Question 1

The process of conveyance of a deed is called the:

Accepted Answer

A)  zoning meeting. 
B)  closing. 
C)  title search. 
D)  recordation. 
A)  zoning meeting. 
B)  closing. 
C)  title search. 
D)  recordation.

Question 2

A buyer's remedies for breach of a contract for the sale of land include all but which of the following:

Accepted Answer

A)  rescission and restitution. 
B)  damages for loss of the bargain. 
C)  specific performance with a price reduction. 
D)  All of these remedies are available. 
A)  rescission and restitution. 
B)  damages for loss of the bargain. 
C)  specific performance with a price reduction. 
D)  All of these remedies are available.

Question 3

Foreclosure may be exercised only by sale under judicial decree.

Accepted Answer

A) True 
 B)False

Question 4

A real estate conveyance is governed by the:

Accepted Answer

A)  statute of frauds. 
B)  financial decisions of the lender. 
C)  terms of the mortgage. 
D)  law of secured transactions. 
A)  statute of frauds. 
B)  financial decisions of the lender. 
C)  terms of the mortgage. 
D)  law of secured transactions.

Question 5

A title search guarantees rightful ownership.

Accepted Answer

A) True 
 B)False

Question 6

The doctrine declaring that the mortgagee's interest in the property is limited to the amount of the outstanding obligation is known as:

Accepted Answer

A)  adverse possession. 
B)  the title theory. 
C)  the lien theory. 
D)  equity of redemption. 
A)  adverse possession. 
B)  the title theory. 
C)  the lien theory. 
D)  equity of redemption.

Question 7

Giving a deed to an escrow agent may be sufficient delivery of a deed.

Accepted Answer

A) True 
 B)False

Question 8

Explain the concept of marketable title.

Accepted Answer

The law of conveyancing has firmly estab

Question 9

Which of the following is not true regarding the warranty of habitability?

Accepted Answer

A)  It is an implied warranty. 
B)  A majority of states hold that a builder-seller impliedly warrants a newly constructed house to be free of latent defects. 
C)  In the majority of states,the buyer must inspect the property thoroughly before completing the sale,as any defect discovered only after the transaction is complete would not be the seller's responsibility. 
D)  Many jurisdictions now require all sellers to disclose hidden defects that materially affect the property's value and that would remain undetected following a reasonable examination. 
A)  It is an implied warranty. 
B)  A majority of states hold that a builder-seller impliedly warrants a newly constructed house to be free of latent defects. 
C)  In the majority of states,the buyer must inspect the property thoroughly before completing the sale,as any defect discovered only after the transaction is complete would not be the seller's responsibility. 
D)  Many jurisdictions now require all sellers to disclose hidden defects that materially affect the property's value and that would remain undetected following a reasonable examination.

Question 10

The power to zone is generally given to:

Accepted Answer

A)  states by the state constitutions. 
B)  states by adverse possession statutes. 
C)  local authorities by enabling statutes. 
D)  local authorities by master plans adopted by the states. 
A)  states by the state constitutions. 
B)  states by adverse possession statutes. 
C)  local authorities by enabling statutes. 
D)  local authorities by master plans adopted by the states.

Question 11

A majority of jurisdictions follow the common law rule that the risk of loss or destruction of real property rests with the seller until the deed is conveyed to the purchaser.

Accepted Answer

A) True 
 B)False

Question 12

A deed of trust differs from a mortgage in that the former conditionally conveys the property to a trustee for the creditor's benefit.

Accepted Answer

A) True 
 B)False

Question 13

The validity of zoning is based on the police power reserved to the states.

Accepted Answer

A) True 
 B)False

Question 14

If a zoning restriction causes a financial loss to a property owner,this amounts to a taking of property and the local government will have to compensate the landowner for his loss.

Accepted Answer

A) True 
 B)False

Question 15

An instrument representing an interest in real property created to secure repayment of the debt is called a:

Accepted Answer

A)  warranty deed. 
B)  foreclosure. 
C)  mortgage. 
D)  default judgment. 
A)  warranty deed. 
B)  foreclosure. 
C)  mortgage. 
D)  default judgment.

Question 16

In a quitclaim deed,the grantor warrants that:

Accepted Answer

A)  he has no knowledge of any encumbrances. 
B)  he himself has not impaired title to the land. 
C)  the land passes with no impairment of title. 
D)  he is conveying whatever interest he has in the land. 
A)  he has no knowledge of any encumbrances. 
B)  he himself has not impaired title to the land. 
C)  the land passes with no impairment of title. 
D)  he is conveying whatever interest he has in the land.

Question 17

In order for a deed to be effective,it must contain all of the following except:

Accepted Answer

A)  a description of the land. 
B)  a description of the consideration. 
C)  the signature of the grantor. 
D)  language conveying title. 
A)  a description of the land. 
B)  a description of the consideration. 
C)  the signature of the grantor. 
D)  language conveying title.

Question 18

The characteristics of a special warranty deed include:

Accepted Answer

A)  the grantor warrants the title so far as it concerns his acts or omissions. 
B)  the grantor warrants the title to be free of defects caused by acts or omissions of others. 
C)  a general warranty of title. 
D)  All of these. 
A)  the grantor warrants the title so far as it concerns his acts or omissions. 
B)  the grantor warrants the title to be free of defects caused by acts or omissions of others. 
C)  a general warranty of title. 
D)  All of these.

Question 19

If Stan's land is condemned in order to build a subway system for the city,he must be given:

Accepted Answer

A)  the fair market value of the property. 
B)  equivalent property. 
C)  the option of keeping the property. 
D)  his asking price for the property,which can be up to 20% more than he paid for it. 
A)  the fair market value of the property. 
B)  equivalent property. 
C)  the option of keeping the property. 
D)  his asking price for the property,which can be up to 20% more than he paid for it.

Question 20

An action through which the mortgage holder takes the property from the mortgagor,ends the mortgagor's rights in the property,and sells the property to satisfy the debt is known as:

Accepted Answer

A)  foreclosure. 
B)  equity of redemption. 
C)  adverse possession. 
D)  an executed deed of trust. 
A)  foreclosure. 
B)  equity of redemption. 
C)  adverse possession. 
D)  an executed deed of trust.

Exam 49: Transfer and Control of Real Property

The process of conveyance of a deed is called the:

A buyer's remedies for breach of a contract for the sale of land include all but which of the following:

Foreclosure may be exercised only by sale under judicial decree.

A real estate conveyance is governed by the:

A title search guarantees rightful ownership.

The doctrine declaring that the mortgagee's interest in the property is limited to the amount of the outstanding obligation is known as:

Giving a deed to an escrow agent may be sufficient delivery of a deed.

Explain the concept of marketable title.

Which of the following is not true regarding the warranty of habitability?

The power to zone is generally given to:

A majority of jurisdictions follow the common law rule that the risk of loss or destruction of real property rests with the seller until the deed is conveyed to the purchaser.

A deed of trust differs from a mortgage in that the former conditionally conveys the property to a trustee for the creditor's benefit.

The validity of zoning is based on the police power reserved to the states.

If a zoning restriction causes a financial loss to a property owner,this amounts to a taking of property and the local government will have to compensate the landowner for his loss.

An instrument representing an interest in real property created to secure repayment of the debt is called a:

In a quitclaim deed,the grantor warrants that:

In order for a deed to be effective,it must contain all of the following except:

The characteristics of a special warranty deed include:

If Stan's land is condemned in order to build a subway system for the city,he must be given:

An action through which the mortgage holder takes the property from the mortgagor,ends the mortgagor's rights in the property,and sells the property to satisfy the debt is known as:

Introduction to Law

Business Ethics and the Social Responsibility of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

A: Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance,breach,and Discharge

Contract Remedies

Relationship of Principal and Agent

Relationship With Third Parties

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Products Liability: Warranties and Strict Liability in Tort

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits,collections,and Funds Transfers

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature,formation,and Powers

Financial Structure

Management Structure

Fundamental Changes

Secured Transactions and Suretyship

Bankruptcy

Protection of Intellectual Property

Antitrust

Consumer Protection Double

Employment Law

Securities Regulation

Accountants Legal Liability

Environmental Law

International Business Law

Introduction to Property,property Insurance,bailments,and Documents of Title

Interests in Real Property

Trusts and Decedents Estates

Legal Terminology: Understanding Criminal and Civil Law Systems

Contract Law Terminology

Exploring the Legal Concepts of Agency and Fiduciary Duty

Understanding Key Legal Concepts in Sales and Contracts

Understanding the Terminology of Banking and Finance: Key Concepts and Definitions

Exploring Legal Concepts and Processes in Business Partnerships

Understanding Corporate Law: A Guide to Ultra Vires Acts, Subscribers, Debt Securities, and More

Understanding Key Terms in Secured Transactions and Bankruptcy Law

Legal Topics and Terms