Chapter 6

Question 1

Warrants the title, not the consideration of the real property

Answer 1

Warranty deed

Question 2

Typically used when one person is purchasing property from another person

Answer 2

Warranty deed

Question 3

Warrants a clear title for the grantee, which means that no other parties exist who may have any ownership interest in the property

Answer 3

Warranty deed

Question 4

Deed most used in real estate transfers and offers the greatest protection of any deed

Answer 4

Full covenant and warranty deed

Question 5

A deed is used to transfer an interest in real estate in MN in most real estate transactions

Answer 5

General warranty deed

Question 6

5 basic covenants are

Answer 6

Seizen - assured grantor owns the estate to be conveyed and has the right to do so
Against encumbrances - assured that there are no encumbrances on the property except those specifically named in the deed
Further assistance - grantor will assist in clearing any title problems discovered later by obtaining and delivering any instrument needed to make the title good
Quiet enjoyment - grantor will not be disturbed by third party title disputes
Warranty forever - grantor will receive title and that grantor will assist in defending any claims to contrary

Question 7

Deed that transfers real and potential interests In a property, whether an interest is known to exist or not. The grantor makes no claim to any interest in the property being conveyed and offers no warrants to protect the grantee

Answer 7

Quit claim deed

Question 8

InN, the state deed tax is paid by

Answer 8

The seller

Question 9

A warranty deed warrants the title, not the construction of the real property. The overall general warranty covenant is whay

Answer 9

I own and will defend

Question 10

A deed that the grantor warrants only against title defects or encumbrances not noted on the deed that may have occured during the grantors period of ownership on trusteeship

Answer 10

Special warranty deed

Question 11

Overall special warranty convenant is

Answer 11

I own and will defend against my acts only

Question 12

Overall bargain and sale covenant is

Answer 12

I own but wont defend

Question 13

Declaration by a person that the person has executed an instrument for the proposed stated therein and if the instrument is executed in a representative capacity that the person:

Signed the instrument with proper authority
Executed it as the act of the person or entity represented and identified therein

Answer 13

Acknowledgement

Question 14

Legal term for a close, mutual, or successive relationship to the same right of property or the power to enforce a promise or warranty

Answer 14

Privity

Question 15

Covenants which come with a deed or title to the property, in which the grantor of the title makes certain guarantees to the grantee

Answer 15

Convenants for title

Question 16

Covenants that are called real covenants
Major form of covenant, typically imposing restrictions on how the land may be used (negative convenants) or requiring certain continuing action (affirmative convenants).

Answer 16

Land related convenants

Question 17

Name three items required for a deed to be valid

Answer 17

Must describe the real property
Must be signed and notarized by the grantor
Must be recorded.

Question 18

What type of deed does not protect the grantee against claims that predate the owners period of ownership?

Quitclaim deed
Limited warranty deed
Representatives deed
Special warranty deed

Answer 18

Special warranty deed

Question 19

A full convenants and warranty deed has

Two covenants
Three covenants
Five covenants

Answer 19

Five covenants

Question 20

Where there is a possibility that prior errors in deeds or other recorded documents might cloud the title which of the following is used to convey any and all interest to the grantee?

Quitclaim deed
Special warranty deed
Dealth claim deed
Limited Warranty deed

Answer 20

Quit claim deed

Question 21

A quit claim deed

Stops claim on real property
Transfers real and potential interests In a property
Is the same a sa warranty deed
Offers many warrentoes

Answer 21

Transfers real and potential interests In a property

Question 22

The state deed tax is:

A tax required in a federal return for property sold
A state tax imposed on each deed or instrument that grants, assigns, transfers, or otherwise conveys real property
A state deed tax on commercial property sold only
A deed tax on rental property assigned only when sold

Answer 22

A state tax imposed on each deed or instrument that grants assigns transfers or otherwise conveys real property

Question 23

All MN deeds must be

Signed by the grantor and acknowledged by a notary public

Signed by all parties to the deed
Filed with the individuals tax payers tax return
Filed with US government

Answer 23

Signed by grantor and acknowledged by a notary public