Transfer of Title

Question 1

For Federal income tax purposes, which of the following are costs of homeownership that may be deducted from gross income?

Answer 1

Mortgage loan interest, local property taxes, mortgage loan origination fees.

Question 2

Which of the following statements best describes the risk taken by NOT recording a deed?

Answer 2

A subsequent purchaser’s recorded deed could take precedence over any unrecorded instrument.

Question 3

What is the duration of a home warranty’s coverage?

Answer 3

as disclosed in the contract that offers the warranty

Question 4

To be valid, every deed must

Answer 4

be executed by the grantor.

Question 5

In MOST states, foreclosed property is sold through

Answer 5

public auction.

Question 6

MOST closed real estate transactions should be reported to the IRS. REQUIRED information includes seller name(s) and social security number(s) and

Answer 6

the sale price.