Exam (elaborations)
MISSISSIPPI REAL ESTATE UNIT 7 TITLE TRANSFER QUESTIONS AND ANSWERS
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MISSISSIPPI REAL ESTATE UNIT 7 TITLE TRANSFER QUESTIONS AND ANSWERS
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1-30 of 30Proof of ownership is
A)
evidence that title is marketable.
B)
subjective and depends on what the buyer requires.
C)
the deed from seller to buyer.
D)
necessary only if there is a cloud on the title.
,Give this one a try later!
The answer is evidence that title is marketable. The grantee needs
assurance that ownership is actually being acquired and that the title is
marketable, before accepting a deed.
When multiple persons claim ownership of property and each has a recorded deed,
but no one occupies the property, the person who is awarded ownership is likely to
be the one who
A)
has the earliest dated deed.
B)
brought a quiet title suit in court.
C)
recorded the deed first.
D)
has a receipt from the grantor of the deed.
Give this one a try later!
The answer is recorded the deed first. If there is no notice of ownership
based on occupancy of the property, the person with the earliest
recorded deed is likely to prevail.
The legal presumption that information may be obtained by an individual through due
diligence is
A)
priority.
B)
constructive notice.
C)
, none of these.
D)
actual notice.
Give this one a try later!
The answer is constructive notice. Because the information or evidence is
readily available to the world, a prospective purchaser or lender is
responsible for discovering the interest.
A history of all recorded liens and encumbrances is revealed in
A)
the chain of title.
B)
the title insurance policy.
C)
the abstract.
D)
the unrecorded documents.
Give this one a try later!
The answer is the abstract. The title insurance policy lists coverage and
exceptions to the policy. Unrecorded documents have not been examined.
The chain of title traces ownership. The abstract is the most complete
documentation of recorded liens and encumbrances.
An owner decides to sell property and discovers that there is a lien on the title for a
swimming pool that the owner paid off 10 years ago. The pool company is out of
business. What is the owner to do?
A)
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