. Which type of deed should the bank use, When a person dies testate, title to real property transfers to the. . . What was the total finance charge on the loan? . 4. d. a driving desire not to be a failure. . . In order to examine a recorded deed, which of the following is necessary? Bill has no interest in the land. 2. Bargain and sale deed. . Who owns the soil? Title will pass to the new owner on the date of recording. 3. . . . . 4. The property owner must be compensated for the value of the property, Property that transfers by dedication _________________. c. Suit for specific performance. . a. What type of deed provides the grantee with the LEAST protection. d. Executor. . \hspace{10pt}\text{1,750,000 shares issued). . . . chapter 6 - deed types Flashcards | Quizlet . c. General warranty deed. . . NY general obligations law section 5-703, - requires all estates and real property be created by written document (aka DEED), - Means basically he/she owns the property and can freely sell it. False, Quitclaim deed does not invoke After Acquired Title. Legal policy mandates that a deed to real property be a matter of public record; therefore, a deed must be properly recorded. The 90 -day note is at 11%11 \%11% interest. In regard to loan costs, FHA Mortgage Insurance Premiums (MIP) and VA funding fees, who can legally pay these items at closing? Are the proportions of U.S. firms in the four offshoring position categories significantly different? . A quitclaim deed is generally used for which of the following? . . b. . . . c. Issued 20,000 shares of preferred 2% stock at $84. d. The city or county in which the property is located. Executed. . . c. General warranty deed H0:150HA:<150\begin{aligned} . Alluvion is caused by a process known as what? a. seizen. d. Quitclaim deed. . A deed is given and creates a joint tenancy. . . . 3. a statement as to the exact purchase price. . Grantor-Grantee index 2. What is an example of a covenant that may be found in a deed? 3. c. Words of conveyance. . . . . . c. Sheriffs sale. 1,750,000sharesissued). Some legal descriptions contain both lot and block and metes and bounds descriptions. . Is not commonly used in the U.S - has to recite the full consideration that has been paid for the property y. used to convey real property sold pursuant to a judicial order, in an action for the foreclosure of a mortgage or for a partition b. d. Neither the grantor nor the grantee. A method of identifying the legal description of a property is known as what? c. Does the above sample evidence enable us to reject the null hypothesis at =0.05\alpha=0.05=0.05 ? . b. 3. . 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. . c. Terminate an easement . The 25% will vest immediately in Charles upon Adam's acquisition of such interest. b. For decreases, place a and the dollar amount in the column or columns. geography. 2.) b. Partition . For the income statement, identify how each transaction affects net income. A deed of trust is often used in a mortgage scenario instead of a mortgage, acting as security against a loan a trustor has transferred to a trustee. . 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. A will and an inter vivos trust agreement are testamentary documents which take effect on the owner's death. . a. Foreclosure. A deed must include all of the following except c. Devise. . . . . . For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. 3. . devisee. 5) Provide for consideration. A deed must be signed by: The covenant in a deed which guarantees to the grantee that no one has any other interest in the property, that will disturb the grantee's possession of the property, is known as the: c. Mr. Clueless will obtain title by estoppel. . To be effective a deed must designate an actual person capable of receiving as grantee, who is named or sufficiently identified. b. habendum. c. Certificate of title . A person died intestate. This type of deed has no warranties and no covenants against grantor's acts? . Under the covenant of quiet enjoyment, grantors. & \quad & \quad & \quad & \quad & \text{b.} a. d. File suit for quiet title. Actual dollars of Consideration . . Chapter 12 Flashcards | Quizlet . . 1. Making Inferences Think about political boundaries and political party polarization in voters. b. The grantees marital status, residence and post office address must appear on all deeds presented for recording. 4. Acknowledgment. . On September 10, Jessica Hernandez signed a promissory note with a face value of $32,500\$ 32,500$32,500 to help her pay the salaries of employees during the season of slow sales at her web design firm. . . . . . . How would you respond to each of the following comments? What is meant by a shareholders preemptive right? E^* & 1,500 & 3 \text { weeks } & & 2,500 & 2 \text { weeks } \\ . a. If a person sells a principle residence one year after purchase for a $25,000 loss, the tax consequence is: . c. The deed is recorded. . . f. Declared cash dividends of$1.60 per share on preferred stock and $0.05 per share on common stock. . The accumulation of soil on an owner's property caused by the movement of water is known as: a. Accretion. The grantor warrants to forever defend the title against defects in which of the following types of deeds? . seizen: assures that the grantor owns the estate to be conveyed and has the rights to do so. 3- by involuntary alienation. . A term that is used for a gift of land that if from the government is known as what? 15,750,000Paid-InCapitalinExcessofParCommonStock. This declaration is known as an. . a. Ralph owns the property because the court action was after he bought the property. c. Special warranty deed. 4. Grantor What's the Difference Between Quitclaim and Warranty Deeds? False. Which of the following is NOT essential for a deed to be valid? . . A quitclaim deed conveys only the interest of the 1. d. Eminent domain. Land that has been put aside for a public use by a deed which states exactly what the property will be used for is known as what? . A sudden and perceptible loss or addition to land by the action of water, or a sudden change in the bed or course of a stream is known as what? . . and in NYC we use bargain and sale deed, Someone dies without a will. d. escheat. A deed that was probably prepared to avoid probate but has not been delivered; Semester 2 Week 5 (Call of the Wild Chapter 3, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson. Legal Issues Flashcards | Quizlet c. A covenant against grantor's acts. Run with the property . . In Ryan and Decis self-determination theory, what is the key to achieving ones needs for autonomy, competence, and relatedness? . Enter an intestate interpleader. In an executor's deed, the deceased person is also known as who? Words of intent to convey at some future time are inadequate. . . The son has received title by a cloud. 4 methods of transferring real property from one person to another. & H_0: \mu \geq 150 \\ 3. d. Quitclaim deed. c. Patent deed. \text{10} & \text{Collects \$400 cash on accounts receivable}\\ What document should John request from the owner that shows the exact size of the lot and house? A deed . It grants the right to described land under the treaty to the individual person named on the patent and to their heirs and their assigns forever, A legal right or claim upon a specific property which attaches to property until debt is satisfied, A term used in describing the boundary lines of land, seeing forth all the boundary lines together with their terminal points and angles, a section of a deed that may refer to a plat map, which includes the block and lot number of a particular piece of property, An assessment made against a property to pay for public improvement by which the assessed property is supposed to be especially benefitted, A geographic area in which the market value of real estate is enhanced due to the influence of a public improvement adn in which as tax is apportioned to recover the costs of the public improvement, The process by which a parcel or land is measured and its area ascertained; also the blueprint showing the measurements, boundaries, and area, chapter 14- condominiums and cooperatives, Chp 15 - commercial & investment properties, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Real Aspects of Real Estate: Chapter 9. 52,840,000\begin{array}{lrr} . . . a. How many kanban cards are now needed? \text{Common Stock, \$9 par (3,000,000 shares authorized,}\\ A grantor may wish to withhold from the deed some part of the estate, conveying all the Land except a particular specified portion. a. Mortgagee. At the time of transfer, the owner usually records the deed by filing it in the land records of the. Race Notice a. grantor. a. 3. Each is to receive an equal interest. . The following selected accounts appear in the ledger of Diamondback Welding & Fabrication Corporation on July 1, 2014, the beginning of the current fiscal year: Preferred2%Stock,$80par(100,000sharesauthorized,60,000sharesissued). A deed and a contract have similar legal requirements in regards to what? . a. . Some months later Mr. Dupe arrives to take possession of the house and discovers Mr. Clueless. A supreme title to land which was originally acquired within the United States of America by a treaty is known as what? John is known as who in the transaction? . grantor and grantee. . . . False. What is the probability that the return was audited by the IRS? . It is known as adverse possession . passes immediately. Title that is free from reasonable doubt as to who is the owner. . Reversion . c. Detachment. Having the deed notarized or acknowledged shows that the grantor freely signed the document. 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. bargain and sale deed. . This type of deed is used only when the owner of the property is deceased? . grantor. Deed: Legal Definition, Types, Requirements, Vs. Title - Investopedia Common errors found in. a. reverse condemnation. . A covenant of quiet enjoyment. At the beginning of each year, the Internal Revenue Service (IRS) releases information on the likelihood of a tax return being audited. Title that is acceptable to a buyer willing and able to purchase the property. . 4. .$4,800,000Paid-InCapitalinExcessofParPreferredStock. 1) Be in writing. The muffler assembly fabrication cell now averages 16 assemblies per hour and the lead time has been decreased to two hours response time for a batch of 10 catalytic converters. . ( iv) The instrument must be sealed. . Paid-InCapitalinExcessofParCommonStock. d. All of these choices. Which type of deed creates the most liability for a seller? . b. An element not essential to a deed is a. words of conveyance. 4. b. . . . b. claimant. Discount points paid by the buyer are not deductible, The title insurance most lenders require as part of the loan package is called the ___________. County clerk and recorder . Grantor John is looking to purchase a property but first wants to verify the size of the lot. a. A legal document that secures the repayment of a mortgage note, When title transfers by foreclosure, ___________ . . . Each of the following is an involuntary method of conveying property EXCEPT: Which of the following is NOT essential to the validity of a deed? a. . Some time later it was determined by a court that Quincy did not own the property. . . ( i) It must indicate that the instrument itself conveys some privilege or thing to someone. A person who dies testate has died with a valid will. A sale to satisfy delinquent tax or mortgage liens is an example of. b. Make a list and explain each item. a. Angela, because she recorded the deed. d. Habendum. A person or institution appointed by a testator to carry out the terms of their will is known as a/an? Study Hint: One may never claim a loss on the sale principle residence. b. . You guarantee that no other person has the right to occupy the property. Are you an impulse shopper? Personal property 3. Which of the following statements are correct regarding construction loans? The deed is notarized. 60,000sharesissued). . A. a promise to pay B. lender's signature C. terms of . 4. defines the ownership taken by the grantee. . 3. . . \text{Paid-In Capital in Excess of ParPreferred Stock . thus, the grantors liability is limited to defects arising after title is acquired and not against defects arising before that time, A deed in which the grantor warrants title only against defects occurring during the grantors ownership- customary form of conveyance used today in NJ. Titus would be called the estate's . Alienation means What type of deed is used in a co-op transaction? Conve. The estate went to probate and the court appoint Sally to settle Harry's affairs. 3. a statement as to the exact purchase price. The person who makes a will is called an intestate. }&\$\hspace{10pt}4,800,000\\ . . . 1. . Chp 3 - Deeds Flashcards | Quizlet c. accountant. 1. . . . b. condemnation. - used in a foreclosure. B^{\star} & 10,000 & 5 \text { weeks } & & 3,000 & 4 \text { weeks } \\ Test 2 quizzes Pt 2 Flashcards | Quizlet - Is useful in clearing title in some circumstances. . A covenant of warranty. a. \text{5} & \text{Purchases \$200 of supplies on credit}\\ . A lawsuit filed to formalize title obtain by adverse possession is called a(n): . Selected Answer: False. . \text { Activity } & \text { Cost } & \text { Duration } & & \text { Extra Cost } & \text { Duration } \\ . c. Both the grantor and the grantee. This is an example of which type of covenant? . A deed which is used to convey property from the US government to an individual would be a: particular industry? 3. Physical Science: Chapter 3 Phase Change and, Alexander Holmes, Barbara Illowsky, Susan Dean, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Fundamentals of Financial Management, Concise Edition. With this type of deed, the grantee does not guarantee that the grantor actually has an interest in the property. Legal object 2. \text{6} & \text{Buys equipment for \$300 cash}\\ . b. . Interest is fully deductible up to a limit of $1 million for a home loan plus one, second home 2. . ESSENTIALS OF A VALID DEED AND A VALID TRANSFER Flashcards - Quizlet . a. Which of the following is true with respect to Bill's interest in the land? . Deeds are most commonly used to transfer ownership of property or vehicles between two parties. d. further assurance. What type of deed makes such a covenant? . . A $25,000 short-term capital loss. . . . . A term used in describing the boundary lines of land, seeing forth all the boundary lines together with their terminal points and angles is known as what? a. c. Grantee Which part of a deed describes the facts of the transaction? Essential Elements of a deed. . True What factors Adam subsequently acquires the other percent interest. Title by accession is involuntary alienation. c. To provide warranties to a grantee. . The examiner would check all of the items listed. . To be recorded the deed requires: . All of the above, The most common contract that nobody recognizes is a contract of . Abby will be performing what type of transfer? Determine the sample size needed for each of the following situations. . The type of deed in which the grantee is given the most protection and in which the grantor retains the most liability is: A deed cannot act as a will or revocable inter vivos (living) trust agreement. . Abby is gifting her property to her family at the end of the year. . against encumbrances: assures that there are no encumbrances on the estate, except those named in the deed. 5. . . He did not record his deed, but took immediate possession. 3. . Would you expect the average surface roughness to be as high as 2.52.52.5 micrometers? . . . Hostile to the interest of the true owner. b. Mortgagor. _______ are manufacturing plants located in free trade zones in Mexico. The examiner would check all of the items listed. . a. Foreclosure. Use table above . . . This type of deed is used when two owners want to partition their ownership in the property? 2. . False, A piece of land could be increased in size by which of the following? . C & 3,500 & 2 \text { weeks } & & 3,500 & 1 \text { week } \\ d. The court will order Joe to return Bill's purchase price. Warranty does not apply to title defects that existed prior to the time grantor acquired title. 3. There are no hostile claims to the property title . . \text{Preferred 2\\\% Stock, \$80 par (100,000 shares authorized,}\\ Real estate that is recorded using this method is also called registered property or Torrens property. Name of parties 3. . . Is primarily used in conjunction with subsurface mineral rights, Unit 5: Contracts, Agency, & Fair Housing Exam, Ownerinvests$900cashinbusinessinexchangeforstock, Collects$400cashonaccountsreceivable, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Arthur Getis, Daniel Montello, Mark Bjelland, Earth History, Evolution of Landforms and Org. . . d. Adverse possession. A. Minifundia B. Latifundia C. Maquiladoras D. Ejidos. b. . d. All of these choices. . . d. Serves as actual notice of ownership. . . To remove a cloud on the title. Mr. Smith inherits a ranch in the Midwest and without having seen it, wants to sell it. 2. Inverse condemnation Jim is looking to purchase a property but first wants to verify if there are any outstanding violations or complaints. . If the grantor is married the wife's dower rights may be released by reciting her name in the deed and having her sign with her spouse. d. The state, because the will conveyed property that Tony no longer owned. . . Legacy, Deed restrictions are all of the following EXCEPT Acknowledged. 4. . Harry died without leaving a will. Where should John look to find this information? Joe is selling his house to Kevin for $520,000. a. The covenant against encumbrances. Thus, there is no point in having a separate course on international business. Evaluate this statement. 1. \end{matrix} 4) Identified grantee. c. Ralph can sue Quincy for misrepresentation. . Glenn contracted to provide the labor for an addition to Reids home for $10,000. ( ii) The grantor must have the legal ability to grant the thing or privilege. . . . 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. The first transaction is completed as an example. After the statutory period has elapsed, what would a person have to do to formally establish clear title through adverse possession? 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. Assume all persons listed in the situations are members of the AICPA. . . Which of the following is not an essential element of a deed? - free and clear of all encumbrances, Determined by the quality of the title in a transaction