Real Estate Fundamentals - Chapter 12: Deeds

18 Questions | Total Attempts: 459

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Real Estate Fundamentals - Chapter 12: Deeds - Quiz

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Questions and Answers
  • 1. 
    A deed is a written document that conveys title to real property.
    • A. 

      True

    • B. 

      False

  • 2. 
    The parties involved in the coveyance of title to real property must be specifically identified in the deed and are officially called the grantor (receiver of the title) and grantee (the giver of the title).
    • A. 

      True

    • B. 

      False

  • 3. 
    A person who has possession of the deed is always the rightful owner of the property.
    • A. 

      True

    • B. 

      False

  • 4. 
    A quitclaim deed is one that is used to have one party give up or transfer whatever ownership interst in real property exists.
    • A. 

      True

    • B. 

      False

  • 5. 
    A quitclaim deed carries a guarantee of good title so the quitclaim deed is considered to be one of the strongest deeds available.
    • A. 

      True

    • B. 

      False

  • 6. 
    A warranty deed is a deed that provides a warranty or guarantee of good title from the grantor to the grantee.
    • A. 

      True

    • B. 

      False

  • 7. 
    A general warranty deed provides a guarantee of good title by the grantor (typically a seller) ONLY. In other words, the guarantee is limited to a guarantee by the present owner only and not for any previous owners.
    • A. 

      True

    • B. 

      False

  • 8. 
    The covenant of seisin is a warranty that the grantor is the owner and has right to convey the title.
    • A. 

      True

    • B. 

      False

  • 9. 
    The covenant of warranty forever guarantees that the grantor will pay the grantee damages if the title is not good and the grantee suffers a monetary loss.
    • A. 

      True

    • B. 

      False

  • 10. 
    A bargain and sale deed is the type of deed issued by the sheriff of a county as a result of a sale of real property from a mortgage foreclosure sale, sheriff's sale or tax sale of a property due to unpaid debts.
    • A. 

      True

    • B. 

      False

  • 11. 
    A guardian's deed is the deed used by the person designated in a will to administer the estate of the deceased and carry out the terms of the will.
    • A. 

      True

    • B. 

      False

  • 12. 
    There are several necessary components for a valid deed: A. The deed must be in writing B. A deed must have a grantor and a grantee C. The deed must indicate that something of value is exchanged for the title of real property. D. Words of conveyance are typically found in a section of the deed (granting clause) E. A deed must have a specific legal description of propery to be conveyed. In the US, all descriptions must be made using the rectangular survey system description. F. There must be signatures by both the grantor and the grantee. G. Delivery and acceptance of the deed must occur to convey the title.
    • A. 

      True

    • B. 

      False

  • 13. 
    "Words of conveyance" are the key words that are used to establish that the title is being conveyed and the kind of ownership interest that is being conveyed.
    • A. 

      True

    • B. 

      False

  • 14. 
    A deed will commonly contain a section of exceptions and limitations to the new owner's bundle of rights. These exceptions and limitations are usually referred to as the habendum clause.
    • A. 

      True

    • B. 

      False

  • 15. 
    At settlement, the deed that has been prepared in advance by the real estate agent representing the seller, is given to the buyer to sign. 
    • A. 

      True

    • B. 

      False

  • 16. 
    The buyer does not receive the deed to the property he/she just paid until the property is paid in full. This could conceivably be 15, 20, or even 30 years.
    • A. 

      True

    • B. 

      False

  • 17. 
    Recording a document means entering it into the public records. This is accomplished in PA by sending the document to the state capital in Harrisburg.
    • A. 

      True

    • B. 

      False

  • 18. 
    These documents are usually NOT recorded: mortgages, lis pendens, mortgage satisfactions, and mechanic's liens.
    • A. 

      True

    • B. 

      False

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