National Practice Questions. II. Forms of Ownership, Transfer, and Recording of Title
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1 National Practice Questions II. Forms of Ownership, Transfer, and Recording of Title
2 1. John gave a house to his daughters Mary and Sally. Sally dies. Mary inherits all of the house over the objections of Sally s children. How did Mary and Sally take title to the house? A. Tenants in common B. Joint tenancy C. Tenants in severalty D. Tenancy in entirety 1
3 1. John gave a house to his daughters Mary and Sally. Sally dies. Mary inherits all of the house over the objections of Sally s children. How did Mary and Sally take title to the house? A. Tenants in common B. Joint tenancy C. Tenants in severalty D. Tenancy in entirety 2
4 2. An abstract of title is: A. A deed of trust B. Title insurance C. A contract for deed D. A history of the recorded documents of a property 3
5 2. An abstract of title is: A. A deed of trust B. Title insurance C. A contract for deed D. A history of the recorded documents of a property 4
6 3. Documents that must be in writing according to the Statute of Frauds include: A. A lease for a term of one year or more B. Deeds C. Deeds of trust and promissory notes D. All of the above 5
7 3. Documents that must be in writing according to the Statute of Frauds include: A. A lease for a term of one year or more B. Deeds C. Deeds of trust and promissory notes D. All of the above 6
8 4. The function of a deed is to: A. Spell out the terms of payment on transfer of property B. Transfer title or claim to property from one to another C. Serve as a conditional contract for sale of property D. Serve as a listing agreement for the sale of real estate 7
9 4. The function of a deed is to: A. Spell out the terms of payment on transfer of property B. Transfer title or claim to property from one to another C. Serve as a conditional contract for sale of property D. Serve as a listing agreement for the sale of real estate 8
10 5. Recording a deed: A. Guarantees fee simple title B. Is the final step in the transfer of title C. Is required before resale of the property D. Protects ownership and safeguards against fraudulent sale 9
11 5. Recording a deed: A. Guarantees fee simple title B. Is the final step in the transfer of title C. Is required before resale of the property D. Protects ownership and safeguards against fraudulent sale 10
12 6. An instrument which guarantees against defects in title and conveys title is a: A. Policy of title insurance B. Chain of title C. Warranty deed D. Deed of trust 11
13 6. An instrument which guarantees against defects in title and conveys title is a: A. Policy of title insurance B. Chain of title C. Warranty deed D. Deed of trust 12
14 7. Title to real property transfers at the time the deed is: A. Signed B. Delivered C. Certified D. Revoked 13
15 7. Title to real property transfers at the time the deed is: A. Signed B. Delivered C. Certified D. Revoked 14
16 8. Whose signature is required on a deed? A. Grantor B. Grantee C. Trustee D. Legatee 15
17 8. Whose signature is required on a deed? A. Grantor B. Grantee C. Trustee D. Legatee 16
18 9. What can t be assigned? A. A Lease B. A Real estate contract C. A Mortgage D. A Deed 17
19 9. What can t be assigned? A. A Lease B. A Real estate contract C. A Mortgage D. A Deed 18
20 10. Two sisters buy a property together. One owns a 1/3 share of the property and the other owns a 2/3 share of the property. The deed shows ownership as: A. Tenancy by the entirety B. Joint tenancy C. Long-term lease D. Tenancy in common 19
21 10. Two sisters buy a property together. One owns a 1/3 share of the property and the other owns a 2/3 share of the property. The deed shows ownership as: A. Tenancy by the entirety B. Joint tenancy C. Long-term lease D. Tenancy in common 20
22 11. In order for a deed to be valid it must have the: A. Signature of the grantor B. Purchase price C. Recording date D. Delivery and acceptance stamp 21
23 11. In order for a deed to be valid it must have the: A. Signature of the grantor B. Purchase price C. Recording date D. Delivery and acceptance stamp 22
24 12. James deeded property to Karen. The deed provided that if Karen ever used the property for the sale of alcoholic beverages, title would revert to James. The estate created by the conveyance is a: A. Fee simple defeasible B. Simple fee deed C. Life estate D. Non-freehold estate 23
25 12. James deeded property to Karen. The deed provided that if Karen ever used the property for the sale of alcoholic beverages, title would revert to James. The estate created by the conveyance is a: A. Fee simple defeasible B. Simple fee deed C. Life estate D. Non-freehold estate 24
26 13. Mr. Jones has a fee simple estate. He leases his property to Mr. Rios for 10 years. Mr. Jones has a: A. Not quite freehold estate B. Fee simple estate C. Remainder estate D. Life-time estate 25
27 13. Mr. Jones has a fee simple estate. He leases his property to Mr. Rios for 10 years. Mr. Jones has a: A. Not quite freehold estate B. Fee simple estate C. Remainder estate D. Life-time estate 26
28 14. The right of survivorship is a feature of which of the following types of tenancy? A. Joint tenancy B. Tenancy in common C. Tenancy in severalty D. Tenancy for years 27
29 14. The right of survivorship is a feature of which of the following types of tenancy? A. Joint tenancy B. Tenancy in common C. Tenancy in severalty D. Tenancy for years 28
30 15. A life estate may be granted: A. Only when it is for the duration of the grantee s life B. For the duration of the life of someone other than the grantee C. For a definite term D. Only to a grantee over the age of majority 29
31 15. A life estate may be granted: A. Only when it is for the duration of the grantee s life B. For the duration of the life of someone other than the grantee C. For a definite term D. Only to a grantee over the age of majority 30
32 16. Of the following, the largest estate or ownership in real property is: A. Estate at sufferance B. Estate at will C. Life estate D. Fee simple estate 31
33 16. Of the following, the largest estate or ownership in real property is: A. Estate at sufferance B. Estate at will C. Life estate D. Fee simple estate 32
34 17. Tenancy in common with a separate agreement for use is called: A. An option B. Community property C. Corporation D. A timeshare 33
35 17. Tenancy in common with a separate agreement for use is called: A. An option B. Community property C. Corporation D. A timeshare 34
36 18. The highest and best form of ownership in real estate is: A. Life estate B. Fee simple absolute C. Defeasible fee D. Separate property 35
37 18. The highest and best form of ownership in real estate is: A. Life estate B. Fee simple absolute C. Defeasible fee D. Separate property 36
38 19. A landowner may ask for a variance when he wishes to be allowed to deviate from: A. Permitting B. Deed restrictions C. Zoning D. Fire codes 37
39 19. A landowner may ask for a variance when he wishes to be allowed to deviate from: A. Permitting B. Deed restrictions C. Zoning D. Fire codes 38
40 Owner J transferred a life estate in a home to K for the life of L. K then leased the property to M under a five-year lease. 20. Owner J retained a future interest known as a(n): A. Remainder interest B. Estate for years C. Defeasible state D. Reversionary interest 39
41 Owner J transferred a life estate in a home to K for the life of L. K then leased the property to M under a five-year lease. 20. Owner J retained a future interest known as a(n): A. Remainder interest B. Estate for years C. Defeasible state D. Reversionary interest 40
42 Owner J transferred a life estate in a home to K for the life of L. K then leased the property to M under a five-year lease. 21. What would happen if K dies? A. M s lease would terminate B. K s heirs would be entitled to K s interest C. Title would return to J D. L would obtain title 41
43 Owner J transferred a life estate in a home to K for the life of L. K then leased the property to M under a five-year lease. 21. What would happen if K dies? A. M s lease would terminate B. K s heirs would be entitled to K s interest C. Title would return to J D. L would obtain title 42
44 Owner J transferred a life estate in a home to K for the life of L. K then leased the property to M under a five-year lease. 22. The death of L would result in all of the following EXCEPT: A. Termination of M s lease B. Termination of K s estate C. Reversion to J D. L s heirs taking L s interest in the property 43
45 Owner J transferred a life estate in a home to K for the life of L. K then leased the property to M under a five-year lease. 22. The death of L would result in all of the following EXCEPT: A. Termination of M s lease B. Termination of K s estate C. Reversion to J D. L s heirs taking L s interest in the property 44
46 23. Jim leased an apartment in Austin. The lease began on March 1 and ended on September 30. The lease did not automatically renew for another 6 months. The lease is a/an: A. Periodic tenancy B. Month to month C. Estate for years D. Estate at sufferance 45
47 23. Jim leased an apartment in Austin. The lease began on March 1 and ended on September 30. The lease did not automatically renew for another 6 months. The lease is a/an: A. Periodic tenancy B. Month to month C. Estate for years D. Estate at sufferance 46
48 24. Foreclosure, eminent domain, and adverse possession are examples of: A. Involuntary alienation B. Voluntary alienation C. Liens D. None of the above 47
49 24. Foreclosure, eminent domain, and adverse possession are examples of: A. Involuntary alienation B. Voluntary alienation C. Liens D. None of the above 48
50 25. A title insurance policy to protect the lender is called the: A. Mortgagee s policy B. Owner s policy C. Quiet title policy D. Attorney s policy 49
51 25. A title insurance policy to protect the lender is called the: A. Mortgagee s policy B. Owner s policy C. Quiet title policy D. Attorney s policy 50
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