Deed is recorded agreement and the most common method

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Reference no: EM132279590

1. A deed is recorded agreement and the most common method use to transfer title to real property.

True

False

2. The statue of frauds is the basic legal principle involved in the sale of real estate and requires contracts to be written

True

False

3. Title to real property passes to the grantee at the time the deed is notarized

True

False

4. Title to real property passes to the grantee at the time the deed is _________.

executed

delivered and accepted

notarized

written

5. A quitclaim deed is a legal instrument used to convey whatever title the grantor has; it contains no warranties or covenants or implication of grantor’s ownership.

True

False

6. A gift deed conveys legal tile.

True

False

7. The covenant which promises that the grantor will execute any instruments necessary to protect the grantee's title is the convenant of further assurances.

True

False

8. Notice of ownership given by one's presence on his land is called

public notice

constructive notice

attendant notice

inquiry notice

9. Deeds are recorded

to give actual notice

to provide constructive notice of their existence

because the law requires it

to satisfy a lender

10. A deed, which is not recorded, is

valid

voidable

void

unenforceable

11. What is an abstract of title?

a history of unrecorded deeds

title insurance

a history of all recorded activity for a particular parcel of real estate

a judgement on real property

12. A title report usually includes all of the following EXCEPT

the conditions of the purchase agreement

the property description

a statement that there could be unrecorded matters that encumber the title

a list of recorded objections for claims to title

13. When an attorney issues a certification of title, the attorney has based his/her opinion on the abstract of title.

True

False

14. When a title defect must be removed, a quiet title suit may be the best solution

True

False

15. All of the following are real estate contracts EXCEPT

a sales agreement

a lease agreement

a closing statement (HUD-1)

an exclusive right to sell listing

16. The agency relationship of a real estate broker with his client is most often established by (Hint: Consider the Statue of Frauds)

a written contract only

an implied contract only

All of the above

an unwritten endorsement

17. A contract that results when a promise is exchanged for a promise is called

unilateral contract

None of the above

bilateral contract

express contract

18. All of the following are essential elements of a contract EXCEPT

meeting of the minds

competent parties

lawful objectives

monetary consideration

19. The broker has the power to sign documents for the principal. This is probably because she holds

an attorney-at-law

limited power of attorney

special agent status

an agency relationship

20. A contract entered into by a minor is _________.

illegal

valid

voidable

unenforceable

Reference no: EM132279590

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