Question 1

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 2

Many jurisdictions now require all sellers to disclose hidden defects that materially affect the property's value if reasonable examination would not reveal such defects.

Accepted Answer

A) True 
 B)False

Question 3

The 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 pay the mortgage debt is known as:

Accepted Answer

A)  foreclosure. 
B)  equity of redemption. 
C)  adverse possession. 
D)  execution of a deed of trust. 
A)  foreclosure. 
B)  equity of redemption. 
C)  adverse possession. 
D)  execution of a deed of trust.

Question 4

Which of the following is true of restrictive covenants?

Accepted Answer

A)  They are widely used in subdivisions. 
B)  Restrictive covenants are construed strictly against a party asserting their applicability. 
C)  They may bind lot purchasers as though the restrictions had actually been asserted in their own deeds. 
D)  All of these. 
A)  They are widely used in subdivisions. 
B)  Restrictive covenants are construed strictly against a party asserting their applicability. 
C)  They may bind lot purchasers as though the restrictions had actually been asserted in their own deeds. 
D)  All of these.

Question 5

There are four major types of deeds.

Accepted Answer

A) True 
 B)False

Question 6

Delivery of a deed may be made by giving it to a third party to hold until the grantee performs certain conditions.

Accepted Answer

A) True 
 B)False

Question 7

Adverse possession, requires no:

Accepted Answer

A)  contract. 
B)  deed. 
C)  formality. 
D)  All of these. 
A)  contract. 
B)  deed. 
C)  formality. 
D)  All of these.

Question 8

A deed of trust is almost identical to a warranty deed.

Accepted Answer

A) True 
 B)False

Question 9

An exemption from application of the Fair Housing Act applies to single-family homes owned by private individuals who own fewer than four houses.

Accepted Answer

A) True 
 B)False

Exam 49: Transfer and Control of Real Property

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

Many jurisdictions now require all sellers to disclose hidden defects that materially affect the property's value if reasonable examination would not reveal such defects.

The 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 pay the mortgage debt is known as:

Which of the following is true of restrictive covenants?

There are four major types of deeds.

Delivery of a deed may be made by giving it to a third party to hold until the grantee performs certain conditions.

Adverse possession, requires no:

A deed of trust is almost identical to a warranty deed.

An exemption from application of the Fair Housing Act applies to single-family homes owned by private individuals who own fewer than four houses.

Introduction to Law

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Intentional Torts

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Introduction to Contracts

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Consideration

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Performance, Breach, and Discharge

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Introduction to Sales and Leases

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Transfer of Title and Risk of Loss

Product Liability: Warranties and Strict Liability

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Introduction to Property, Property Insurance, Bailments, and Documents of Title

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