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Real Estate Exam > Ownership and Title Transfer > Flashcards

Ownership and Title Transfer Flashcards

1
Q

Four conditions required for joint tenancy? TIPT

A

Title
Interest
Possession
Time

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2
Q

Document promising that the title is merchantable

A

Warranty deed

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3
Q

Deed containing covenants and warranties

A

Warranty deed

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4
Q

Protection against losses due to undiscovered title defects or encumbrances is best provided by

A

Title insurance

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5
Q

T/F acknowledgment by a notary is NOT necessary to validate a deed

A

True

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6
Q

A claim against property that has an effect on merchantable title

A

Encumbrance

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7
Q

The clause that names the type of estate being granted

A

Habendum clause

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8
Q

Transfer of property must be accepted by

A

Grantor and grantee

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9
Q

Documentary stamp tax is a debit to who?

A

Seller

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10
Q

Minimum notice to terminate a monthly tenancy at will

A

15 days

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11
Q

Does a grantee have to be competent in order to receive a deed?

A

No

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12
Q

What type of partnership is formed to engage in on transaction and terminate after

A

Joint venture

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13
Q

Executors contract is what?

A

Not been executed

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14
Q

Which law requires that real estate contracts must be in writing

A

Statute or frauds

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15
Q

Ownership by one person is

A

Tenancy in severalty

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16
Q

Married couple purchase a home as tenancy _________

A

In common

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17
Q

In selecting the form of ownership, two people would not consider ?

A

Amount of land

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18
Q

Characteristics of real estate? DUPE

A

Disposition
Use
Possession
Exclusion

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19
Q

If the reversionary interest in a life estate is transferred to a third party.. it becomes

A

Remainder estate

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20
Q

After lease expiration but before renegotiation of lease a tenant is in what ownership ?

A

Tenancy at sufferance

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21
Q

Estate that features absolute and complete ownership

A

Fee simple absolute estate

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22
Q

Court ordered claim against an individual results in

A

Judgement

23
Q

The rights held by someone who has possessory interest in real estate

A

ESTATE

24
Q

Declaration would most likely be used in which type of property

A

Condominium

25
Q

The year end financial information from the previous year must be given to the buyers of

A

A condominium

26
Q

Max amount per $100 that can be charged for documentary stamp tax

A

70c

27
Q

Warranty deed that the grantor owns and has the right to transfer the property

A

Seizin

28
Q

Problem solver deed with no covenants or warranty

A

Quitclaim deed

29
Q

Purpose of recoding a deed

A

To give constructive notice

30
Q

What is issued for the amount of the mortgage loan and can be transferred

A

Title insurance

31
Q

Recording a document provides what

A

Constructive notice

32
Q

A general warranty deed does not include what kind of warranty

A

Warranty forever

33
Q

How much is the state intangible tax in a mortgage of 50,000

A

$100

34
Q

How is purchase price entered on contract

A

Credit seller debit buyer

35
Q

Property tax proration on closing statement

A

Debit seller credit buyer

36
Q

Intangible tax on closing statement

A

Debit buyer

37
Q

A buyer entering into a contract to purchase land acquires

A

Equitable title

38
Q

Forcing the other party to proceed as stated in the contract is called

A

Specific performance

39
Q

Houses built prior to 1978 must provide

A

Lead based paint disclosure

40
Q

Purpose of statue of frauds

A

Avoid oral contracts

41
Q

Retail Lease where tenant pays rent and percent of income

A

Percentage lease

42
Q

A contract for sale signed by a buyer under duress is

A

Voidable by buyer

43
Q

Statute of limitations for parole contracts is

A

4 years

44
Q

A promise in exchange for performance

A

Unilateral

45
Q

An easement may not be terminated by ?

A

Sale of property

46
Q

A committee is appointed to administer the affairs of an incompetent grantee is what kind of deed

A

Committees deed

47
Q

Seller carries second mortgage from buyer. Closing statement reads

A

Debit seller credit buyer

48
Q

Seller goes bankrupt, what happens to the listing

A

Cancelled

49
Q

Additional homestead for the legally blind

A

$500 deducted form assessed value

50
Q

A life tenant may not?

A

Transfer by will

51
Q

James crossed neighbor property for 20 years. Everyone now uses the road. This creates an easement by

A

Prescription

52
Q

Deed clause where grantor warrants ownership the Ruhr to dispose of the property

A

Seizin clause

53
Q

Death of either party prior to closing or during executory period does what?

A

Terminates

54
Q

The sum of total money promises or other items of value given exchange for receipt of something of value is

A

Consideration

Real Estate Exam (8 decks)

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