of seizurecovenant of assurancescovenant of seizincovenant of season

QUESTION 7

1. Which type of deed affords the grantee the greatest protection?
2. grantjudicial deed warrantybargain and salewarranty deed

QUESTION 8

1. Which provides the greatest degree of protection against defective titles?
2. warranty deedguarantee of realtorlawyer's title opiniontitle insurance

QUESTION 9

1. When a mortgage becomes due and is paid in full, the mortgagor is entitled to a(n)
2. notification by the mortgageesatisfaction piecenotification by the County Clerk's officeEstoppel Certificate

QUESTION 10

1. A person who buys or owns property and gives a lien on the property as security for the payment of a loan is called
2. MortgagorVendorMortgageeVendee

s

QUESTION 11

1. "Metes and bounds" and "monuments" are
2. recording datefiled with the County Clerka form of legal descriptions of real propertyused to determine value

QUESTION 12

1. Anything that overlaps or hangs over another's property line is called a(n)
2. EasementEncroachmentEncumbranceLis Pendens

QUESTION 13

1. In the absence of an agreement to the contrary, the mortgage normally having priority is the one
2. with the earliest datewith the largest principaloriginated by the largest institutionthat was first recorded

QUESTION 14

1. To an innocent purchaser a prior sale recorded by deed in the County Clerk's Office gives
2. actual noticeconstructive noticeno noticeequitable mortgage

QUESTION 15

1. In a real estate financing transaction which instrument represents that primary obligations to repay a debt?
2. mortgagepromissory deeddeedmortgage or promissory note

QUESTION 16

1. A buyer, taking over and agreeing to accept responsibility for payments on an existing mortgage loan, is considered to be
2. taking subject to a mortgagerelieving the lenderrelieving the sellerassuming the mortgage

QUESTION 17

1. An examination of the public records to determine the validity of ownership is a(n)
2. injunctioncolor of titletitle searchendorsement

QUESTION 18

1. Premiums on title insurance are paid
2. annuallymonthlyevery 3 monthsone at the inception of the policy

QUESTION 19

1. An instrument affecting title to a parcel of real estate gives constructive notice to the world when it is filed with the
2. city clerksecretary of statecounty clerktitle insurance company

QUESTION 20

1. A mortgage title policy protects which parties against loss?
2. lenderssellersbrokersbuyers and lenders

QUESTION 21

1. Sally Seller is frantic because she cannot find her deed and now wants to sell the property, Sally
2. may need a suit to quiet titlewill have to buy title insurancedoes not need the deed to sell if it had been recordedshould execute a replacement deed to herself

QUESTION 22

1. It is essential that every deed be signed by the
2. grantorgrantor and granteegranteedevisee

QUESTION 23

1. Title to property transfers at the moment a deed is
2. signedacknowledgeddelivered and acceptedrecorded

QUESTION 24

1. A deed that contains no representation as to quality of title and no express warranty clause in the habendum (granting clause) is called
2. remisesspecial deedlimited deedquitclaim deed

QUESTION 25

1. A written real estate contract included four essential terms. Which of the following is not one of the essential terms
2. Description of the real estatePriceNames of the buyer and sellerFixtures to be retained by sellerSignature of the parties

QUESTION 26

1. Certain restrictions and or liens will cause a real estate title to become unmarketable. Which of the following, as a general rule, will make the title unmarketable?
2. easementszoning restrictionsmortgagestwo of the abovenone of the above

QUESTION 27

1. The term "on or about for a closing date in a real estate contract means:
2. title must close on that date, no exceptionstitle must close before that datetitle must close within thirty days after the date or the party failing to close will be in breach of contracttitle must close when the buyer obtains his mortgage commitment

QUESTION 28

1. An assurance that the grantor on a deed did not create any encumbrance during his or her period of ownership to which the conveyance will be subject is a
2. general warranty deedspecial warranty (bargain and sale) deedfiduciary deedquitclaim deed

QUESTION 29

1. Title that is free from liens and other encumbrances and free from all reasonable doubt or controversy is called a
2. good titleinsurable titlemarketable titletitle

QUESTION 30

1. The FHA acts as:
2. a mortgagormortgage guaranteeinsurer of mortgages

QUESTION 31

1. The seller's basic obligation at settlement (closing) is
2. to tender a deedto tender the "pay off" statementto tender the sales priceto show up and look good

QUESTION 32

1. A notice of a pending law suit is called
2. constructive noticeabstract of judgmentwrit of executionlis pendens notice

QUESTION 33

1. Title to real property that has been acquired through adverse possession results from a grantor's voluntary transfer.
2. True
3. False

QUESTION 34

1. The removal of encumbrances as shown on the title report is the duty of the purchaser.
2. True
3. False

QUESTION 35

1. Title encumbrances are usually disposed of after title is closed.
2. True
3. False

QUESTION 36

1. In many states, a grantor must acknowledge a deed before a public official such as a notary public before the deed can be recorded.
2. True
3. False

QUESTION 37

1. A note without a mortgage is usually worthless while a mortgage without a note has considerable value.
2. True
3. False

QUESTION 38

1. A deed is a written or oral conveyance of real estate from one party to another.
2. True
3. False

QUESTION 39

1. The title report is generally received at the closing table.
2. True
3. False

QUESTION 40

1. Adjustments are made at closing for taxes and fuel.
2. True
3. False

QUESTION 41

1. A lending institution is usually represented by counsel at the closing of title.
2. True
3. False

QUESTION 42

1. A bargain and sale deed (N.Y. term) is the same as a special warranty deed.
2. True
3. False

QUESTION 43

1. A typical report of title contains a tax search to determine whether or not real estate taxes have been paid.
2. True
3. False

QUESTION 44

1. Payment of the real estate commission is normally the responsibility of the buyer because the buyer has to pay the finder's fee.
2. True
3. False

QUESTION 45

1. The title closer is normally given a tip for his or her services at a closing by the purchaser.
2. True
3. False

QUESTION 46

1. A survey should show:
2. boundaries of propertyencroachmentsboth of the abovenone of the above

QUESTION 47

1. Certain restrictions and or liens will cause a real estate title to become unmarketable. Which of the following, as a general rule, will make the title unmarketable?
2. easementszoning restrictionsmortgagesnone of the abovetwo of the above.

QUESTION 48

1. The term "on or about" for a closing date in a real estate contracts means:
2. title must close on that date, no exceptions.title must close before that date.title must close within thirty days after the date or the party failing to close will be in breach of contract.buyer is entitled to one adjournment of the closing.

QUESTION 49

1. A buyer's downpayment of the purchase price usually:
2. is held in escrow by buyer's attorney until closing of title.is held in escrow by seller's attorney until closing of title.is disbursed to the seller at contract.is disbursed to the buyer at closing.

QUESTION 50

1. A deed is considered "recordable" when:
2. it is written in black ink.notarized.both a and bneither a or b