Transfer of Property Flashcards
Deeds are indexed at the county recorder's office by: A) legal descriptions B) sales price C) names of grantor and grantee D) tax assessor parcel number
C) Names of grantor and grantee
a valid deed may be: A) assigned to another grantee B) foreclosed by the lender C) revoked at a later date by the grantor D) signed by an "X"
D) signed by an “X”
a valid grant deed passes title when the deed is: A) notarized b) signed C) delivered D) recorded
D) Recorded
Which of the following is NOT essential to a valid deed?
A) the parties are competent to convey and capable of receiving title
B) a granting clause
C) the deed must be acknowledged
D) the deed must be in writing
C) the deed must be acknowledged
The recording of a deed gives what type of notice? A) actual notice B) positive notice C) negative notice D) constructive notice
D) constructive notice
Adam sold his home to Tim, but negotiated a two year leaseback and remained in possession. Tim immediately place the deed he received in a safe deposit box for safe keeping. Adam then sold this same home to Sally. Sally recorded the deed. Who owns the home?
A) Tim, because he received the first deed
B) Sally, because she recorded her deed
C) Adam, because he still has three more deeds ready to be sold
D) Adam, because both sales were improper.
B) Sally, because she recorded her deed.
Each of the following deeds will contain at least some implied covenants from the grantor, EXCEPT: A) grant deed B) warranty deed C) quitclaim deed D) gift deed
C) Quitclaim deed
A Brother and sister held title to an apartment building as joint tenants. other than this building, their business and personal affairs were conducted separately . at the time of the brother’s death, he was insolvent and owed creditors substantial unsecured amounts of money. Title to the apartment building would now be held by the sister:
A) subject to the processes of a probate sale
B) subject to the claims of the unsecured creditors
C) free and clear of the debts of her brother
D) as tenant in common with the creditors of the deceased brother.
C) free and clear of the debts of her brother
Which of the following would NOT terminate a joint tenancy between two owners?
A) foreclosure on on of the joint tenant’s interest
B) the sale of one joint tenant’s interests
C) on of the joint tenants deeding his interest to a third party
D) one joint tenant having a trust deed or mortgage recorded against his or her interest in the property.
D) one joint tenant having a trust deed or mortgage recorded against his or her interest in the property.
a contract for the sale of rural property requires a:
legal description
which of the following items would NOT normally be listed as a debit on a buyer’s closing statement?
interest on a loan assumed by the buyer
a home sold for 210,000. the buyer agreed to a total down payment of 50,000. a new loan from the bank for 130,000. the seller agreed to take back a purchase money second trust deed for the balance of the purchase price. if the documentary transfer tax rate is .55 per 500 of consideration or fraction thereof, what would be the total documentary transfer tax?
231
the term tax shelter refers to:
income taxes
a grant deed has been executed once it has been:
signed by the grantor
concurrent ownership of real property by two or more parties, each of whom has an undivided interest (not necessarily equal) without right of survivorship, would be described as:
tenancy in common
