28491339
Description
Quiz by Larkin Willis, updated more than 1 year ago
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Created by Larkin Willis
almost 4 years ago
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Question 1
Question
Title to real estate passes when a valid deed is:
Answer
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signed and recorded
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signed, delivered and accepted
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filed and microfilmed
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executed and mailed
Question 2
Question
Title to real estate inherited from a person who died testate is referred to as a:
Answer
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legacy
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bequest
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devise
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descent
Question 3
Question
Which of the following is an essential element of a valid North Carolina deed?
Answer
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a seal
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recordation
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the signature of the grantee
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words of conveyance
Question 4
Question
When the grantor does NOT wish to convey certain property rights:
Answer
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exceptions must be noted in a separate document
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the deed must convey the property with all rights intact
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exceptions may be noted in the deed of conveyance
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the grantor must convey the entire premises and have the grantee reconvey the rights to be retained by the grantor
Question 5
Question
A trespasser built a log cabin in a remote area of a national park and occupied the structure for more than 25 years. That person will never be able to claim the property under adverse possession statutes because:
Answer
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the possession was not notorious
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the possession was not open
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the property was not privately owned
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the property was not properly fenced
Question 6
Question
The seller conveyed a quitclaim deed to the buyer. Upon receipt of the deed, the buyer may be certain that:
Answer
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the seller owned the property
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there are no encumbrances against the property
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the buyer now owns the property subject to certain claims of the seller
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any and all of the seller's interests in the property belong to the buyer
Question 7
Question
Which of the following statements about North Carolina deeds is correct?
Answer
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A general warranty deed is the best way for the buyer to receive title.
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A special warranty deed gives the seller the greatest degree of liability.
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A bargain and sale deed is very much like the special warranty deed.
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A gift deed must be recorded within 30 days to remain valid.
Question 8
Question
Which of the following is TRUE regarding a special warranty deed?
Answer
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A grantor makes additional warranties beyond those given in a general warranty deed.
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The grantor retains an ownership interest in the property.
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The grantor is warranting that no undisclosed encumbrances exist against the property.
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The grantor's warranties are limited to the time the grantor owned the property.
Question 9
Question
Regarding title recordation, which of the following statement(s) is/are true? l. Physically taking possession of the property is constructive notice. ll. Public notice of recording documents is actual notice.
Answer
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l only
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ll only
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Both l and ll
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Neither l nor ll
Question 10
Question
Which of the following would be considered an essential element of a valid deed in North Carolina? I. Acknowledgement II. Witnessed
Answer
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I only
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II only
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Both I and II
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Neither I nor II
Question 11
Question
All of the following may be discovered in a title search, EXCEPT:
Answer
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the legal description of the property
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liens and judgments
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easements
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encroachments
Question 12
Question
Which of the following is TRUE?
Answer
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The grantor under a special warranty deed warrants that the grantee's title will be defended and protected against any claims whatsoever.
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The grantor under a general warranty deed promises that the grantee's title will be defended and protected only against claims resulting from the grantor's ownership.
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The grantor under a quitclaim deed only conveys any interest the grantor may have in the property.
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A minor will convey absolute ownership interest in a property as long as the signature is obtained in the presence of a parent.
Question 13
Question
The recording of a deed:
Answer
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is required in order to fully transfer the title of the real estate
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makes the deed enforceable
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ensures the grantee's interest in a parcel of real estate
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warrants the grantee's title to real property
Question 14
Question
The recordation of a general warranty deed:
Answer
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guarantees ownership
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protects the interests of the grantee
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prevents claims of parties in possession
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provides defense against adverse possession
Question 15
Question
Don, a real estate broker, has agreed to prepare a deed for the seller in a transaction in which he is the listing agent. If he does not charge the seller a separate fee for this service:
Answer
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He has done nothing illegal since he did not charge a separate fee for his service.
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He may have his license suspended or revoked by the North Carolina Real Estate Commission.
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He has not violated any rules or laws as long as he obtains consent from both parties prior to engaging in this act.
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There is no violation as long as he has a broker’s license.
Question 16
Question
When the seller of the property gives a deed to a buyer “by, through, or during” the current ownership period of time, what type of deed is given?
Answer
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General warranty deed
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Special warranty deed
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Quitclaim deed
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Trustees deed
Question 17
Question
Under the North Carolina Conner Act, all the following documents must be recorded to be enforceable against third parties, EXCEPT:
Answer
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an easement
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a deed of trust
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a purchase contract
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a set of restrictive covenants
Question 18
Question
Determine the excise tax to be paid on a house that sells for $268,210 if the buyer makes a $25,000 down payment and the seller takes back a second mortgage for $50,000?
Answer
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$536.42
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$537
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$533
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$538
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