Section 2: Real Estate Documents

15 Questions | By Yardiselfstorage | Last updated: Mar 21, 2022 | Total Attempts: 263

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1.

A document that lists the summary of a transaction and is where key pieces of information can be quickly found.
- A.
  
  Deed of Trust
- B.
  
  Assumption Agreement
- C.
  
  Affidavit
- D.
  
  Deed
2.

This document is used to secure a piece of real property to a loan and will state the terms of the loan and the parties involved.
- A.
  
  Warranty Deed
- B.
  
  Deed of Trust or Mortgage
- C.
  
  Special Warranty Deed
- D.
  
  Grant Deed
3.

This document is used to officially state that a loan has been paid off and the property is no longer subject to the loan.
- A.
  
  Release
- B.
  
  Satisfaction of Mortgage
- C.
  
  Reconveyance
- D.
  
  All answers are correct
4.

What part of a Real Estate Contract/Document would most likely contain the legal description of a property?
- A.
  
  Recitals
- B.
  
  Exhibit A
- C.
  
  Preamble
- D.
  
  Body
5.

Which deed is not recommended (and rarely used) in the sale of real property?
- A.
  
  Warranty Deed
- B.
  
  Quitclaim Deed
- C.
  
  Special Warranty Deed
- D.
  
  Grant Deed
6.

Which of the following are the two primary purposes for Real Estate Documents? (Check two)
- A.
  
  To document and record transfers of title
- B.
  
  To keep the county recorder busy
- C.
  
  To document and record encumbrances
- D.
  
  To document easements and loans
7.

Which of the following parts of a Real Estate Contract/Document is best for understanding the background/history, and purpose of the document?
- A.
  
  Preamble
- B.
  
  Recitals
- C.
  
  Body
- D.
  
  Exhibit A
8.

Which of the following parts of a Real Estate Contract/Document will state the parties involved and the date?
- A.
  
  Preamble
- B.
  
  Recitals
- C.
  
  Body
- D.
  
  Exhibit A
9.

A Warranty Deed requires that the ____ defend the title for the entire history of the property.
- A.
  
  Buyer
- B.
  
  Seller
- C.
  
  Agent
- D.
  
  Owner
10.

The claim of right to use another person's property is known as ____.
- A.
  
  Grant Deed
- B.
  
  Easement
- C.
  
  Encumbrance
- D.
  
  Foreclosure
11.

Which of the following real estate documents is not recorded?
- A.
  
  Warranty Deed
- B.
  
  Deed of Trust
- C.
  
  Mortgage
- D.
  
  Promissory Note
12.

Which of the following is not a security instrument?
- A.
  
  Deed of Trust
- B.
  
  Mortgage
- C.
  
  Warranty Deed
- D.
  
  Assignment of Leases & Rents
- E.
  
  Fixture Filing
13.

A deed which requires that the seller to defend the title for the time the seller owned the property only is called a what?
- A.
  
  Warranty Deed
- B.
  
  Special Warranty Deed
- C.
  
  Grant Deed
- D.
  
  Quitclaim Deed
14.

In the event the borrower fails to pay their debts, an Assignment of Leases and Rents entitles the lender to ____.
- A.
  
  The buildings
- B.
  
  The land
- C.
  
  The employees
- D.
  
  The cash flows
- E.
  
  The chandeliers
15.

If you could travel anywhere in the world, where would you want to go?