Michigan Real Estate - Unit 7: Transfer
Of Title - Multiple Choice Questions And
Answers With Verified Solutions Already
Passed!!!
"All of the following are true of deeds EXCEPT
A) there must be a competent grantor.
B) they are used to transfer title to real estate.
C) they guarantee ownership.
D) they differ in the promises they offer the grantee - ANSWER✔✔ "C-
Explanation:
The answer is they guarantee ownership. Deeds differ in the promises or warrants
they give, they are used to transfer title in real estate, and they must have a
competent grantor (which is one of the seven elements that make a deed valid).
Deeds do not guarantee ownership
"
"In order for a deed to be recorded, MOST states require that it be
A) certified.
B) signed by the grantee.
C) registered.
D) acknowledged - ANSWER✔✔ "D-Explanation:
The answer is acknowledged. Having the deed notarized or acknowledged shows
that the grantor freely signed the document
, "
"What is the transfer tax that will be paid by the seller of a $510,000 home, if the
seller's state requires payment of a transfer tax of $1.25 for each $500 (or fraction
of $500) of the sales price of real estate?
A) $1,275
B) $1,150
C) $975
D) $1,200 - ANSWER✔✔ "A-Explanation:
The answer is $1,275. $510,000 divided by the dollar amount per taxable unit
($500), equals 1,020 taxable units. The number of taxable units multiplied by the
tax rate per unit equals the tax to be paid. So, 1,020 times $1.25 equals the $1,275
transfer tax the seller must pay to the state
"
"Conveyance of title occurs the moment a deed is
A) signed by the grantor.
B) delivered and accepted.
C) signed by the grantee.
D) recorded - ANSWER✔✔ "B-Explanation:
The answer is delivered and accepted. Delivery by the grantor and acceptance by
the grantee defines the moment of conveyance
"
"The possession of property by an adverse possession claimant must be
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