Section 2: Real Estate Documents

15 Questions | Total Attempts: 263

SettingsSettingsSettings
Section 2: Real Estate Documents - Quiz

.


Questions and Answers
  • 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?
Back to Top Back to top