Deck 10: Closings and Taxation: Other Methods of Acquisition

Question 1

Jeremy gives Mike a quitclaim deed to the Empire State Building.Since Jeremy does not really own any property interest in the building, Mike could sue him for rescission and damages.

Answer 1

False

Question 2

A seller of real estate who wishes to expose herself to the least amount of legal risk when she sells her property would want to use which of the following deeds?
(a)General warranty deed.
(b)Special warranty deed.
(c)Bargain and sale deed.
(d)Quitclaim deed.

Answer 2

D

Question 3

A valid deed must include:
(a)the grantee's name.
(b)a warranty of title
(c)the grantor's address.
(d)a date.
(e)all of the above..

Answer 3

A

Question 4

In a covenant of seisin, the seller warrants that:
(a)he has good title and the right to convey the real estate.
(b)there are no encumbrances, such as a lien or an easement on the property, except those disclosed.
(c)the property will not be taken by someone with a better title.
(d)the consideration paid for the property is adequate.
(e)the terms of the real estate contract will survive the closing.

Question 5

The habendum clause states what interest in land is being conveyed to the grantee.

Question 6

A will that has been properly executed is effective upon delivery
to the beneficiaries during the testator's life.

Question 7

From the buyer's perspective, it would be preferable to have a special warranty over a general warranty deed

Question 8

An acknowledgment made by a notary of the grantor's and the witnesses' signatures is not required to make a deed legally valid.

Question 9

The tax on proceeds from the sale of real estate is sometimes deferred.

Question 10

An exception is something taken back from the grant of real estate
while a reservation is some part of the estate which is not granted.

Question 11

It is never possible to claim real estate by adverse possession unless there is actual possession of the land.
(Correct Answers are in Boldface)

Question 12

David delivered a deed to his farm to an independent third party, Ann, with instructions that the deed be delivered to Sissy at his death.At David's death, his only heirs, sons Larry and Harry, claim ownership of the farm.The owner of the farm is:
(a)David's estate.
(b)Sissy.
(c)Ann.
(d)Larry and Harry.
(e)None of the above.

Question 13

State intestacy laws never distinguish between real and personal property.

Question 14

A deed is a written or oral conveyance of real estate from one party to another.
.

Question 15

A deed must include the addresses of the grantor and grantee.

Question 16

Dower and homestead laws insure that a wife will have a home during the life of her husband.

Question 17

A holographic will is one approved by a religious institution.

Question 18

Generally, courts are not concerned with the adequacy of consideration stated in a deed.

Question 19

A description of property that uses distances and directions based on monuments, such as a tree or a rock, is called:
(a)government survey.
(b)metes and bounds.
(c)plat.
(d)informal description.

Question 20

A fictitious name can be used for the grantor, as long as the real grantor can be easily identified.

Question 21

Under the Home Valuation Code of Conduct (HVCC), appraisers today are selected by:
(a)Fannie Mae.
(b)the lender.
(c)an appraisal management company.
(d)the real estate agent representing the buyer.

Question 22

A homestead:
(a)is the family home and the land surrounding it.
(b)can be sold by either spouse.
(c)is typically not protected from the actions of creditors.
(d)all of the above.

Question 23

If an individual claiming property by adverse possession has color of title:
(a)constructive possession instead of actual possession may be allowed.
(b)the amount of land claimed is measured by the description in a deed.
(c)Possession need not be continuous.
(d)two of the above.(a and b)