What is the county transfer rate? - $0.55 per $500
When does a mortgage expire? - 30 years after the due date OR 30 years after the recording if there is
no due date.
The right to possess, use and enjoy land can be affected by? - Covenants, conditions and restrictions
Transfer valuation affidavit - This must be filed when giving constructive notice for interest in a property
and the amount for consideration isn't listed on the face of the notice.
How is a mortgage enforced? - By foreclosure
Range lines are? - 6 miles apart
Townships contain? - 36 sections
Who is liable for the payment of the state transfer tax? - The seller
State liens expire when? - 7 years after recording date
Restrictions are? - Things that prohibit or limit certain uses, occupation or improvements of land. They
can be public or private and are usually contained in a deed.
Public restrictions are? - Restrictions imposed by government entities such as zoning ordinances, etc.
Escrow - A third, disinterested party where all required documents and funds are placed for processing
and disbursement.
, The Escrow agreement must contain? - Drop dead date.
Title is? - Evidence of a person's right or extent of a person's interest in real estate. It is the means by
which ownership is asserted.
A section is? - 640 acres
Meets and bounds are made up of? - Point of beginning, courses and distances
What is the state transfer rate? - $3.75 per $500
A rod is? - 16.5 ft
Fiduciary - An entity who's trusted to handle the money of another through an escrow or trust.
What is not required on a mortgage discharge? - A legal description
Search and Examination - The searching of all recorded instruments which constitute the chain of title to
determine ownership of title and determine interests or encumbrances that affect title.
When does an Execution Levy expire? - 5 years after recording
Corporate resolution - How we know who has signing authority for a corporation or LLC
A chain is how long? - 66 ft
A link of a chain is? - 0.66 ft
When confirming power of attorney, what must be true? - It must a. still be in effect, b. the original
grantor must still be living, c. he/she has not revoked the power.
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