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Real estate express - Colorado closings final exam with complete solution
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Real estate express - Colorado closings final exam with complete solution
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Real estate express - Coloradoclosings final exam with complete
solution
The metes and bounds description always identifies an enclosed
area by starting at an origination point called - -ANSWER--
point of beginning.
What refers to the right to have one's property supported from
beneath the surface? - -ANSWER--Subjacent Rights
What system uses physical features of the local geography,
along with directions and distances, to define and describe the
boundaries of a parcel of land? - -ANSWER--Metes and bounds
Homestead - -ANSWER--A homestead is one's principal
residence. Homestead laws protect family members against
losing their homes to general creditors attempting to collect on
debts.
,Dower and Curtesy - -ANSWER--is a wife's life estate interest
in the husband's property. When the husband dies, the wife can
make a claim to portions of the decedent's property. Curtesy is
the identical right enjoyed by the husband in a deceased wife's
property. Property acquired under dower laws is owned by the
surviving spouse for the duration of his or her lifetime.
Elective Share - -ANSWER--is a state-level statute enabling a
surviving spouse to make a minimum claim to the deceased
spouse's real and personal property in place of the provisions for
such property in the decedent's will.
Remainder - -ANSWER--If a life estate names a third party to
receive title to the property upon termination of the life estate,
the party enjoys a future interest, called a remainder interest or a
remainder estate. The holder of a remainder interest is called a
remainderman.
Reversion - -ANSWER--If no remainder estate is established,
the estate reverts to the original owner, or the owner's heirs. In
this situation, the original owner retains a reversionary interest
or estate.
History of title is also known as - -ANSWER--chain of title.
If an interest-holder enjoys the right of possession, the party is
considered to have what? - -ANSWER--An estate in land
In real estate, what term describes the recipient of a property and
the person taking title? - -ANSWER--Grantee
,What term describes a husband's life estate interest in the
husband's property? - -ANSWER--Curtesy
What component describes a freehold estate existing for a
lifetime? - -ANSWER--An indefinite ending
The owner of a fee simple interest is called - -ANSWER--the fee
tenant.
All of the following are types of defeasible fee estates EXCEPT
- -ANSWER--absolute.
In what type of tenancy do two or more persons collectively
own a property as if they were a single person? - -ANSWER--
Joint tenancy
Tenancy in common is also known as - -ANSWER--estate in
common.
To transfer property within dower and curtesy states, what must
a husband or wife obtain from the other spouse in order to
convey clear title to another party? - -ANSWER--A release of
the dower interest
Community property law distinguishes real and personal
property into categories of separate and - -ANSWER--
community property.
Which of the following is a kind of tenancy not recognized in
South Carolina? - -ANSWER--Tenancy by the Entirety
, What is a form of ownership reserved exclusively for husband
and wife, and is only recognized in community property states? -
-ANSWER--Tenancy by the entirety
Which entity is last to see any sale proceeds from a foreclosure?
- -ANSWER--The original debtor.
In a deed in lieu of foreclosure transaction, how is a legal title
transferred to the lender? - -ANSWER--The title is usually
transferred with a warranty or quitclaim deed.
An adjustable rate mortgage - -ANSWER--allows a homeowner
to qualify for a more valuable home at the start of the loan
In a foreclosure situations, who actually owners the property? - -
ANSWER--The lender
When creditors inform candidates if they have been denied or
granted approval for credit, they - -ANSWER--can do it either
orally or in writing.
What should buyers look at when comparing loans? - -
ANSWER--Interest rate and other charges
Approximately what percentage of credit reports have inaccurate
information? - -ANSWER--25%
Which Act protects consumers from abusive debt collection
practices? - -ANSWER--The Fair Debt Collection Practices Act
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