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Study Questions 3 60 Hr MREP Flashcards | StudBud
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Study Questions 3 60 Hr MREP
Study Questions 3 60 Hr MREP
20 terms
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20 questions along with additional slides for explanation
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Questions
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Answers
1
Which type of deed merely implies but does NOT specifically warrant that the grantor holds good title to the property?
trust deed
quitclaim
bargain and sale
special warranty
2
The fine for a first violation of the federal Fair Housing Act could be as much as
$65,654
$19,987
$100,000
$37,525
3
The grantee receives greatest protection with what type of deed?
quitclaim
general warranty
executor's
bargain and sale with covenant
4
The federal Fair Housing Act does NOT prohibit
redlining
blockbusting
discriminating on the basis of marital status
discriminatory advertising
5
A tenant continues in posession after the lease expires without the landlord's permission. This is...
an estate of sufferance
a periodic tenancy
a tenancy at will
a tenancy for years
6
Title to real estate may be transferred during a person's lifetime by
escheat
devise
involuntary alienation
descent
7
The provisions of the federal Fair Housing Act apply
in all states
in the states that have ratified the act, but not in other states
only in states that do not have substantially equivalent laws
only in those states that do not have specific state fair housing laws
8
Rent would best be described as
the total balance owed under the terms of a lease
consideration for the use of real property
contractual consideration to a third party
all monies paid by the lessor to the lessee
9
A property with encumbrances that will outlast the closing
cannot be sold
can be sold only if title insurance is provided
cannot have a deed recorded without a survey
can be sold if a buyer agrees to take it subject to the encumbrances
10
Under Fair Housing Act a suit may be filed in federal court by an aggrieved party of an illegal act of discrimination
no later than one year after the discriminatory act
within two years of the discriminatory act
if the Federal Housing Administration refuses to pursue the case
with the approval of the state or county nondiscrimination officer
11
A tenant's rights to possess real estate for a definite period with a specific starting and ending date is
an estate from period to period
an estate for years
an estate at will
an estate at sufferance
12
In a net lease, a commercial tenant would usually be responsible for paying rent and all property expenses EXCEPT
maintenance expenses
real estate taxes
mortgage debt service
fire and extended coverage insurance
13
A form authorizing one person to execute documents for another is called
a release deed
a quitclaim deed
a power to represent
a power of attorney
14
Every deed must be signed by
the grantee
the grantor
the grantor and the grantee
the devisee
15
The person who prepares an abstract of title for a parcel of real estate:
inspects the property
searches public records; summarizes events and proceeding that affect title
issues title insurance
insures the condition of the title
16
A title search in the public records may be conducted by
anyone
attorneys, abstractors and real estate professionals only
anyone who obtains a court order under the Freedom of Information act
attorneys and abstractors only
17
Which of the following would NOT be acceptable evidence of ownership?
attorney's opinion of title
deed to the current owner signed by the last seller
abstract
title insurance policy
18
Homeowners are frantic because they want to sell their house and the deed is missing. Which of these is TRUE?
They must buy title insurance
They do not need the original deed if it has been recorded
They should execute a replacement deed to themselves
They may need to sue for quiet title
19
The date and time a document was recorded help establish which of the following?
priority
marketable title
abstract of title
subrogation
20
The basic requirements for a valid conveyance are governed by
the law of descent
national law
local custom
state law
