Section 8: The Doms Process Basics
- 1.If you had to pick between coffee or tea to drink for the rest of your life which would it be?
- 2.Which type of deed does not transfer ownership?
- A.
Grant Deed
- B.
Deed of Trust
- C.
Quitclaim Deed
- D.
Special Warranty Deed
- 3.In order to confirm that the document you are viewing concerns the property you are researching you should reference which part of the document?
- 4.Which of these are needed when recording a sale?
- A.
Sales price
- B.
Buyer
- C.
Seller
- D.
County
- E.
B & C only
- F.
A, B & C only
- 5.Real property is more important than personal property in the DOMS process.
- A.
True
- B.
False
- 6.The parcel number is used by the assessor to identify one piece of property from another in order to catalogue information on the property.
- A.
True
- B.
False
- 7.A property owned by an individual person should be marked as having which type of owner?
- A.
Private Owner
- B.
Single Owner
- C.
REIT
- D.
Trust
- 8.Is a company that manages a large amount of properties across the USA considered a third-party independent manager type.
- A.
Yes, because they manage properties all over the USA.
- B.
Yes, because they manage at least one property.
- C.
No, because they are located in more than one state.
- D.
Not enough information available to determine.
- 9.True or False. When calculating improvement square feet, we always want the square footage of ALL buildings on the property regardless of their use.
- A.
True
- B.
False
- 10.How many square feet are there in an acre?
- A.
10000
- B.
100000
- C.
456852
- D.
43560
- E.
42890
- 11.Throughout the process, we should be thinking about the needs of ____ when determining the best option to put into the database.
- A.
The U.S. Government
- B.
Our Subscribers
- C.
The Company
- D.
Your Boss
- E.
The voices inside your head
- 12.True or False. An individual name is the only possible type of actual owner.
- A.
True
- B.
False
- 13.When finding the owner contact for a larger organization, we should find the person in charge of ______.
- A.
Operations
- B.
Accounting
- C.
Acquisitions
- D.
Marketing
- 14.True or False. Even though they offer third-party management, Extra Space Storage is a REIT that manages their own properties so we would classify them as a "Captive-REIT" manager type.
- A.
True
- B.
False
- 15.What is the correct manager type classification for Extra Space Storage?
- A.
Captive - Private
- B.
Captive - REIT
- C.
Third Party - Independent
- D.
Owner - Managed
- 16.If Owner A sold a vacant piece of land to Owner B, then afterward Owner B developed a self storage property on the land, should we record the sale from Owner A to Owner B?
- A.
Yes
- B.
No
- 17.We record the date of a sale on what date?
- A.
The date the deed was recorded by the county recorder
- B.
The date the deed was delivered to the buyer
- C.
The date the deed was signed
- D.
The date of maturity on the Deed of Trust
- 18.When verifying owner and owner contact information, we need to verify all of the following over the phone except _____.
- A.
Best Contact Number
- B.
Name of Owner Contact
- C.
That the owner actually owns the property
- D.
The best address for the owner
- E.
We need to verify all of the above information
- 19.You are trying to find the owner of a property in Arizona. You go to the Arizona SOS and find that the member of the legal owning entity of your property is "West US Income Properties, LLC An Oregon Limited Liability Company". Where could you go next that would lead you to the actual owner?
- A.
Nowhere, you are done and "West US Income Properties, LLC" is your actual owner
- B.
Try the next nearest county to your proerty to see if they have the owners listed for "West US Income Properties, LLC"
- C.
Go to the Oregon Secretary of State website since the legal owner is an Oregon corporation
- D.
Give up and ask your trainer
- 20.The actual owner is ___________.
- A.
The legal owning entity listed by the tax assessor
- B.
Always the entity that owns the legal owning entity
- C.
The Secretary of State
- D.
The individual person who controls the property
- E.
The individual person OR company that controls the property
Questions: 15 | Attempts: 59 | Last updated: Mar 20, 2022
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Sample QuestionThis is a method of moving assets from one IRA to another IRA at a different financialinstitutionwhere the check is made payable to the receiving IRA trustee, custodian or issuer.
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