Q&A Hero

Q: A deed which does not imply that the grantor owns title is a a. general warranty deed. b. special warrant deed. c. bargain and sale deed. d. quitclaim deed.

Q: How many covenants does a bargain and sale deed contain? a. None b. Two c. Three d. Five

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: Which deed form gives the most guarantee and security to the grantee? a. Special warranty deed b. Grant deed c. General warranty deed d. Quitclaim deed

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: The covenant whereby the grantor guarantees that there are no tax liens, mortgages or assessments, except as stated in the deed, is called the covenant a. of seizen. b. of quiet enjoyment. c. against encumbrances. d. of further assurance.

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 covenant of seizen warrants that one is a. the lawful owner. b. a lessee. c. a trespasser. d. acquiring ownership by adverse possession.

Q: The following are necessary to make a deed valid EXCEPT a. a competent grantor. b. covenants. c. a granting clause. d. a property description.

Q: The covenant, which states that the grantor is the owner and has the right to convey, is called the covenant of a. quiet enjoyment. b. seisen. c. further assurance. d. encumbrances.

Q: The words "grant and release" in a deed are words of a. conveyance. b. covenant. c. acknowledgement. d. alienation.

Q: To properly convey title to land and its building, a deed must describe the a. land. b. buildings. c. appurtenances. d. easements.

Q: A deed, which is properly completed and delivered but lacks the grantee's signature is a. invalid until the grantee signs. b. invalid until recorded. c. valid if the grantee is identified. d. void.

Q: Title to real property passes to the grantee at the time the deed is a. written. b. delivered and accepted. c. executed. d. notarized.

Q: What basic principle is involved in the requirement that a real property contract must be in writing to be valid? a. Bill of sale b. Statute of Frauds c. Uniform Commercial Code d. Statue of Limitations

Q: A grantor warrants the extent and quality of title by using a a. trust deed. b. bargain and sale deed. c. warranty deed. d. quit claim deed.

Q: A deed is a. the only way to transfer title to land. b. the most commonly used means of land title conveyance. c. a recorded instrument. d. valid for a predetermined period of time.

Q: ____________________ is a broad term that simply refers to two or more individuals who have combined to pursue an investment enterprise too large for any of them to undertake individually.

Q: Investors in real estate investment trusts are called ____________________.

Q: A ____________________ trust takes effect after death.

Q: A trust is an arrangement whereby title to real and/or personal property is transferred by its owner (the trustor) to a ____________________.

Q: A joint venture is a partnership formed to carry out a ____________________ business venture.

Q: In regard to a partnership, ____________________ refers to the possibility that it may be difficult to sell one's partnership interest on short notice in order to raise cash.

Q: Some states automatically assume that a tenancy by the entirety is created when ____________________ persons buy real estate.

Q: The most distinguishing characteristic of joint tenancy is the right of ____________________.

Q: In nearly all states, if two or more persons are named as owners, and there is no indication as to how title was taken, they are presumed to be ______________________________.

Q: When a property is held by one person, it is called an estate in ____________________.

Q: A joint venture is a partnership to carry out numerous business projects.

Q: In a state recognizing community property, real property acquired before marriage is brought into the marriage as community property.

Q: In community property states, property not held as community property is designated as separate property.

Q: The basic concept of community property law is that the husband and wife are merged into one by marriage.

Q: Typically an investment in a REIT requires a large amount of money.

Q: Real Estate Investment Trusts (REITs) pool the money of many investors for the purchase of real estate, much as mutual funds do with stocks and bonds.

Q: In several states, a land trust allows an owner to create a trust wherein he is both the trustor and the trustee.

Q: A trust is an arrangement whereby title to real and/or personal property is transferred by its owner (the Trustor) to a beneficiary.

Q: Subchapter S corporations are not popular as a method of organization for real estate brokers and developers.

Q: If a limited partner becomes too involved in the management of the partnership he may become a general partner's operation of law and have more liability than he bargained for.

Q: Most real estate investors shun corporations because of the double taxation feature and because the tax benefits of owning real estate are trapped inside the corporation.

Q: Because a corporation is an entity (or legal being) in the eyes of the law, the corporation must pay income taxes on its profits.

Q: In a limited partnership, the partners provide the bulk of the invested capital, have little to say in the day-to-day management of the partnership, share in the profit and losses, and contract with the general partners to limit their financial liability.

Q: In a general partnership, each partner can loose no more than what he has invested in the partnership.

Q: Property owned before marriage and property acquired after marriage by gift, inheritance, or purchase with separate funds are all considered the couple's community property.

Q: Separate property can be conveyed or mortgaged without the signature of the owner's spouse.

Q: One of the key characteristics of a tenancy by the entireties is that neither spouse has a disposable interest in the property during the lifetime of the other.

Q: Because of the survivorship feature, tenancy in common has loosely been labeled a "poor man's will."

Q: With tenants in common, if nothing is said regarding the size of each co-owner's interest, the law presumes that all interests are equal.

Q: The greatest advantage of sole ownership is flexibility.

Q: Community property could include a. property acquired by one spouse before marriage. b. gifts made to one spouse or the other. c. property inherited by one spouse or the other. d. property acquired before marriage and maintained with community funds.

Q: Sara Jane, a married woman, and Don Dudley, a single man, may NOT own real estate as a. tenants in common. b. joint tenants. c. tenants by the entirety. d. a concurrent estate.

Q: The surviving co-owner may automatically inherit the deceased co-owner's share when the property is held a. as tenancy in common. b. in severalty. c. as a trust. d. as tenancy by the entirely.

Q: Hallie and Wally, husband and wife, owned property as tenants by the entirely. Wally sold the property without his wife's signature. One day later, he died. The property goes to a. the purchaser. b. the purchaser and Hallie share equally. c. Hallie who owns the entire estate. d. no one, there is a cloud on the title.

Q: In states recognizing tenancy by the entirety for married couples, in order to legally sell property, a husband and wife must both sign the a. listing and the deed. b. earnest money agreement and the deed. c. listing only. d. earnest money agreement only.

Q: A man has separated from his wife and filed for divorce. They own property as tenants by the entirely. He signs an exclusive right to sell listing agreement. The wife does not sign. The broker then brings a full price offer which the husband accepts. The wife does not sign. Which is true? a. The broker cannot collect a commission since the wife didn"t sign the listing. b. The broker may sue the wife for specific performance. c. The broker may collect commission from the husband only. d. The broker may collect from the husband and wife.

Q: The phrase "a poor man's will" has often been applied to a. severalty ownership. b. joint tenancy. c. tenancy in common. d. tenancy in common.

Q: When a person who owns property in joint tenancy dies, his share goes to a. his spouse. b. the surviving co-tenants. c. creditors. d. heirs in his will.

Q: One of the most outstanding characteristics of joint tenancy is that a. death extinguishes the interest of the deceased. b. tenants use separate deeds. c. tenants hold unequal interests. d. interests of the deceased tenant pass to his natural survivors.

Q: The most widely recognized aspect of joint tenancy is the a. right of equal interest. b. right of equal use. c. right of survivorship. d. simultaneous creation of ownership.

Q: A brother and sister owned property in joint tenancy. All of their other affairs were separate. The sister died penniless, leaving many unsecured debts. Her creditors could a. attach the property that was owned in joint tenancy. b. place alien against the brother's other pieces of property. c. obtain no satisfaction since the property is now owned by the brother. d. appeal to the probate court which would pay creditors out of the sale of the sister's property.

Q: Which of the following is required to create a joint tenancy? a. Unities of time, title, interest and possession need not be present. b. New joint tenants may be added without forming a new joint tenancy. c. Survivorship exists among joint tenants. d. Only a husband and wife may hold title as joint tenants.

Q: Three people are going to purchase an investment property as co-owners, and will take title as joint tenants. As joint tenants, a. each will acquire their interests at the different moments in time. b. each will receive a separate deed for his/her share. c. all will have equal interests in the property. d. all will enjoy unequal rights of possession.

Q: Concurrent interests in real property must a. be recorded. b. include right of survivorship. c. include equal interests. d. include 2 or more people.

Q: Joint tenants must acquire their interests in jointly held property a. at the same time. b. from different sources. c. in separate instruments. d. from a partition action.

Q: Sylvia and Bart, sister and brother, purchased a parcel of real property. Each had an undivided one-half interest. This could be an example of a. severalty. b. dower ownership. c. co-ownership. d. curtesy rights.

Q: Four unities are required for the creation of joint tenancy. They are time, possession, interest, and a. consideration. b. competent parties. c. title. d. legal purpose.

Q: The term "undivided interest" means a. each co-owner has the right to use the entire property. b. when one co-owner dies, the remaining co-owners acquire his interest. c. the property has not previously been sold. d. no co-owner can sell his interest.

Q: All of the following are true of a tenancy in common EXCEPT a. all tenants hold an undivided interest in the entire property. b. each tenant must have a separate deed to his/her share. c. the tenants may dispose of all or part of their shares without the agreement of the other tenants. d. there is no right of survivorship among the tenants.

Q: A tenant in common a. has survivorship rights. b. can sell his interest and bind his co-tenants. c. cannot sell his interest without the consent of his co-tenants. d. can sell his interest separately.

Q: With regard to real property estates, tenancy in common refers to a. occupancy by 2 or more persons. b. ownership. c. survivorship. d. community property.

Q: When property is held by two or more owners as tenants in common, upon the death of one owner, that person's ownership interest would pass to a. the surviving spouse only. b. whoever is designated in the decedent's will. c. the surviving owner and/or his heirs. d. the remaining owner or owners.

Q: A deed grants a parcel of land to Betty and Art, with no further distinction as to tenancy. Betty and Art would own the property as a. joint tenants. b. community property. c. partners. d. tenants in common.

Q: A couple purchased a condominium taking title as joint tenants. Regarding the other owners, interest in the common areas would be held a. as joint tenants. b. community property. c. as tenants in common. d. in severalty.

Q: A corporation, composed of many stockholders, desired to take title to real property. They would most likely take title a. as a legal life estate. b. in severalty. c. as tenants in common. d. as holders of corporate property.

Q: Which of the following forms of property ownership offers the greatest flexibility for the investor wishing to sell his interest? a. Limited partnership b. Joint tenancy c. Ownership in severalty d. General partnership

Q: Ownership in severalty occurs when a. two or more persons have identical interests in the same property concurrently. b. husband and wife share ownership of the same property. c. property is owned by one person. d. two or more persons own the same property in any form of title.

Q: An estate in severalty means a. there are several ways to own real property. b. several owners of real property. c. ownership severed from any other ownership interest. d. sole ownership by married couples.

Q: An estate in severalty is one held by a. one person. b. two persons. c. three or more persons. d. joint tenants.

Q: Property owned in severalty a. is owned concurrently by at least two persons. b. cannot be sold without the consent of several owners. c. is an estate of inheritance. d. may be willed.

Q: A government may acquire ownership of privately held land by patent.

Q: A family had a lion as a pet at their home outside the city. When the area became incorporated, the city made him get rid of the lion by their use of police power.

Q: Railroads have the right to condemn private property for public use.