Exam (elaborations)
Transfer of Title to Real Property – Questions And Detailed Answers
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- Laws And Regulations
Transfer of Title to Real Property – Questions And Detailed Answers
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Transfer of Title to Real Property – Questions AndDetailed Answers
A method of identifying a property in written words that allows for an
unambiguous interpretation of a property's boundaries and location
Correct Ans - Legal description
A property description, such as a street address, that does not adequately
describe the property for legal purposes Correct Ans - Informal
reference
A blueprint or map showing measurements, boundaries, and area of a
property, sometimes required by lenders to ensure that no encroachments
exist Correct Ans - Survey
A survey system using points of reference and directional indicators to
identify and locate a property for legal purposes Correct Ans - Metes
and bounds
A legal description that refers to lot and block number within a subdivision as
indicated on a recorded subdivision plat Correct Ans - Lot and block
A governmental survey system that describes land in reference to principal
meridians and baselines. Correct Ans - Rectangular government
survey system
A method of description using natural or man-made permanent landmarks
that serve as a point of reference; used in conjunction with a metes and
bounds description Correct Ans - Monument system
A reference point marking the beginning point of a metes and bounds
description Correct Ans - Point of beginning
A map that shows the location of a piece of property in context to its adjoining
lots, roads, and landmarks; it includes lot, street, and block identifiers
Correct Ans - Plat map
, A square that is six miles by six miles (36 square miles) and makes up the
principal unit of the rectangular government survey system Correct Ans -
Townships
In the rectangular government survey system, a portion of a township is one
square mile (640 acres); 36 of these make up a township Correct Ans -
Sections
An imaginary line that runs north and south and crosses a base line at a
specific point; used by surveyors of reference to locate and describe land
using the rectangular survey system Correct Ans - Principal meridian
An imaginary line that runs east and west and crosses the principal meridian
at a specified point; used by surveyors as a reference point to locate and
describe land under the rectangular survey system Correct Ans - Base
line
A legal document conveying title to or interest in real estate; establishes legal
ownership Correct Ans - Deed
The giver of the deed (usually the seller) Correct Ans - Grantor
The recipient of the deed (usually the new buyer) Correct Ans -
Grantee
An agreement or promise made between the parties Correct Ans -
Covenants
A deed that grants the most protection to the buyer because it carries all the
possible covenants of the grantor; also known as a full covenant and warranty
deed Correct Ans - General warranty deed
A deed in which the grantor only guarantees the title against defects arising
during the time the grantor owned the property but not against defects that
may have been in existence before taking ownership of the property; aka
limited warranty deed or bargain and sale deed Correct Ans - Special
warranty deed
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