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Question 1 of 10
1. Question
As there are different types of deeds, which of the following type is not correctly described?
Correct
Special warranty deeds ensure two protections of the purchaser of the property. The first protection offered is that it shows that the property's seller has got a title to it. The second is that it assures the buyer that there was nothing wrong done to alter the title. In case any problem arises with the title, the grantor should deal with that.
Incorrect
Special warranty deeds ensure two protections of the purchaser of the property. The first protection offered is that it shows that the property's seller has got a title to it. The second is that it assures the buyer that there was nothing wrong done to alter the title. In case any problem arises with the title, the grantor should deal with that.
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Question 2 of 10
2. Question
Jamie, a child, owns a property in the trust's hands until he comes of legal age. In case the trust is determined to sell the property, what deed can be used by the trustee of the trust to deliver the property to someone?
Correct
The neutral third person gives out the trustee's deed after delivering the property's holding into a fiduciary relationship. Transferring of property's holding is done through a deed, and every deed has its self-purpose, but they all have one common role that they convey property's holding.
Incorrect
The neutral third person gives out the trustee's deed after delivering the property's holding into a fiduciary relationship. Transferring of property's holding is done through a deed, and every deed has its self-purpose, but they all have one common role that they convey property's holding.
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Question 3 of 10
3. Question
‘Townships' is a jargon used in property boundaries; which of the following best suits its definition?
Correct
The rectangular survey system is also known as the government survey system. The government survey system is unique in its own way in that it has rectangles and squares, represented by lines. Principal meridians and baselines are the technical lines in the government survey system.
Incorrect
The rectangular survey system is also known as the government survey system. The government survey system is unique in its own way in that it has rectangles and squares, represented by lines. Principal meridians and baselines are the technical lines in the government survey system.
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Question 4 of 10
4. Question
Below are approaches used to determine a legit title. Which approach is not correctly described?
Correct
There is a need for appropriate title registration to establish a Torren system. Once the court affirms that your title to the property is clear and approved by a county court clerk, you are issued a permit of a clear title referred to as a Torrens certificate. Torrens certificate proves that you are the owner of a property.
Incorrect
There is a need for appropriate title registration to establish a Torren system. Once the court affirms that your title to the property is clear and approved by a county court clerk, you are issued a permit of a clear title referred to as a Torrens certificate. Torrens certificate proves that you are the owner of a property.
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Question 5 of 10
5. Question
Which of the following is not among the four required RESPA's distinct?
Correct
HUD form-1 preparation is also a RESPA'S essential. When a loan to a mortgage ends, the property's title is terminated, which calls for preparing a settlement statement. It is used to prepare a settlement statement.
Incorrect
HUD form-1 preparation is also a RESPA'S essential. When a loan to a mortgage ends, the property's title is terminated, which calls for preparing a settlement statement. It is used to prepare a settlement statement.
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Question 6 of 10
6. Question
Which of the following statements best describes an accrued item?
Correct
There are various examples of accrued items in real estate; paying the balance due for the taxes. The following are examples showing instances where the tax is delivered as a balance due; the first example is where a seller resides in a house whose taxes are paid by December 31 to cater to the preceding year's taxes. The second example is when a seller transfers a house title at a particular year without paying a cent tax for that year.
Incorrect
There are various examples of accrued items in real estate; paying the balance due for the taxes. The following are examples showing instances where the tax is delivered as a balance due; the first example is where a seller resides in a house whose taxes are paid by December 31 to cater to the preceding year's taxes. The second example is when a seller transfers a house title at a particular year without paying a cent tax for that year.
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Question 7 of 10
7. Question
Which of the following condition is not appropriate for an ownership appeal on conflicting possession?
Correct
Any person who demands a title by conflicting possession must fulfill all law requirements within a specified time frame. Every state has laws that regulate conflicting possession that is different from other states. When determining the period of conflicting possession, tacking comes in.
Incorrect
Any person who demands a title by conflicting possession must fulfill all law requirements within a specified time frame. Every state has laws that regulate conflicting possession that is different from other states. When determining the period of conflicting possession, tacking comes in.
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Question 8 of 10
8. Question
Which of the following statements clearly describe foreclosure?
Correct
Due mortgage loans or due property taxes lead to most types of foreclosure. Failure to pay back loans and taxes also leads to foreclosure. The creditor launches the matter in a court of law, and then the proceeding in the court allows the creditor to sell the property and secure the unpaid debt.
Incorrect
Due mortgage loans or due property taxes lead to most types of foreclosure. Failure to pay back loans and taxes also leads to foreclosure. The creditor launches the matter in a court of law, and then the proceeding in the court allows the creditor to sell the property and secure the unpaid debt.
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Question 9 of 10
9. Question
Which of the following explanations is the finest to define a will?
Correct
A will is a document that guides how a person's property and real estate will be shared after his/her death. A testator is a person for whom the will is written for. A will becomes valid only after the death of the person who wrote the will. Any person who acquires real estate title through a will is called a devisee.
Incorrect
A will is a document that guides how a person's property and real estate will be shared after his/her death. A testator is a person for whom the will is written for. A will becomes valid only after the death of the person who wrote the will. Any person who acquires real estate title through a will is called a devisee.
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Question 10 of 10
10. Question
Rose has been driving on will's property for quite some time as she is going to her residence; Rose sells to Anne, who also moves on the same route. Anne sells to Pauline, who also does the same for a long time and, lastly, demands the right to do so by adverse possession. Pauline uses a concept to ask for adverse possession; what concept might she have used?
Correct
Encroachment is the practice of utilizing another person's property in an illegal way. Notorious use can also be used to call for conflicting possession. Accretion is the process of adding matters like soil through various ways to increase growth.
Incorrect
Encroachment is the practice of utilizing another person's property in an illegal way. Notorious use can also be used to call for conflicting possession. Accretion is the process of adding matters like soil through various ways to increase growth.