Deed Of Trust: How Well Do You Know About Real Estate? Trivia Quiz

50 Questions | Total Attempts: 103

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Deed Of Trust: How Well Do You Know About Real Estate? Trivia Quiz

Deed of Trust, How Well Do You Know About Real Estate? The title to a property can be transferred to other people for different reasons other than sale of the building or home. Do you know under which circumstances, a deed of trust is given out? Why don’t you take this quiz and get to understand the exchange of this product a little deeper?


Questions and Answers
  • 1. 
    The "effective date" on the title commitment is shown on
    • A. 

      Schedule C

    • B. 

      Duty to defend

    • C. 

      Schedule A

    • D. 

      Schedule B

  • 2. 
    Method not used to describe real estate is
    • A. 

      Plat-of-survey

    • B. 

      Square footage

    • C. 

      Metes and bounds

    • D. 

      Retangular survey

  • 3. 
    What obligation does the TIP have to the TPIC?
    • A. 

      Legal principal of the TPIC

    • B. 

      None

    • C. 

      TIP and TPIC have equal standing

    • D. 

      Subordinate to MIA

  • 4. 
    Riparian rights pertain to
    • A. 

      Water not flowing such as the ocean, sea or lake

    • B. 

      Flowing water such as streams or rivers

    • C. 

      Stagnant water

    • D. 

      Running water from the faucet

  • 5. 
    What type of deed is used in foreclosure?
    • A. 

      Deed in lieu of foreclosure

    • B. 

      Deed in trust

    • C. 

      Referee's deed

    • D. 

      Tax deed

  • 6. 
    What's the purpose of verifying the buyer's and seller's identification?
    • A. 

      Satisfy state requirement

    • B. 

      Prevent or deter fraud

    • C. 

      Verify his/her signature

    • D. 

      Check for competency

  • 7. 
    Military power of attorney is recognized in all 50 states when handling real estate transactions.
    • A. 

      True

    • B. 

      False

  • 8. 
    Who signs the "release of a mortgage" [once the mortgage is paid off/satisfied]?
    • A. 

      Title company

    • B. 

      Lender

    • C. 

      Seller

    • D. 

      Buyer

  • 9. 
    How many years for a full search of chain of title?
    • A. 

      12 years

    • B. 

      20 years

    • C. 

      50 years

    • D. 

      60 years

  • 10. 
    Jane Smith purchases a property that is sold (assigned to another lender) before she makes her first monthly payment.  Does Jane have to obtain a new "loan/lenders' policy"?
    • A. 

      Yes, a new assignment requires the buyer to "purchase" a new loan/lender's policy.

    • B. 

      No, the assignment requires the old lender to "purchase" the new lender's policy

    • C. 

      Yes, a new assignment allows new lender to "purchase" the rights of the assignor [previous lender].

    • D. 

      No, an assignment allows the new lender to "assume" the rights of the assignor [previous lender].

  • 11. 
    Calculate the premium rate on owner's policy of $200,000 at $2.50 per $1000 and a 60% reissue rate.
    • A. 

      $200

    • B. 

      $500

    • C. 

      $300

    • D. 

      $400

  • 12. 
    Gerry, the grantor covenants that she will warrant "forever" the property to Bob, the grantee, against any claim while she held title to the property.  Gerry is providing a
    • A. 

      A quit claim deed

    • B. 

      General warranty deed

    • C. 

      Special warranty deed

    • D. 

      Leasehold deed

  • 13. 
    Another name for a TITLE COMMITMENT is a/an
    • A. 

      Insured closing letter

    • B. 

      Title policy

    • C. 

      Binder

    • D. 

      Notebook

  • 14. 
    With a "Purchase Money Mortgage (PMM) also called a "take back" mortgage, the seller finances part of the selling price sold to the buyer.
    • A. 

      True

    • B. 

      False

  • 15. 
    At the time of settlement, it is the responsibility of the                                    to review and follow the loan closing instructions as written.
    • A. 

      The bank

    • B. 

      The title insurance producer independent contractor

    • C. 

      The title insurance producer business entity and individual (title company)

    • D. 

      The borrower

  • 16. 
    Mary, the trustor, transfers her property into a "revocable trust". Can she make changes to the revocable trust and sell that property to Tom one-year later?
    • A. 

      Yes

    • B. 

      No

  • 17. 
    Who is the official record holder of a Deed of Trust?
    • A. 

      Beneficiary

    • B. 

      Trustor

    • C. 

      Trustee (has "bare title" not "legal title")

    • D. 

      Lender

    • E. 

      Option 5

  • 18. 
    What is the most important feature of a Joint Tenancy?
    • A. 

      Equal owners

    • B. 

      Expressly created

    • C. 

      Right of survivorship

    • D. 

      Unity of title

  • 19. 
    The part of the lender's title policy that can significantly modify the policy by deleting standard exceptions or greatly extending coverage.
    • A. 

      Stipulation

    • B. 

      Endorsement (also called rider)

    • C. 

      Affidavit

    • D. 

      Acknowledgement

  • 20. 
    A "Metes and Bounds" description does not include
    • A. 

      A POB

    • B. 

      Distances

    • C. 

      Directions

    • D. 

      Square feet

  • 21. 
    The Maryland Insurance Commissioner has a term of 
    • A. 

      2 years

    • B. 

      4 years

    • C. 

      6 years

    • D. 

      8 years

  • 22. 
    The rectangular survey system describes the location of property by using
    • A. 

      Two sets of intersecting lines which form a grid

    • B. 

      Two sets of intersecting lines which form a box

    • C. 

      Two sets of intersecting lines which form a square foot

    • D. 

      Two set of intersecting lines which form a circle

  • 23. 
    Information included in a deed to identify property being conveyed
    • A. 

      Street address

    • B. 

      Legal description

    • C. 

      Corner lots

    • D. 

      Habendum clause

  • 24. 
    Statute of limitations for Maryland state court judgment
    • A. 

      20 years

    • B. 

      10 years

    • C. 

      12 years

    • D. 

      15 years

  • 25. 
    The Exclusions section of the title policy does NOT cover the following relating to the use of the property:
    • A. 

      Laws and statutes 

    • B. 

      Zoning ordinance

    • C. 

      Government controls

    • D. 

      Someone else owns an interest in title

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