Exam (elaborations)
Texas Principles Of Real Estate II:- Questions And Solutions (Rated A+)
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Texas Principles Of Real Estate II:- Questions And Solutions (Rated A+)
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Texas Principles Of Real Estate II:- Questions AndSolutions (Rated A+)
What is a Legal Title? Right Ans - Someone who possesses all ownership
interests owns the property.
What is an Equitable Title? Right Ans - The interest or right to obtain legal
title to a property in accordance with a sale or mortgage contract between the
legal owner and a buyer or creditor.
What is it called when a title is transferred to a new owner? Right Ans -
alienation
What is a Voluntary Alienation? Right Ans - is an unforced transfer of title
by sale or gift from an owner to another party.
What is a Conveyance? Right Ans - When the transfer uses a written
document the transfer
What is a Deed? Right Ans - is a legal instrument used by an owner to
transfer title to real estate voluntarily to another party.
What elements do most deeds have? Right Ans - Grantor
Grantee
Act of conveyance
Consideration
Legal description
Habendum clause
Designation of limitations
Exemptions and reservations affecting the title
, Signature of the grantor
Delivery and acceptance of the deed
Acknowledgment
Recording
What is a grantor? Right Ans - is the person who transfers the title to real
property
What is a Special Warranty Deed? Right Ans - The grantor warrants only
against title defects or encumbrances not noted on the deed that may have
occurred during the grantor's period of ownership or trusteeship.
What is a General Warranty Deed? Right Ans - The seller covenants with
the buyer that not only has the seller done nothing personally to negatively
impact the property title, but neither has anyone else within the "chain of
title" ownership history of the property.
What are the 2 main types of warranty deeds? Right Ans - Special Warranty
and General Warranty
If the court decides that Diversified's purchased deed meets the definition of a
"quitclaim deed", what protections should they have? Right Ans - None of
the same as the purchaser of a Warranty deed.
What percentage of the sale price of the original property should have gone to
Louis Condra afterit was sold to the Halls in 1980? Right Ans - 0% as Jessie
Condra received title as per their divorce resolution
Will Diversified be liable for any liens on the original property, now that they
have purchased the deed? Right Ans - No, because the deed gives no rights
or liabilities with regards to that property.
Assuming that Diversified's deed is considered a quitclaim and, thus, invalid,
who should be responsible for the $200 they spent to acquire it? Right Ans
- Diversified
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