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FINC 371 Test 2 (Peterson)Questions & Answers (RATED A+)
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Ch. 5 - ANSWERDeeds and Titles All RE contracts must be in ______ - ANSWERwriting 6 Essential Elements of a Deed - ANSWER1. Grantor [Giver] 2. Grantee [Receiver] 3. Consideration [something of economic value] 4. Legal Description [metes/bounds, plats, etc] 5. Signatures [once have both, t...

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  • August 5, 2024
  • 25
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • finc 371 test 2 petersonquestions answers rat
  • finc 371 test 2 petersonstuvia 2024
  • ch 5 answerdeeds and titles all re contracts m
  • 6 essential elements of a deed answer1 grantor

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FINC 371 Test 2 (Peterson)Questions & Answers (RATED A+)



Ch. 5 - ANSWERDeeds and Titles



All RE contracts must be in ______ - ANSWERwriting



6 Essential Elements of a Deed - ANSWER1. Grantor [Giver]

2. Grantee [Receiver]

3. Consideration [something of economic value]

4. Legal Description [metes/bounds, plats, etc]

5. Signatures [once have both, then it is considered executed]

6. Delivered [title not transferred UNTIL delivery to Grantee, filed with county]



Covenants vs Warranties - ANSWERCovenant: agreement or promise [4]



Warranty: guarantee statements are true [1]



4 Traditional Covenants: - ANSWER1. Against Encumbrances [no other encumbrances than ones
disclosed]



2. Seisin or Ownership [assurance grantor is able to sell the RE]



3. Quiet Enjoyment [promise to protect rights for quiet enjoyment against anyone who might claim
title to property later]



4. Further Assurances [backup/prove you now own the property; requires seller to take affirmative
steps to cure any defects in title]



1 Traditional Warranty: - ANSWER1. Warranty Forever [guarantee statements are true]



Types of Deeds [4 degrees of deeds] - ANSWERVarying Degree of Protection

,1. Warranty Deed [protects for everything past and present] - ANSWER-Broadest type of deed

-Grantor promises ALL 4 covenants and 1 warranty

-Grantor promises to DEFEND title conveyed



-> Owner takes responsibility




ex) used when bank selling title in an auction



4. Quitclaim Deed [worst protection] - ANSWER-Transfers any interest grantor may have in property
but does NOT imply grantor has any valid interest

-worst protection of all deeds



ex) most commonly used to clear defects in title to property



GOOD Title = - ANSWER-Marketable [Free and Clear of Claims]

-Insurable [Reputable Title]

-Perfect of Record [No defects in title]



Title Examination: - ANSWERDiscovering Possible Defects



1. Title Opinion [lawyer statement] - ANSWERA statement by a lawyer summarizing findings by a
search that may relate to title



2. Title Insurance [policy providing protection @ time of title transfer] - ANSWERA policy that insures
the title received by grantee against any deficiencies that may have been in existence at time title
was transferred



3. Title Search [reveal ownership history] - ANSWERReveals ownership history or chain of title

-> recording system: goal is to protect potential interest holder (in county courthouse))



Video: Common Mistakes: - ANSWER1. error in public records

, 2. unknown liens

3. missing heirs

4. forgeries

5. surveyor boundary issues



Title Abstract [does not require lawyer] - ANSWER-A written summary of chain of title of RE

-lawyer may hire a title abstract company to do research and then he will sign it to save time and
money



->summarization of title history



Torrens System [similar to a car title] - ANSWER-provides landowner with a title certificate [British
system]

-obtained through legal proceedings

-transferring title:

old: returned to registrar

new: issued to new owner



Ch. 6 - ANSWERContracts and Title Closings

2. Special Warranty Deed [backing up for everything during present ownership] - ANSWER-Limits
warranties to events occurring DURING grantor's period of ownership

-does NOT protect prior encumbrances



3. Bargain & Sale Deed [aka "warranty deed w/o covenants"] - ANSWER-Implies grantor has title to
property and rights to convey it

-does NOT contain express covenants as to title validity



Necessary Elements to a Contract: - ANSWER1. Offer

2. Acceptance

3. Consideration

4. Parties Capacity

5. Lawful Purpose

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