level 5 practice-contract law and title

Question 1

How long is the statue of limitations for a breach of contract

Answer 1

four years

Question 2

The legal transfer of property ownership to another.

Answer 2

Conveyance

Question 3

The right to act for someone else in a legal transaction.

Answer 3

power of attorney

Question 4

How much is the pa transfer tax

Answer 4

1% of sales price

Question 5

A deed clause containing the words “to have and to hold,” and which describes the interests and rights of the grantee.

Answer 5

habendum clause

Question 6

Leave to someone in a will

Answer 6

devise

Question 7

A person who inherits property from a will

Answer 7

devisee

Question 8

One who drafts a valid will

Answer 8

testator/testatrix

Question 9

A deed where there is at most one warranty: that the current owner has not encumbered it

Answer 9

bargain and sale deed

Question 10

A deed that does not offer any warranties, but simply releases the current owner’s claims to the property

Answer 10

quitclaim deed

Question 11

Formally conveying a parcel of land to a municipality

Answer 11

dedication by deed

Question 12

The transfer of ownership to an interloper who uses it over a period of time

Answer 12

adverse possession

Question 13

The transfer of ownership away from the current owner; it may be voluntary (as in a sale or lien) or involuntary (as in a foreclosure)

Answer 13

alienation

Question 14

foreclosure is an example of what sort of alienation?

Answer 14

involuntary alienation

Question 15

sale or lien is an example of what sort of alienation?

Answer 15

voluntary alienation