This quiz assesses knowledge in income taxation and title transfer, focusing on capital gains tax, survey differences, title insurance, intestate succession, and warranty deeds. It is designed for learners interested in real estate law and taxation principles.
Eminent domain is exercised for purposes of health, safety, morals or general welfare
Compensation is given under eminent domain
Eminent domain is exercised by a government unit
Eminent domain can limit an owner's rights in property
Rate this question:
Policy of title insurance
Condensation of every recorded document dealing with the property
Opinion of title
Commitment to issue a title policy
Rate this question:
Formal will
Nuncupative will
Holographic will
Codicil to a nuncupative will
Rate this question:
12 1/2 %
20%
25%
28%
Rate this question:
Execution
Ratification
Verification
Habendum
Rate this question:
Longitude and latitude
Only the approximate location
The location of improvements, easements and encroachments
That it is a true copy of a prior physical survey
Rate this question:
Safety clause
Habendum clause
Execution clause
Description clause
Rate this question:
Dated
Acknowledged
Recorded
Signed by the grantor
Rate this question:
Charity because acknowledgment is a presumption of delivery
Charity because his intent was clear
Nephew because P died owning the house
Charity because delivery is not a requirement for charitable gifts
Rate this question:
The exercise of police power
Eminent domain
Statutory dedication
Inverse condemnation
Rate this question:
Tacking on
Continued open notorious and hostile use
A quiet title action
Inverse condemnation
Rate this question:
Borrowed
Leveraged
Equity
Capital
Rate this question:
Adverse use
Compensation
The exercise of police power
A foreclosure proceeding
Rate this question:
Freehold
Legacy
Devise
Descent
Rate this question:
Both parties will pay tax because the trade was not like for like
J will be taxed on $10,000
K will be taxed $10,000
The trade would defer all taxes
Rate this question:
K because K was the first purchaser
M because M was the first to record
K, L, and M take equal shares as a matter of equity
J retains title because J's fraud cannot pass title
Rate this question:
Administrator
Testatee
Executor
Referee
Rate this question:
Eminent domain
Inverse condemnation
Exercise of police power
Statutory dedication
Rate this question:
J would have a loss of $33,000
J would have a gain of $48,000
J would have a gain of $81,000
J would have a gain of $128,000
Rate this question:
Severance damage
Punitive damage
Condemnation damage
Inverse condemnation
Rate this question:
Witnesses
The address of the grantee
Words of conveyance
Recordation
Rate this question:
$0
$12,500
$25,000
$50,000
Rate this question:
A minor
A foreign owner
The government
A person declared to be incompetent
Rate this question:
Nothing
$700,000
$1,200,000
$1,900,000
Rate this question:
Severance damage
Inverse condemnation
Dedication
Adverse posession
Rate this question:
15 years
27.5 years
31 years
39 years
Rate this question:
Permission
Nonexclusive use
A use that is hidden from the owner
Hostile use
Rate this question:
Bequest
Legacy
Devise
Descent
Rate this question:
Invested in long term, fixed income investments
Purchased property without the use of leverage
Purchased property using moderate leverage
Purchased property using a high degree of leverage
Rate this question:
Has not made any undisclosed transfer of title or encumbrance
Will guarantee that there are no undisclosed liens
Will make good any loss suffered by the grantee because of title defects
Will provide any further instrument or act needed to perfect title
Rate this question:
R has a $29,000 taxable gain
S has a $29,000 taxable gain
S will be taxed as if he received the fair market value of the lot
Neither R not S has any taxable gain
Rate this question:
Loan will increase her tax liability in the event of a sale
Interest payments on the home equity loan may be tax deductible
Cost basis of the home will be increased by $80,000
$80,000 in proceeds is subject to regular income taxation
Rate this question:
Defects that would be revealed by a correct survey
Rights of parties in possession
Zoning restrictions
Incompetent grantors
Rate this question:
H would have greater right than a later purchaser from G who records first
If G later gave a gift deed to J, J's rights would be greater than H's rights
The deed would be void
Between G and H, H has good title
Rate this question:
Gift deed
Quitclaim deed
Tax deed
Bargain and sale deed
Rate this question:
Convey title
Execute a deed
Deliver a deed
Validate a deed for recording
Rate this question:
L using the fictitious name Y
A fictitious person
Either H or T
J for property, the exact description and nature of which are to be determined by later agreement
Rate this question:
Zoning prohibitions
An existing encroachment
Rights of parties who are in possession
Forgery in the chain of title
Rate this question:
The deed provides constructive notice of K's interest
The deed is void and fails to transfer any interest
J can void the transfer
As between J and K, the deed transferred title
Rate this question:
Cash flow
Equity
Arbitrage
Liquidity
Rate this question:
Notarized
A quiet claim deed
A bargain and sale deed
A warranty deed
Rate this question:
Quitclaim deed
Bargain and sale deed
Warranty deed
Sheriff's deed
Rate this question:
Convey after acquired title
Convey a grantor's partial interest
Include a warranty of merchantability
Bind the grantor's heirs to defend the title conveyed
Rate this question:
The grantor promises to indemnify the grantee for any loss suffered because of failure of title
The grantor warrants the property is free of liens and encumbrances other than those stated in the deed
The grantor warrants he or she has rightful ownership
If any further instrument or act is needed to perfect title, the grantor promises to provide it.
Rate this question:
Hostile use
Open and notorious use
Exclusive use
Continuous use for the statutory period
Rate this question:
A tax loss of $17,900
A tax loss of $35,100
A tax loss of $47,900
No loss for tax purposes
Rate this question:
Quitclaim deed
Bargain and sale deed
Warranty deed
Deed of trust
Rate this question:
Grantees who receive title from the insured
The party that conveyed title to the insured
Lenders
Heirs of the insured
Rate this question:
Quiz Review Timeline (Updated): Apr 10, 2024 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
Wait!
Here's an interesting quiz for you.