Bob Brooks National Transfer Of Title Exam Questions and Answers 100% Accurate

If conditions to purchase are involved in a deed and the conditions are violated, what happens? Select one: a. Court order for compliance. b. Property goes back to original owner. c. No change, the conditions stay the same. d. None fo the above. - ANSWER-b. Property goes back to original owner. Evidence that you have possession but NOT ownership: Select one: a. Lease b. Deed c. Mortgage d. Option - ANSWER-a. Lease Prepaid taxes on a settlement statement show as: Select one: a. Debit to seller, Credit to buyer b. Debit to Buyer, Credit to seller c. Credit to seller, No entry to buyer d. Debit to buyer, No entry to seller - ANSWER-b. Debit to Buyer, Credit to seller In order to be valid a deed MUST be: Select one: a. Recorded. b. Notarized and witnessed. c. Signed by grantor and grantee. d. Delivered and accepted. - ANSWER-d. Delivered and accepted. Evidence of ownership is provided by: Select one: a. Option b. Deed c. Mortgage d. Purchase agreement - ANSWER-b. Deed An owner had a loan of $70,000 on a house. Nine months later he took out a second mortgage for $16,000 and a few months after that a third mortgage for $12,000. A few months later he lost his job and didn't pay his real estate taxes of $6,000. When the property is taken and sold for debts; in what order will they be paid? Select one: a. $6,000, $70,000, $16,000, $12,000 b. $16,000, $70,000, $12,000, $6,000 c. $70,000, $16,000, $12,000, $6,000 d. $6,000, $12,000, $16,000, $70,000 - ANSWER-a. $6,000, $70,000, $16,000, $12,000