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Question
Accelerated depreciation schedules, set up before the Tax Reform Act of 1986 became effective, weregrand fathered in and did not change.Answer
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Related questions
Q:
Who is the trustor in a deed of trust?
a. Borrower
b. Lender
c. Grantor
d. Vendor
Q:
A trust deed can be used for all of the following EXCEPT
a. transfer of title.
b. hypothecate property.
c. secure a note.
d. secure a mortgage.
Q:
A(n) ____________________ foreclosure does not go to court and is not heard by a judge.
Q:
When a lender voluntarily takes a lower position than he would normally be entitled to the process is known as ____________________.
Q:
In the covenant of good repair the borrower promises not to remove or demolish any buildings or improvements.
Q:
At the same time that a lawsuit is filled with the court, a notice of lis pendens is also filed with the court.
Q:
In a foreclosure, a surplus money action would be filed by the junior mortgage holder.
Q:
To use property as security for a debt without giving up possession is called hypothecation.
Q:
In a promissory note, the term "principal" refers to the borrower.
Q:
If an owner of a single-family residence defaults on his mortgage, it can
a. not be foreclosed if an ALTA title insurance policy insured it.
b. be foreclosed on.
c. not be foreclosed on if the mortgage went into effect before 1978.
d. only be foreclosed on if an ALTA title insurance policy insured it.
Q:
Which of the following claims against a real property interest would be the first to be satisfied?
a. First trust deed
b. Second trust deed
c. Property taxes
d. Newly filed IRS tax lien
Q:
Which lien would have highest priority?
a. Property tax lien
b. Mechanic's lien
c. First mortgage or trust deed
d. The lien which is recorded first
Q:
An alienation clause in a mortgage loan is to the advantage of the
a. borrower.
b. lender.
c. mortgagor.
d. seller.
Q:
Which is an example of pledged property?
a. Estoppel
b. Covenant
c. Dedication deed
d. Real estate given as security
Q:
Compared to a warranty deed, the covenants and warranties found in a grant deed are
a. fewer in number.
b. broader in coverage.
c. more restrictive.
d. greater in number.
Q:
The actual passage of title occurs when the deed is
a. acknowledged and recorded.
b. signed and acknowledged.
c. delivered and accepted.
d. executed by the grantor.
Q:
Title to real property will most likely transfer when the deed is
a. delivered but not signed.
b. signed by the grantor but not delivered.
c. recorded but not delivered.
d. executed and recorded.
Q:
The words "grant and release" in a deed are words of
a. conveyance.
b. covenant.
c. acknowledgement.
d. alienation.
Q:
A trust is an arrangement whereby title to real and/or personal property is transferred by its owner (the trustor) to a ____________________.
Q:
Rights, benefits, and obligations under a contract can not be assigned to someone else.
Q:
A unilateral contract results when a promise is exchanged for a promise.
Q:
The absence of duress, menace and undue influence are requirements of lawful objective.
Q:
An acknowledgement is necessary for a valid real estate contract.
Q:
If a contract is considered voidable, it is valid until voided.
Q:
The sum of money agreed upon in advance to be the damages in the event certain problems occur later is best described as
a. judgement damages.
b. liquidated damages.
c. default damages.
d. punitive damages.
Q:
The term "rescinded" in real estate means
a. rewritten.
b. rejected.
c. reworded.
d. canceled.
Q:
An offeree who wishes to bind the offeror to the contract may do which of the following with an offer?
a. Accept it
b. Modify it slightly before acceptance
c. Withdraw it prior to acceptance
d. Accept and counter with conditions
Q:
The party making an offer is called the
a. offeree.
b. grantee.
c. offeror.
d. agent.
Q:
The broker has the power to sign documents for the principal. This is probably because she holds
a. a power of attorney.
b. an agency relationship.
c. special agent status.
d. an attorney-at-law.
Q:
When one party to a contract makes a promise without first receiving any promise of performance from the other, it is called
a. a bilateral contract.
b. an implied contract.
c. a unilateral contract.
d. an executory contract.