Grantor answer owner Study guides, Class notes & Summaries

What does ALTA mean? - Answer American land Title Association All of the following are characteristics of an ALTA loan policy - Answer Exceptions Exclusions Conditions Chain of Title - Answer A listing of the chronological order of conveyances of a parcel of land, from the original owner to the present owner. The policy limit noted in a title insurance policy applies to - Answer Cumulative Claims Closing - Answer The process of completing a real estate transaction d...

PSI Real Estate Salesperson Exam (Latest 2023/ 2024) 100% Correct| Questions and Verified Answers| Grade A Q: Which of the following statements does NOT correctly describe a legal life estate? 1. During his or her life estate the life tenant is generally answerable to the holder of the future interest. 2. The life tenant may not commit any acts that would permanently injure the property. 3. There may be a reversionary interest. 4. There may be a remainder interest. Answer: 1. Duri...

All of the following are physical characteristics of land except: A. Indestructibility B. Uniqueness C. Immobility D. Scarcity Answer- D. Scarcity Under the doctrine of specific performance, the party harmed by breach of a real estate contract can ask a judge to force the breaching party to carry out the terms of the contract rather than order the breaching party to pay monetary damages. Which physical characteristic of land is the basis for the doctrine of specific performance? A. I...

A buyer purchases a rental home that is fully furnished. The document used to transfer title to the furniture is: a. quitclaim deed b. bill of sale c. special warranty deed d. general warranty deed - correct answer b. bill of sale Deeds transfer title to real estate, a bill of sale is generally needed to transfer title to personal property. Ben receives a life estate in a property, with his nephew Will designated as the remainderman. When Ben dies, what kind of interest does Will re...

Escrow Exam Questions and Answers 100% Pass Principle meridian - Correct Answer ️️ -The north-south lines separating townships 5 ways to acquire property - Correct Answer ️️ -Occupancy Accession Transfer Will Succession Escrow agent - Correct Answer ️️ -any person engaged in the business of receiving escrows for deposit or delivery Metes and bounds - Correct Answer ️️ -A method of land description which involves identifying distances and directions and makes use of both...

: According to the common law of agency, a licensee has which of the following obligations to an individual that prefers to remain a customer rather than become a client? - Answer-HONESTY AND FAIR DEALING "Without both parties' written consent, the broker is prohibited from representing both a seller and a buyer in the same transaction," defines: - Answer-DUAL AGENCY A asked you to appraise their property. This property had no monthly income and had no comparables in the market. You wou...

Texas Principles of Real Estate 1 (2023/ 2024) Exam | Guide with Questions and Verified Answers| 100% Correct Q: curtsey rights Answer: right a husband has to his wifes estate upon her death Q: fee simple defeasable Answer: a gift of land by a person or GRANTOR Q: Life Estate Answer: an estate in land for the duration of someones life (always a gift of land/ real estate) Q: Homestead Answer: Texas is a Homestead State. The property that you own an...

Superior Real Estate School Exam with correct Answers All of the following are physical characteristics of land except: A. Indestructibility B. Uniqueness C. Immobility D. Scarcity -Answer-D. Scarcity Under the doctrine of specific performance, the party harmed by breach of a real estate contract can ask a judge to force the breaching party to carry out the terms of the contract rather than order the breaching party to pay monetary damages. Which physical characteristic of land is the b...

Indeterminate Sentence - Answer-A sentence of imprisionent to a specified minimum and maimum period of time, specifically authorized by statute, subject to termination by a parole board or other authorized agency after the prisoner has served the minimum term Infraction - Answer-A violation of law, not punishable by imprisonment. Minor traffic offenses for example Instructions - Answer-A judge's explanation to the jury before it begins deliberations of the questions it must answer and the...

Massachusetts Real Estate Exam 2 Questions with Answers Freehold Estates - Answer-owner has title for indefinite duration Non-Freehold Estates - Answer-limited duration (lease) Concurrent Estates - Answer-2 or more persons hold title together Gross Rent Multiplier - Answer-indicates market value of the subject from similar houses rented. divide selling price by rent. add the numbers and average. GMRM x monthly rent = value residence selling for $160,000 and renting for $1200 th...