. quiet enjoyment: guarantees the grantee will not be disturbed by third . ActivityABCDEFGHNormalCost$5,00010,0003,5004,5001,5007,5003,0002,500Duration4weeks5weeks2weeks6weeks3weeks8weeks7weeks6weeksCrashedExtraCost$4,0003,0003,5004,0002,5005,0002,5003,000Duration3weeks4weeks1week4weeks2weeks7weeks6weeks5weeks, When conveying interests in real estate using a quitclaim deed, the extent of promises given by the grantor to the grantee are, Any limitations or reservations that a grantor intends to make part of a conveyance of real estate should be, In MOST states, a written will must be signed by its testator. True 1. To transfer an interest in real property. The grantees marital status, residence and post office address must appear on all deeds presented for recording. . Which of the following is NOT a form of involuntary transfer of property? b. The court would order the home sold and the proceeds divided between the 2 claimants. - merges the deed at closing from seller to buyer. a. foreclosure. These are specific assurances or guarantees given by the grantor that the deed conveys good and unencumbered title, To be valid, a deed must be signed by the grantor. . Adam subsequently acquires the other percent interest. a. grantor. Which of the following is NOT an essential element of a deed? b. Mortgagor Solve the application problem. In an executor's deed, the deceased person is also known as who? 4. For a deed to be valid there must also be acceptance (T/F) True. c. Mr. Clueless will obtain title by estoppel. The Journal of Applied Business Research (January/February 2011) published a study on the offshoring phenomenon and its prevalence worldwide. This type of deed can be used when an owner of a property is looking to transfer the property to a company he/she owns? \text{3} & \text{Pays \$500 cash for employee wages}\\ In order for a deed to be recorded, MOST states require that it be. The examiner would check all of the items listed. . - has no warranties and no covenance . A. Minifundia B. Latifundia C. Maquiladoras D. Ejidos. . . Constructive Notice, A quit claim deed has all of the following characteristics EXCEPT . . . An instrument that conveys a grantor's interest, if any, in real property a deed can also be referred as a conveyance. . . . b. Special Warranty: Grantee's (buyer's) recourse for a title failure is limited to what the grantor (seller) did nor didn't do while owning the property. . c. General warranty deed 3) Competent grantor. c. The deed is recorded. Essential Elements of a Deed (Part 2) Would you expect the average surface roughness to be as high as 2.52.52.5 micrometers? . . . Three children are named in their father's will to receive his real property. 1. . c. Both the grantor and the grantee. d. Issued 400,000 shares of common stock at$13, receiving cash. This type of deed is used only when the owner of the property is deceased? . 4 methods of transferring real property from one person to another. Who owns the soil? 2. Which type of deed should the bank use, When a person dies testate, title to real property transfers to the. . No, by the Duhig Rule, Adam will be estopped from claiming title to the 25% interest due to the fact he originally conveyed ALL of tract A. Signature of the grantor. . Warranty does not apply to title defects that existed prior to the time grantor acquired title. The two owners that want to sell could file a suit, against the third, for: It does imply that the grantor holds title to the property. A lawsuit filed to formalize title obtain by adverse possession is called a(n): . Essential Elements of a Deed (Part 1) First - A deed must identify the grantor and the grantee. . . . . . . 3. c. Apply for a writ of attachment. a. Authentication. . At the time of transfer, the owner usually records the deed by filing it in the land records of the. RetainedEarnings. A deed which recites the consideration as "one dollar and other good valuable consideration" must be accompanied by an affidavit which stipulates and allowable exclusion such as "love and affection", Since a deed transfers a present interest in real estate the words of conveyance found in the granting clause must show and intend to transfer such an interest now. . d. Grantor. b. . Which of the following deeds creates the greatest liability for the grantor? A deed which conveys simply the grantor's rights or interest in real estate, without any agreement or convenant as to the nature of extent of that interest, or any other covenants, usually used to remove a cloud from the title, - used when owner of the property has died. July 29 Reinstated the account of Shawn McNeely and received $1,000 cash in full payment. The document used by a real property owner to transfer all or part of the interest in the property to another and is mere evidence of title. a. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of$1,000 as uncollectible. . . . a. . 2. an affirmative condition. 3. . An owner legally transfers his property to another person on an instrument known as a deed. . . Alienation means a. . Recordation, Consideration can be 1. d. trust. grantor. Announced Notice . 1. c. Issued 20,000 shares of preferred 2% stock at $84. . Here are five main differences between quitclaim and warranty deeds to recognize: A quitclaim deed only transfers the grantor's interests in a piece of real estate. . What is meant by a shareholders preemptive right? . The purchase price, plus the cost of any improvements, minus allowable depreciation. a. d. Neither a person who died testate nor a person who died intestate. Implies that there was a will He sells his house to Mr. Dupe who pays all cash and agrees not to record the deed and not to move in for six months. . An inquiry notice. . . c. Eminent Domain 4. Is used to verify ownership and encumbrances Where should Jim go to find this information? . c. The covenant of quiet enjoyment. The quitclaim deed contains no warranties of title. . . . a. 4. abstract of title. . Even if there are issues, it's all you" - if grantee is willing to take title subject to any defects of the property If the case gets to court, which of the following is most likely to be true: c. Ralph can sue Quincy for misrepresentation. c. A court order. When the grantor of a deed swears that he is conveying title of his own free will, his action is referred to as: . b. Bequest. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities. An appropriation of land to some public use, made by the owner, and accepted for such use by or on behalf of the public is known as what? In a recent property sale, the deed of conveyance contained only the following guarantee: "This property was not encumbered during the time the current owner owned it, except as noted in this deed." Transfer interest in a life estate Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to , a deed must be properly recorded? If a developer donates some land in a new subdivision to the city for use as a school, the developer has: When would title be transferred by the laws of intestate succession? . . A term that is used for a gift of land that if from the government is known as what? . No loss for tax purposes . . . d. Adequate description of the property. . In the case where the owner of a property has died without leaving a will, the fiduciary appointed to represent the estate is known as a/an? . ensure that the title will be good against the title claims of third parties. Jesus' sacrifice on the cross was sufficient to save humanity from their sins. . . c. limited warranty deed. What is the probability that the return was audited by the IRS? If Oxbow Corporation does not record a sale made on account in December until a month later when the customer pays its invoice, how will Oxbows December financial statements be impacted? Escheat . . . . The five customary covenants are found in a a. quitclaim deed. b. C & 3,500 & 2 \text { weeks } & & 3,500 & 1 \text { week } \\ . 1. Make a list and explain each item. Assets will be understated on the balance sheet, while revenues will be understated on the income statement. The operating cycle of a merchandiser with credit sales includes the following five activities. 1. . - a type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee. d. Any of the above. . 1. . . a. Smith. a. . 3. . . A deed is acknowledged by . c. Words of conveyance. . A deed of trust transfers the title of an asset from a trustor to the trustee for the benefit of a third party, known as the beneficiary. d. General warranty deed. The gift to the niece is best described as: 4. A buyer purchased a tract of land at a tax sale to satisfy the claim for delinquent taxes. Fora deed to be transferred, the grantor must deliver the deed to the grantee (T/F) True. A deed conveying real property without covenants is known as what? 4. . b. Adam states in a Warranty Deed to Bill that he conveys ALL of Tract A; however, he only owns an undivided 75% interest in the tract. . .210,000CommonStock,$9par(3,000,000sharesauthorized,1,750,000sharesissued). Study Hint: Notaries public only witness other peoples' acknowledgments and signatures. Sally would be called the estate's: . delivered to and accepted by the grantee. Preferred2%Stock,$80par(100,000sharesauthorized,60,000sharesissued). Mechanic's lien filings . a. Dedication. . Recordation . On December 15, Frenchvanilla declared the annual cash dividend on its 5% preferred stock (par value,$115,000) and a $0.50 per share cash dividend on its common stock (55,000 shares). . . . A special warranty deed would include which of the following covenants? To be recorded the deed requires: . . . The 25% will vest immediately in Charles upon Adam's acquisition of such interest. . False. How is the distribution of political power related to both of these? . a. 3. . Although acknowledgment by the grantor on the deed is not essential to it's validity, it is essential before the deed can be recorded. . When I want to determine the markets consensus of future interest rates, I calculate the forward rates.. What should they do? Study Hint: The Torrens title system is a method of registering titles to real estate. RetainedEarnings. 3. It may be assumed that a deed has been delivered and accepted if it has been: a. If you were a landlord, what repairs and maintenance would you expect the tenant to perform? He did not record his deed, but took immediate possession. Since it does not warrant good title from the grantor, the grantee could be in trouble if title defects appear at a later date. 4. Implies that there was no will . . - used in a foreclosure. This is referred to as Consideration Something of value, including money is known as Referee's Deed This type of deed is used when two owners want to partition their ownership in the property May be reduced A grantor delivers a deed to a grantee with instructions to record the deed after the grantor's death. Quiet enjoymenit means freedom from claims of third partiespersons other than grantor and grantee. Hostile to the interest of the true owner. - most are warranty deed with covenance This type of deed has no warranties and no covenants against grantor's acts? Ima Conman owns a house. . . . against encumbrances: assures that there are no encumbrances on the estate, except those named in the deed. c. Special warranty deed. How many students are predicted to attend the A buyer wants the maximum assurance that there are no imperfections or clouds on title. . . ( i) It must indicate that the instrument itself conveys some privilege or thing to someone. . Actual dollars of Consideration b. Testator. \text{5} & \text{Purchases \$200 of supplies on credit}\\ Upon entering into a will or trust agreement, the owner does not give up control or ownership until death. . False, A piece of land could be increased in size by which of the following? . . Judgment rolls According to Marx and Engels, how capitalists and the bourgeoisie produce capitalist systems are their "grave diggers"? The. . Appear in the title chain and the grantor has no known interest in the property (possibly because of a bad description or a conveyance that does not appear in the index, such as a final decree or divorce decree). . . - in this form, the paragraph containing the covenant is gone. b. Riparian. Title to a property passes when: Title by accession is involuntary alienation. A deed may be recorded once it is signed by the grantor and: executor = person appointed to represent the dead person's estate (testator's estate) . When deciding on whether or not to crash project activities, a project manager was faced with the following information. b. . \text{Common Stock, \$9 par (3,000,000 shares authorized,}\\ c. The son has received title by an easement. Title to property may be transferred without the owner's consent by. . A person who dies testate can transfer title to his real estate upon his death through which type of document? a. Angela, because she recorded the deed. ), A supreme title to land which was originally acquired within the United STates of AMerica by a treaty. 2. 2. involuntary alienation . . c. a grant deed. . . a. Deed. - buyer knows he/she can take the title with some issues included. . 2.) . Before we go on, it is important to make a distinction between title and deed. Assets will be understated on the balance sheet, while revenues will be overstated on the income statement. The New York General Obligations Law Section 5-703 refers to what? Which of the following is NOT an essential element of a promissory note? . b. Partition. . The statement "AND the party of the first part covenants has not done or suffered anything whereby the said premises have been encumbered in any way whatever, except as aforesaid." d. Trustee's deed. . 1- by descend. . Who signs the deed prior to transfer of title? . 3. provides the seller the right to take title again in the event the buyer violates the Habendum clause. . . . It is used to remove a cloud on the title What type of deed is typically delivered by a 3rd party? 4. . . The primary method of transferring title to real estate is the a. escrow. Round dollar amounts to the nearest cent. Substitution . \text { Activity } & \text { Cost } & \text { Duration } & & \text { Extra Cost } & \text { Duration } \\ A quitclaim deed conveys only the interest of the Implies that a public entity is part of the transaction, The transfer of private property title to a government entity when the deceased has no will and no heirs can be identified is known as __________________ d. escheat. . . . d. None of these choices. . *this is what we use in normal NYC transaction b. Lis pendens. T or F: a Quitclaim Deed, Warranty Deed, General Warranty or Special Warranty, and likely a deed without warranty coveys all you own now or ever will own in the property. . c. Patent deed. A member of a credit union borrows $920 on a simple interest installment loan at 12% agreeing to repay it in 12 equal monthly payments of$81.74. a. 1. . Dedication. . A deed is given and creates a joint tenancy. 3. A deed's words of conveyance appear in the, Which of the following is FALSE about probate, The laws of probate are set at the national level, Title is conveyed by deed only when the deed has been. . . 3. A person died intestate. A .. clause is also known as the "to have an to hold" clause? . What is the critical value for the test with =0.01\alpha=0.01=0.01 and with =0.05\alpha=0.05=0.05 ? \text{6} & \text{Buys equipment for \$300 cash}\\ 3. b. If the grantor has a good title to the described property the grantee gets good title if they grantor owns nothing the grantee gets nothing, Is used by a court authorized administrator to convey title to property of a person who dies intestate, It serves to correct mistakes such as misspelled names or an incorrect property description contained in a prior deed. Each is to receive an equal interest. . b. Bill conveys the property to Charles. . Frenchvanilla Company earned net income of $75,000 during the year ended December 31, 2012. Which of the following statements are correct regarding construction loans? . . . 4. The type of deed in which the grantee is given the most protection and in which the grantor retains the most liability is: the estate terminates upon death, A homeowner signed a deed transferring ownership of his house to a friend. It is often used to cure title problems, An important purpose of a living trust is to, avoid having property in the trust go through probate, The clause in all deeds that passes on the rights and obligations is known, A holdover from English common law, the statute of frauds that is found in all states requires that a deed, Real estate that is inherited from a person who died testate is called a, Conveyance of title occurs the moment a deed is, Title acquired through adverse possession must be open, notorious, continuous, hostile, and, The gift of real property by will is known as a, The document that creates a lien and acts as security for the promissory note is a. deed of trust. . . - party can gain ownership of piece of land just by possessing it. d. Locate a broker and put the property on the market. \end{matrix} b. eminent domain. . . . How does the physical geography of Australia help explain the uneven distribution of its population? passes immediately. . . At the 0.05 level of significance, is there evidence of a difference in the proportion of males and females who make an impulse purchase every time they shop? . c. To convey the title to property that is transferred by the probating of a will. c. Sheriffs sale. Once the check is cut for the fake supplier, Paige deposits it in her own bank account. Which of the following serves as the grantor in a transaction? c. a motivation often driven by heredity b. . . The means or medium by which title of real estate is transferred is known as what? . . . a. seizen. b. support from others around you Grantor . 1. Meritor implements these suggestions. . . 2. Joint tenants have a right of survivorship. . The act of recording a deed in the public record's office designated for that purpose, results in which of the following? After the statutory period has elapsed, what would a person have to do to formally establish clear title through adverse possession? . Can not be altered or removed by subsequent owners either to the heirs by decent or to the persons named in the will. Eminent domain . . Adverse possession 5. . a. Quitclaim deed. Pete purchased a home from Tony. . c. quitclaim. Review Federal Tax rules for selling personal residence. d. All of these choices. . . To transfer an interest in real property. a. c. Pete, by virtue of the purchase from Tony. . . . . . . The addition of land through processes of nature, as by water or wind Title that has been cleared by the County Clerk and Recorder's Office, 1. The equitable title remains with the borrower. Kevin is known as who in the transaction? c. Devise. They are summarized as follows. . The result is an increase in efficiency in both the fabrication of muffler assembly and the making of catalytic converters. . Misspelling or mistakes in the grantees name will not invalidate delete. Two of the owners want to sell the property, but the third party does not. Which of the following estates would be subject to probate? 2. Can be changed if you do not agree with it, The act of acquiring title owned by another party when an individual makes a claim to the property and takes possession of it is known as b. \text{8} & \text{Provides \$400 services on credit}\\ Refer to the Example as the basis for this problem. a. The transfer of title to an asset with the consent of the owner is known as what? b. The quitclaim deed contains no warranties of title. False. . b. Recorded. . . True . Some months later Mr. Dupe arrives to take possession of the house and discovers Mr. Clueless. . This consists of the written words which delineate a specific piece of real property? . A miss spelling, will not invalidate the deed, A corporation can only conduct business through it's authorized officer's, and corporate business includes the ownership and sale of real estate. . Only whatever part of the land the grantor owns, if any, will transfer to the grantee. d. property. b. Quitclaim deed. . And for a deed to be watertight, it has to contain 6 elements. d. a general warranty deed. The actual consideration must be stated, given by a sheriff to the highest bidder at a Public sale conducted upon foreclosure of a mortgage, Unpaid pay taxes or a judgment, 1-written instrument 2-date 3-legal capacity of grantor 4-grantee 5-recital of consideration 6-words of conveyance 7-habendum clause 8-legal description 9-exceptions and reservations 10-warranties and covenants 11-grantors signature 12-delivery and acceptance 13-acknowledgment 14-Recording. c. To provide warranties to a grantee. . 6) Contain an adequate description. You warrant that you are well seized of the property. . . . 3. . d. The court will order Joe to return Bill's purchase price. It conveys every interest the grantor has to a property, which could be none b. \quad & \quad & \text{Balance Sheet} & \quad & \quad & \text{Income Statement} & \quad & \text{Statement of Cash Flows}\\ Where should John look to find this information? Love and affection 4. The title to real estate passes when a valid deed is Delivered and accepted All of the following are non-essential elements of a valid North Carolina deed EXCEPT: sales price,recordation,the names of the grantor and the grantee,date deed conveyed Names or grantor and grantee A real estate license obtains a real estate license in May 2016. A sample of 808080observations results in a sample mean of 144.144.144. File an estoppel certificate. . . . . False. Is used to convey title to real estate owned by a descendent who dies testate, Is where the consideration is love and affection, and is considered valid unless the purpose of the gift deed is to defraud creditors, Is used by a guardian with permission of the court to transfer title to property owned by a minor, insane person or spendthrift. . Under New Jersey law, the full an actual consideration must be stated in the deed. Go to the web site for the Department of Labor, Youth Rules (www.youthrules.dol.gov). . . A deed \text{7} & \text{Pays \$200 on accounts payable}\\ . b. title. . There are two primary types of legal descriptions: Lot and block descriptions, which are most often associated with subdivisions; and metes and bounds descriptions, which are used for non-subdivision property. Date 4. d. No signatures, the act of recording serves as constructive notice of ownership. 1. d. Quitclaim action, A quitclaim deed may be used to: With this type of deed, the grantee does not guarantee that the grantor actually has an interest in the property. 2. does not disclose the consideration associated with the transaction. . What type of deed is used in a co-op transaction? a. Foreclosure. . . . To be effective a deed must designate an actual person capable of receiving as grantee, who is named or sufficiently identified. This type of deed must recite the full consideration in the transaction? b. . . . . . The donation of real estate for public use is: a. . . c. dedication. Joint tenancy is different from tenancy in common because: Joint tenancy cannot be terminated. 2) Contain words of grant. Therefore, a description of a more permanent nature than an address, and one that can be really found in years to come is necessary because a deed is part of the permanent record in the chain of title. - Typical oil and gas lease assignments are quitclaims - "All my right, title and interest" . 4. All of the following would be considered an involuntary alienation of property EXCEPT: Legal policy mandates that a deed to real property be a matter of public record; therefore, a deed must be properly recorded. John is selling his house to Abby for $345,000. A person who has died with a will has died, The words of conveyance are found in which clause, TRUE OR FALSE : ) Purchaser has full possession of the property Second - the deed must state that consideration was given by the grantee to the grantor. . c. Certificate of title . a. . Find the p-values and interpret its meaning. As many as there are owners of the property. A new community college predicts that its student body will grow rapidly at first and then begin to level off according to the Gompertz curve with equation N=10,000(0.4)0.2tN=10,000(0.4)^{0.2^t}N=10,000(0.4)0.2t students, where t is the number of years after the college opens. . . b. claimant. A person who dies testate has died with a valid will. Suppose an individual tax return is randomly selected. . . Title that is free from reasonable doubt as to who is the owner . & \quad\\ Administrator. . Harry died without leaving a will. A deed need only be executed to pass title. b. c. Sealed. Used words are:"convey and warrant" grant, bargain &sell or remise,release and quitclaim. If a deed, transferring legal title from one party to another, is NOT recorded in the public records, which of the following statements is correct? d. To record ownership in the public records. . . Activities on the critical path are highlighted with an asterisk: Identify the sequencing of the activities to be crashed in the first four steps. A legal description of the land. . . . In regard to loan costs, FHA Mortgage Insurance Premiums (MIP) and VA funding fees, who can legally pay these items at closing? 4. Put limits on the use of the property
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