Legal Aspects of Real Estate - Final Exam 120 Questions with Answers 2023
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Legal Aspects of Real Estate
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Legal Aspects Of Real Estate
Legal Aspects of Real Estate - Final Exam 120 Questions with Answers 2023Legal Aspects of Real Estate - Final Exam 120 Questions with Answers 2023Legal Aspects of Real Estate - Final Exam 120 Questions with Answers 2023
1[Date]Legal Aspects of Real Estate - Final Exam
120 Questions with Answers 2023
Lien - Correct answer A claim against another's property securing either payment of a
debt or fulfillment of some other monetary exchange
Mechanic's Lien - Correct answer The right of one who renders services or supplies
materials in connection with the improvement of real property to seek a judicial sale of
the realty to satisfy unpaid claims
Judgment Lien - Correct answer Lien that automatically attaches to real property of a
defendant when a plaintiff wins a judgment in the jurisdiction in which the property is
located; attaches generally to all property; comes from a lawsuit against you (civil
lawsuits); tenants by the entirety would save the force-of-sale of your principal
residence as long as this lien is only against one of you
Lis Pendens - Correct answer A recorded document that gives constructive notice that
an action has been filed that might affect the title or possession of a specified parcel of
real estate
Attachment - Correct answer the act of seizing a defendant's property by legal process,
to be held by the court to ensure satisfaction of any judgment that might be awarded
(hard to evade creditors due to instances of ownership)
Tax lien - Correct answer a lien imposed against real property for payment of taxes
(does not apply to income taxes)
General Warranty Deed or Full Warranty Deed - Correct answer conveys the sellers title
and contains covenants of title, or warranties. 2[Date]Five Customary Covenants - Correct answer Covenant of Seisin; Covenant Against
Encumbrances; Covenant of quiet enjoyment; covenant of warranty; covenant of further
assurances
Covenant of Seisin - Correct answer Covenant Against Encumbrances - Correct answer assurance that, at the time of
conveyance, the property is free of encumbrances
Covenant of Quiet Enjoyment - Correct answer warrants that the buyer will not be
evicted by someone with superior title; no one can claim they own it
Covenant of Warranty - Correct answer warrants that the warrantor will defend title on
behalf of the purchaser against all lawful claimants; will defend the purchasor
Covenant of Further Assurances - Correct answer Special Warranty Deed or Limited Warranty Deed - Correct answer Restricts the extent
of seller's warranties - for so long as we own the property, were assuring that no one
else has superior title; limiting the amount of time that the warranty is viable; start when
grantor first acquired property; only cover against past events (both general and special)
Bargain and Sale Deed - Correct answer a deed that conveys the title with no
warranties; granting and saying we own it
Quitclaim deed - Correct answer an instrument that transfers the grantor's interest only;
it doesn't purport to convey title;-- common application is in divorce settlement (person
may sign over his/her house, but house could have mortgages attached to it)
Fiduciary - Correct answer person placed by law in a position of trust regarding
another's property
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