Section 8: The Doms Process Basics
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If you had to pick between coffee or tea to drink for the rest of your life which would it be?
Explore the fundamentals of the DOMS process in real estate, focusing on property documentation, recording sales, and the significance of real property. Learn key concepts like deed types, legal descriptions, and parcel numbers, essential for professionals in property management and real estate law.
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- 2.
Which type of deed does not transfer ownership?
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Grant Deed
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Deed of Trust
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Quitclaim Deed
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Special Warranty Deed
Correct Answer
A. Deed of TrustExplanation
A Deed of Trust does not transfer ownership. It is a legal document used in real estate transactions where a borrower transfers the title of their property to a trustee, who holds it as security for a loan. The trustee holds the title until the borrower repays the loan in full, at which point the title is transferred back to the borrower. Unlike other types of deeds listed, such as Grant Deed, Quitclaim Deed, and Special Warranty Deed, a Deed of Trust does not involve a direct transfer of ownership from one party to another.Rate this question:
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- 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?
Correct Answer
Legal Description, Exhibit AExplanation
To confirm that the document pertains to the property being researched, one should reference the Legal Description or Exhibit A section of the document. This section typically contains detailed information about the property, such as its boundaries, dimensions, and any legal restrictions or encumbrances. By examining this part of the document, one can ensure that it aligns with the property they are investigating, providing clarity and confirmation.Rate this question:
- 4.
Which of these are needed when recording a sale?
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Sales price
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Buyer
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Seller
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County
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B & C only
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A, B & C only
Correct Answer
A. A, B & C onlyExplanation
When recording a sale, three essential elements are required: sales price, buyer, and seller. The sales price represents the amount paid for the goods or services being sold. The buyer is the individual or entity purchasing the goods or services, while the seller is the individual or entity selling them. These three elements are necessary to accurately document and track the transaction. The option "A, B & C only" correctly includes all the necessary components for recording a sale.Rate this question:
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- 5.
Real property is more important than personal property in the DOMS process.
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True
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False
Correct Answer
A. TrueExplanation
Real property refers to land and any permanent structures or improvements attached to it. Personal property, on the other hand, includes movable belongings such as furniture, vehicles, and personal possessions. In the DOMS (Determination of Market Strength) process, real property is typically considered more important than personal property because it has a greater impact on the overall value and marketability of a property. Real property is considered a more significant asset and can have a significant influence on a property's desirability and market value. Therefore, it is true that real property is more important than personal property in the DOMS process.Rate this question:
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- 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.
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True
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False
Correct Answer
A. TrueExplanation
The parcel number is a unique identifier assigned by the assessor to distinguish one property from another. It helps the assessor keep track of information related to the property, such as ownership, tax assessments, and property characteristics. By using parcel numbers, the assessor can easily retrieve and catalog information about a specific piece of property. Therefore, the statement is true.Rate this question:
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- 7.
A property owned by an individual person should be marked as having which type of owner?
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Private Owner
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Single Owner
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REIT
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Trust
Correct Answer
A. Private OwnerExplanation
The correct answer is Private Owner because when a property is owned by an individual person, it is considered privately owned. This means that the property is not owned by a corporation, organization, or government entity. The term "private owner" indicates that the property is owned by an individual rather than a group or institution.Rate this question:
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- 8.
Is a company that manages a large amount of properties across the USA considered a third-party independent manager type.
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Yes, because they manage properties all over the USA.
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Yes, because they manage at least one property.
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No, because they are located in more than one state.
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Not enough information available to determine.
Correct Answer
A. Not enough information available to determine.Explanation
The given question asks whether a company that manages a large amount of properties across the USA is considered a third-party independent manager type. The answer is "Not enough information available to determine" because the question does not provide enough details about the company's relationship with the properties they manage. While the company manages properties all over the USA, it is unclear whether they are managing these properties on behalf of a third party or if they own the properties themselves. Without this information, it cannot be determined if they are a third-party independent manager type.Rate this question:
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- 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.
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True
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False
Correct Answer
A. FalseExplanation
Moon is round because of formed and collapsed under the force of their own gravity.Rate this question:
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- 10.
How many square feet are there in an acre?
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10000
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100000
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456852
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43560
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42890
Correct Answer
A. 43560Explanation
There are 43,560 square feet in an acre. This is a standard conversion used in land measurement.Rate this question:
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- 11.
Throughout the process, we should be thinking about the needs of ____ when determining the best option to put into the database.
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The U.S. Government
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Our Subscribers
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The Company
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Your Boss
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The voices inside your head
Correct Answer
A. Our SubscribersExplanation
When determining the best option to put into the database, it is important to consider the needs of our subscribers. This implies that the decision-making process should prioritize the requirements and preferences of the individuals who are subscribed to our services or products. By doing so, we can ensure that the chosen option aligns with their needs, leading to increased satisfaction and potentially higher retention rates.Rate this question:
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- 12.
True or False. An individual name is the only possible type of actual owner.
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True
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False
Correct Answer
A. FalseExplanation
During the night the high contrast between the bright moon and the night's dark skies make the Moon look white.Rate this question:
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- 13.
When finding the owner contact for a larger organization, we should find the person in charge of ______.
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Operations
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Accounting
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Acquisitions
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Marketing
Correct Answer
A. AcquisitionsExplanation
When finding the owner contact for a larger organization, we should find the person in charge of acquisitions. This is because the person responsible for acquisitions is typically involved in the process of buying and merging with other companies. They are likely to have information about the ownership structure of the organization and can provide contact details for the owner.Rate this question:
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- 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.
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True
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False
Correct Answer
A. FalseExplanation
The given statement is false. Extra Space Storage is a REIT that offers third-party management, but they do not manage their own properties. Therefore, they cannot be classified as a "Captive-REIT" manager type.Rate this question:
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- 15.
What is the correct manager type classification for Extra Space Storage?
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Captive - Private
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Captive - REIT
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Third Party - Independent
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Owner - Managed
Correct Answer
A. Third Party - IndependentExplanation
The correct manager type classification for Extra Space Storage is Third Party - Independent. This means that Extra Space Storage is managed by a third-party company that is independent and not affiliated with the company itself.Rate this question:
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- 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?
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Yes
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No
Correct Answer
A. NoExplanation
The question asks whether the sale from Owner A to Owner B should be recorded. The answer is "No" because the subsequent development of a self storage property on the land indicates that Owner B did not purchase the land for personal use but rather for a business purpose. Therefore, the sale should not be recorded as it is not a personal transaction.Rate this question:
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- 17.
We record the date of a sale on what date?
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The date the deed was recorded by the county recorder
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The date the deed was delivered to the buyer
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The date the deed was signed
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The date of maturity on the Deed of Trust
Correct Answer
A. The date the deed was recorded by the county recorderExplanation
The correct answer is "The date the deed was recorded by the county recorder." This is because the recording of a deed with the county recorder's office is an important step in the sale process. It serves as public notice of the transfer of ownership and establishes the official date of the sale. The other options listed (delivery to the buyer, signing of the deed, and date of maturity on the Deed of Trust) may be significant in other aspects of the sale, but they do not determine the official date of the sale itself.Rate this question:
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- 18.
When verifying owner and owner contact information, we need to verify all of the following over the phone except _____.
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Best Contact Number
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Name of Owner Contact
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That the owner actually owns the property
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The best address for the owner
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We need to verify all of the above information
Correct Answer
A. We need to verify all of the above informationExplanation
When verifying owner and owner contact information, it is necessary to verify all of the mentioned information over the phone except for the fact that the owner actually owns the property. Verifying the best contact number, the name of the owner contact, and the best address for the owner are all important steps in ensuring the accuracy and legitimacy of the owner's information. However, verifying the ownership of the property would typically require additional documentation or proof, rather than just a phone conversation.Rate this question:
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- 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?
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Nowhere, you are done and "West US Income Properties, LLC" is your actual owner
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Try the next nearest county to your proerty to see if they have the owners listed for "West US Income Properties, LLC"
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Go to the Oregon Secretary of State website since the legal owner is an Oregon corporation
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Give up and ask your trainer
Correct Answer
A. Go to the Oregon Secretary of State website since the legal owner is an Oregon corporationExplanation
Since the legal owning entity of the property is "West US Income Properties, LLC An Oregon Limited Liability Company", it indicates that the property is owned by a company registered in Oregon. Therefore, the next logical step would be to visit the Oregon Secretary of State website, as it is the official platform where information about Oregon corporations is available. By searching for "West US Income Properties, LLC" on the website, one can find more details about the company, including its actual owner.Rate this question:
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- 20.
The actual owner is ___________.
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The legal owning entity listed by the tax assessor
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Always the entity that owns the legal owning entity
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The Secretary of State
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The individual person who controls the property
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The individual person OR company that controls the property
Correct Answer
A. The individual person OR company that controls the propertyExplanation
The correct answer is "The individual person OR company that controls the property." This means that the actual owner of the property can be either an individual person or a company, depending on who has control over the property. It does not necessarily have to be the legal owning entity listed by the tax assessor or the Secretary of State.Rate this question:
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Quiz Review Timeline (Updated): Mar 21, 2023 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 21, 2023Quiz Edited by
ProProfs Editorial Team -
Apr 03, 2015Quiz Created by
Barbara Bray
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