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TEST BANK for Real Estate Finance & Investments, 17th Edition ISBN10: 1260734307 | ISBN13: 9781260734300 By William Brueggeman and Jeffrey Fisher$27.99
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,CHAPTER 1
1) If a lender is to repossess or bring about the sale of a property if the borrower defaults on
the mortgage loan, the lender is said to have a __________ in the real estate.
A) freehold interest
B) lease interest
C) secured interest
D) quitclaim
2) A(n) __________ estate represents the most complete form of ownership of real estate;
the owner is free to divide it up into lesser estates and sell, lease, or borrow against them as he or
she wishes.
A) fee simple
B) freehold
C) leasehold
D) life
3) Mr. Smith has allowed Mrs. Jones to run a sewer line through Mr. Smith's backyard so
that Mrs. Jones has access to the city sewer system. This is an example of a(n):
A) easement.
B) encumbrance.
C) estate for years.
D) title assurance.
4) Which type of deed offers the grantee the MOST protection?
Version 1 1
, A) Quitclaim deed
B) Special warranty deed
C) General warranty deed
D) Officer's deed
5) What term BEST describes a person that owns a property and is conveying title to the
property to another person?
A) Mortgagor
B) Grantor
C) Mortgagee
D) Grantee
6) What type of estate lasts for an indefinite period of time?
A) Freehold estate
B) Estate from year-to-year
C) Leasehold estate
D) Estate for years
7) Which of the following is NOT a good method of title assurance?
A) Seller provides a warranty in the deed
B) An attorney searches recorded documents
C) Title insurance is purchased
D) Seller provides a quitclaim deed
8) What legal document conveys title from one person to another?
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, A) Mortgage
B) Note
C) Deed
D) Debenture
9) A historical summary of the publicly-recorded documents that affect the ownership of a
property is known as a(n):
A) estate.
B) deed.
C) abstract of title.
D) lien.
10) Which of the following is FALSE regarding a tax sale?
A) An accurate and complete description of the property is required to be posted for
possible purchasers before the sale.
B) The property owner may not have had a court appearance through due process, thus
creating a cloud on the title.
C) The line of authority for the sale may not be clear.
D) The purchaser is usually expected to pay all delinquent taxes at the time of sale.
11) A reversion and a remainder are similar in that:
A) both can be sold or mortgaged.
B) both cause the property to go back to the grantor after the sale.
C) neither is an actual interest in the property.
D) neither is considered a future estate.
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