PSI Real Estate Exam: Transfer of Title Unit Questions Fully Solved.
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Course
Illinois Real Estate Broker PSI
Institution
Illinois Real Estate Broker PSI
Acknowledgment - Answer When a person who has signed a document formally declares to an authorized official (usually a notary public) that he or she signed voluntarily. The official certifies that the signature is voluntary and genuine.
Adverse Possession - Answer Acquiring title to someon...
PSI Real Estate Exam: Transfer of Title
Unit Questions Fully Solved.
Acknowledgment - Answer When a person who has signed a document formally declares to an
authorized official (usually a notary public) that he or she signed voluntarily. The official certifies that the
signature is voluntary and genuine.
Adverse Possession - Answer Acquiring title to someone else's real property by possession of it. The
possession must be open and notorious, hostile and adverse, exclusive, and continuous for more than 21
years.
Bargain and Sale Deed - Answer A deed that implies the grantor owns the property and has the right to
convey it, but does not carry any warranties.
Bequest - Answer Personal property transferred by a will.
Covenant - Answer 1. A contract. 2. A promise. 3. A guarantee (express or implied) in a document such
as a deed or lease. 4. A restrictive covenant. (Typical ______s compel or prevent certain actions by the
property owner or uses for the property.)
Deed - Answer An instrument that conveys ownership of real property from the grantor to the grantee.
Deed of Trust - Answer An instrument held by a third party as security for the payment of a note (rarely
used in Ohio). Like a mortgage, it creates a voluntary lien on real property to secure repayment of a debt.
The parties to a ____ are the grantor or trustor (borrower), benficiary (lender), and trustee (neutral third
party). Unlike a mortgage, a _____ includes a power of sale, allowing the trustee to foreclose non-
judicially,
Devise - Answer 1. (noun) Real property transferred in a will. 2. (verb) To transfer real property by will.
Devisee - Answer A recipient of real property under a will.
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