Deck 10: Closings and Taxation: Other Methods of Acquisition

Question 1

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

Answer 1

True

Question 2

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

Answer 2

False

Question 3

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

Answer 3

True

Question 4

State intestacy laws never distinguish between real and personal property.

Question 5

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

Question 6

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 7

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

Question 8

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 9

It is never possible to claim real estate by adverse possession unless there is actual possession of the land.

Question 10

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

Question 11

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 12

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.

Question 13

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

Question 14

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.

Question 15

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

Question 16

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

Question 17

A holographic will is one approved by a religious institution.

Question 18

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 19

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..

Question 20

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

Question 21

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)

Question 22

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)by the real estate agent representing the buyer.

Question 23

Trahan privately signed the deed to his property naming his daughter Beverly as grantee.He did not, however, tell her what he had done.Trahan continued to live and pay taxes on the property.When he died, Beverly discovered the deed in Trahan's safety deposit box.She now claims she has been the owner from the time her father signed the deed and placed it in the safety deposit box.Beverly:

A)is correct, since delivery to a safety deposit box is a normal way to deliver title to property.
B)is not correct, since the deed must be delivered to her when her father, the grantor, is alive.
C)is not correct, since a grantee's acceptance of the deed is never presumed although delivery of title to a safety deposit box is a legal means of delivery once a grantor dies.
D)is not correct, since it was executed privately and therefore is not legal because her father's signature was not acknowledged by a notary.

Question 24

Appraisers of residential property:

A)can never be liable to the buyer for a negligent appraisal if the appraisal was required by the lender.
B)cannot be liable to the buyer if the property is secured by a FHA or VA loan.
C)can be liable to the lender for a negligent appraisal since the contract to appraise the property is between the lender and the appraiser.
D)two of the above.(b and c)

Question 25

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.