3. A sale to satisfy delinquent tax or mortgage liens is an example of involuntary alienation. determine the precise assets of a deceased person. . b. In legal terminology, the property owner is the, A feature of holding title as joint tenants is that. b. support from others around you d. Compare and comment on your answers to parts a through c\mathrm{c}c. For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct is violated. It is known as adverse possession Used words are:"convey and warrant" grant, bargain &sell or remise,release and quitclaim. . . It is often used to cure title problems, An important purpose of a living trust is to, avoid having property in the trust go through probate, The clause in all deeds that passes on the rights and obligations is known, A holdover from English common law, the statute of frauds that is found in all states requires that a deed, Real estate that is inherited from a person who died testate is called a, Conveyance of title occurs the moment a deed is, Title acquired through adverse possession must be open, notorious, continuous, hostile, and, The gift of real property by will is known as a, The document that creates a lien and acts as security for the promissory note is a. deed of trust. geography. . Portable and tangible objects that are not permanently affixed to and part of the real estate. For increases, place a + and the dollar amount in the column or columns. The resurrection of Christ was not essential for salvation. . . . c. It protects the buyer from encumbrances. d. property. b. Joint tenancy is not a concurrent ownership. Question 15 3 out of 3 points. . . . . . . . Recital of consideration 4. Which type of deed should the bank use, When a person dies testate, title to real property transfers to the. . The seller in a transaction is known as the? a. 1. chain of title. d. a general warranty deed. . b. 1. Some months later Mr. Dupe arrives to take possession of the house and discovers Mr. Clueless. Adam states in a Warranty Deed to Bill that he conveys ALL of Tract A; however, he only owns an undivided 75% interest in the tract. . True This type of deed has no warranties and no covenants against grantor's acts? . a. the grantor. The covenant whereby one warrants that he is the possessor and owner of property being conveyed is the covenant of: . The grantor of property transferred by deed promises to compensate the grantee for any future loss sustained by a defect in the title to the property by the, A bank wants to convey title to a foreclosed property but does not want to give any title warranties or have any future claims or liabilities. . \end{array} . . Legal object 2. The grantees marital status, residence and post office address must appear on all deeds presented for recording. . - most are warranty deed with covenance 4. b. . a. . . b. testator. To be effective and to comply with the statute of fraud's a deed must be in writing. a. . Find (a) the due date and (b) maturity value of the note. The deed contains five covenants. . a general warranty. A covenant of warranty. Title will pass to the new owner on the date of recording. . d. an administrator. John is known as who in the transaction? Which of the following is NOT an essential element of a deed? 4. defines the ownership taken by the grantee. Bill has no interest in the land. H & 2,500 & 6 \text { weeks } & & 3,000 & 5 \text { weeks } \\ . d. signed by the grantee. . In the case where the owner of a property has died without leaving a will, the fiduciary appointed to represent the estate is known as a/an? - Conveys whatever Grantor owns, if anything - no more, no less . . Date 4. . . The Torrens title system is all of the following EXCEPT . . a. a quitclaim deed. 4. . The type of deed is typically determined by what? In the case where the owner of the property has died without leaving a will, the fiduciary appointed to represent the estate is called an administrator. . A miss spelling, will not invalidate the deed, A corporation can only conduct business through it's authorized officer's, and corporate business includes the ownership and sale of real estate. The quitclaim deed contains no warranties of title. . On December 15, Frenchvanilla declared the annual cash dividend on its 5% preferred stock (par value,$115,000) and a $0.50 per share cash dividend on its common stock (55,000 shares). . Which essential element of a deed refers to the actual signing of the deed? Selected Answer: False. Implies that there was no will True . Journalize the entries to record the transactions. Seller is grantor and buyer is the grantee, Deed must be signed by all owners to convey entire property, Does not need to be competent, could be a 10 year old girl, Delivery to and acceptance by the grantee, Legal description describes only the land, appurtenances are presumed to transfer with the land, Real Estate Marketing: Commercial Real Estate, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Arthur Getis, Daniel Montello, Mark Bjelland, Roaming (per Minute across the U.S. and Canada). Frenchvanilla Company earned net income of $75,000 during the year ended December 31, 2012. b. d. The son has received title by a legacy. Sheriff's deed A provision in a deed limiting uses that may be made of the property, a violation of which results in liability in damages, is a restrictive condition. List three things to remember in preparing for the sales process. . What type of deed provides the grantee with the LEAST protection. d. Locate a broker and put the property on the market. . . . c. Pete, by virtue of the purchase from Tony. . college after 4 years? 2. . b. a. an instinctual motivation . Paid-InCapitalinExcessofParCommonStock. Requires governmental registration and a certificate . a. . 1. a. d. Any of the above. b. . Joe is selling his house to Kevin for $520,000. Define market structure. . . Make a chart showing which jobs youth can do at age 13 or younger, age 14, age 16, and age 18. . . . d. All of these choices. . c. Quitclaim. . A theoretical real estate concept that is similar to the bundle of rights . . Second - the deed must state that consideration was given by the grantee to the grantor. . . . b. 4. . a. . d. To record ownership in the public records. A deed's words of conveyance appear in the, Which of the following is FALSE about probate, The laws of probate are set at the national level, Title is conveyed by deed only when the deed has been. The grantor's signature. c. Accountant. Which type of deed contains the least assurances from the grantor to the grantee? Announced Notice Brown. 3. e. Sold 18,000 shares of treasury common for $7.50 per share. A grantor conveys property by delivering a deed. All of the above, The most common contract that nobody recognizes is a contract of . c. General warranty deed 2) a deed conveying real property without covenants 2) Contain words of grant. The New York General Obligations Law Section 5-703 refers to what? . . 1. . In order to do this, Jennings' occupancy of the land must be: With this type of deed, the grantee does not guarantee that the grantor actually has an interest in the property. Signature of the grantor. . . . . . Adam subsequently acquires the other percent interest. 2- by will. a. Essential Elements of a Deed (Part 2) . A. a promise to pay B. lender's signature C. terms of . a. Real estate that is recorded using this method is also called registered property or Torrens property. False. Which of the following statements are correct regarding construction loans? 3. Assume that the survey consisted of 250 males and 250 females. Is primarily used in conjunction with subsurface mineral rights, 4. Mr. Smith inherits a ranch in the Midwest and without having seen it, wants to sell it. . This type of deed is used to convey real property sold pursuant to a judicial order in an action for the foreclosure of a mortgage or for partition? . 2. - merges the deed at closing from seller to buyer. This type of deed is used only when the owner of the property is deceased? 3. provides the seller the right to take title again in the event the buyer violates the Habendum clause. . . d. Eminent domain. . . Therefore he refused to continue until Reid promised to pay an additional$2,000. . A covenant of quiet enjoyment. . Essential Elements of a Deed (Part 1) First - A deed must identify the grantor and the grantee. *this is what we use in normal NYC transaction . . c. Detachment. d. trust. avoid having property in the trust go through probate. They went and inspected the property and Angela agreed to buy it, and later recorded her deed. . As a real estate agent, where should you search to find any records of violations on a property? . . . . For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. A deed conveying real property without covenants is known as what? d. The city or county in which the property is located. What factors 3. a statement as to the exact purchase price. Sally would be called the estate's: NormalCrashedActivityCostDurationExtraCostDurationA$5,0004weeks$4,0003weeksB10,0005weeks3,0004weeksC3,5002weeks3,5001weekD4,5006weeks4,0004weeksE1,5003weeks2,5002weeksF7,5008weeks5,0007weeksG3,0007weeks2,5006weeksH2,5006weeks3,0005weeks\begin{array}{cccccc} . \end{matrix} . 4. a legal description. a. Ralph owns the property because the court action was after he bought the property. \text { Activity } & \text { Cost } & \text { Duration } & & \text { Extra Cost } & \text { Duration } \\ 2. a signature of the grantor. 2. Execution - signing of the deed. . . c. The covenant of quiet enjoyment. An important purpose of a living trust is to. . . Paid-InCapitalinExcessofParPreferredStock. A deed restriction is when a grantor retains some rights to the land for himself. ActivityABCDEFGHNormalCost$5,00010,0003,5004,5001,5007,5003,0002,500Duration4weeks5weeks2weeks6weeks3weeks8weeks7weeks6weeksCrashedExtraCost$4,0003,0003,5004,0002,5005,0002,5003,000Duration3weeks4weeks1week4weeks2weeks7weeks6weeks5weeks, When conveying interests in real estate using a quitclaim deed, the extent of promises given by the grantor to the grantee are, Any limitations or reservations that a grantor intends to make part of a conveyance of real estate should be, In MOST states, a written will must be signed by its testator. Tony died a few months later and according to the terms of his will, the property was to go to his nephew, Bob. This type of deed contains the strongest guarantee of title? Grantor A deed is acknowledged by . b. Partition Under which of the following types of mortgage loans would a buyer have to produce a certificate of reasonable value? . A deed need only be executed to pass title. a. d. Neither a person who died testate nor a person who died intestate. Acknowledged. False. _______ are manufacturing plants located in free trade zones in Mexico. b. eminent domain. c. Mr. Clueless will obtain title by estoppel. 3. descent A deed which is used to convey property from the US government to an individual would be a: Can not be altered or removed by subsequent owners The person who makes a will is called an intestate. . The buyer in a transaction is known as the? - in this form, the paragraph containing the covenant is gone. . . Go to the web site for the Department of Labor, Youth Rules (www.youthrules.dol.gov). either to the heirs by decent or to the persons named in the will. 3) Competent grantor. What are the maximum taxable earnings amounts and the tax rates for Social Security and Medicare for the current year? Title that has been cleared by the County Clerk and Recorder's Office, 1. . 3. . Only whatever part of the land the grantor owns, if any, will transfer to the grantee. . They are summarized as follows. - a type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee. Three lines and 1,200 minutes. b. Bequest. . It is often used to cure title problems. a. G^{\star} & 3,000 & 7 \text { weeks } & & 2,500 & 6 \text { weeks } \\ . Purchased 87,500 shares of treasury common for $8 per share. b. Which is the best deed he can use to convey the ranch with the least liability to himself? . b. . . d. Severance. . against encumbrances: assures that there are no encumbrances on the estate, except those named in the deed. . Give the formulas under the direct method for computing cash payments to suppliers. One of the requirements of a valid deed is: A. VA guaranteed loan B. VA insured loan C. FHA insured loan D. conventional loan, Which of the following is NOT an essential element of a promissory note? a. 1. and in NYC we use bargain and sale deed, Someone dies without a will. . The government ends up with title to the property . . The Seller and all previous owners guarantee and warrant the deed is correct. He did not record his deed, but took immediate possession. . b. A lawsuit filed to formalize title obtain by adverse possession is called a(n): . Each of the following is an involuntary method of conveying property EXCEPT: Which of the following is NOT essential to the validity of a deed? . . . . . . 52,840,000\begin{array}{lrr} . Reversion . 2. Signature of grantee Jennings decided she will acquire title to a piece of unused land by adverse possession. 4. . . Although A date is not essential to the validity of a deed, it is customarily included. a. Authentication. . a. Smith. 1. 4. . A reservation on the other hand is the creation of a new right created by the grand tour in his own favor. Recorded. . . c. The son has received title by an easement. are considered in determining the market structure of a a. reverse condemnation. . A quitclaim deed conveys any title, interest, or claim of the grantor in the real property, but it does not profess that the title is valid nor does it contain any warranty or covenants of title. b. . . c. Assemblage. . A warranty. . Written permission of the owner. Race Notice . . .Paid-InCapitalinExcessofParPreferredStock. 6) Contain an adequate description. b. ensure that the title will be good against the title claims of third parties. b. Upon his death, Mr. Williams left his house to his niece and his furniture to his nephew. c. the grantee. Does the above sample evidence enable us to reject the null hypothesis at =0.01\alpha=0.01=0.01 ? Inclusion of the Date frequently prevents any questions as the time of it's delivery, A grantor must be of legal age and sound mind, and must be named or clearly designated in the deed. b. b. c. Eminent Domain Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to , a deed must be properly recorded? c. Signatures of the grantor and one of the joint tenants. . True ACRIS can be found under which New York City website? c. General warranty deed. particular industry? There is no prescribed form that must be used, and the wording is inmaterial as long as the intent is clear. . Even if there are issues, it's all you" - if grantee is willing to take title subject to any defects of the property The disadvantage to a buyer receiving a quitclaim deed is that. Which of the following is NOT a form of involuntary transfer of property? In a quitclaim deed, the covenant of seizin means . b. Riparian. c. Sealed. a. a formal will. . Put limits on the use of the property . an affirmative condition. (2 versions) . a. grantor. f. Declared cash dividends of$1.60 per share on preferred stock and $0.05 per share on common stock. . b. Mortgagor . Surface roughness of pipe. If Oxbow Corporation does not record a sale made on account in December until a month later when the customer pays its invoice, how will Oxbows December financial statements be impacted? 1- by descend. RetainedEarnings. Determine the sample size needed for each of the following situations. c. Bill can win a suit against Joe for misrepresentation. A buyer wants the maximum assurance that there are no imperfections or clouds on title. 1. \text{7} & \text{Pays \$200 on accounts payable}\\ c. Novation. b. Davis's son becomes the owner of Davis's land because Davis died without a will. c. A court order. d. Quitclaim deed. b. . d. The court will order Quincy to return the money to Ralph. . Search the site for information about child labor laws. . Essential Elements of a Valid Deed. For the income statement, identify how each transaction affects net income. This changes the size of a piece of land (a process called accession) and thus its value over time, A valuation placed upon property by a public officer or a board, as a basis for taxation, A city, county, town or village with the authority to value real property for purposes of taxation, A city or town which has been certified by the state board of real property tax services to have completed a revaluation or an update in conformance with its rules and regulations. John is selling his house to Abby for $345,000. Thus, there is no point in having a separate course on international business. Evaluate this statement. . . . b. claimant. . a. d. All of these choices are required. . a. . a. . . 3 calendar days after the telephone conversation, AFAA Primary Group Exercise Certification Stu, John's neighbor has an oak tree whose branche, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. . \quad & \text{Transaction} & \text{Total Assets} & \text{Total Liab.} 1. chain of title. . What is meant by a shareholders preemptive right? The accumulation of soil on an owner's property caused by the movement of water is known as: a. Accretion. Since it does not warrant good title from the grantor, the grantee could be in trouble if title defects appear at a later date. A legal document that secures the repayment of a mortgage note, When title transfers by foreclosure, ___________ . . . . .CommonStock,$9par(3,000,000sharesauthorized,1,750,000sharesissued). Each is to receive an equal interest. True a restrictive covenant. . d. Assets will be overstated on the balance sheet, while revenues will be understated on the income statement. A deed which recites the consideration as "one dollar and other good valuable consideration" must be accompanied by an affidavit which stipulates and allowable exclusion such as "love and affection", Since a deed transfers a present interest in real estate the words of conveyance found in the granting clause must show and intend to transfer such an interest now. 4 methods of transferring real property from one person to another. . . . According to Marx and Engels, how capitalists and the bourgeoisie produce capitalist systems are their "grave diggers"? . . Acknowledgment. . d. The court will order Joe to return Bill's purchase price. - Doctrine of after-acquired title does not apply . . A deed with a Habendum clause What type of deed is used in a co-op transaction? . . . A transfer of property from an individual to the public. Legal policy mandates that a deed to real property be a matter of public record; therefore, a deed must be properly recorded. Assets will be understated on the balance sheet, while revenues will be overstated on the income statement. . a. Dedication. Consideration competency 4. . The equitable title remains with the borrower. . . quiet enjoyment: guarantees the grantee will not be disturbed by third . The covenant in a deed that states that the grantor has full possession of the premises in fee simple (or any other estate the grantor purports to convey) is called the convenant of Seisin The covenant against encumbrances and a deed of conveyance warns against the existence of all undisclosed matters except . b. File an estoppel certificate. Which part of a deed describes the facts of the transaction? More broadly defined than a chain of title, 3. . . . Besides using the property's address, how else can Chris search to find information about the property? What type of deed is typically delivered by a 3rd party? Mutual assent 3. . Which of the following do NOT need to be recorded? 2. title plant. b. Eminent domain. Identify how each of the following separate transactions 1 through 10 affects financial statements. At various times you have heard comments on interest rates from one of your clients. c. possession. Some cells may contain both an increase (+) and a decrease () along with dollar amounts. 2. False, When property is conveyed by deed, the buyer is referred to as the: This is referred to as Consideration Something of value, including money is known as Referee's Deed This type of deed is used when two owners want to partition their ownership in the property May be reduced grantor. A supreme title to land which was originally acquired within the United States of America by a treaty is known as what? Common errors found in. d. further assurance. . Study Hint: Notaries public only witness other peoples' acknowledgments and signatures. a.b.BalanceSheetIncomeStatementStatementofCashFlowsTransactionTotalAssetsTotalLiab.TotalEquityNetIncomeOperatingActivitiesInvestingActivitiesFinancingActivities1Ownerinvests$900cashinbusinessinexchangeforstock+900+900+9002Receives$700cashforservicesprovided3Pays$500cashforemployeewages4Incurs$100legalcostsoncredit5Purchases$200ofsuppliesoncredit6Buysequipmentfor$300cash7Pays$200onaccountspayable8Provides$400servicesoncredit9Pays$50cashfordividends10Collects$400cashonaccountsreceivable\begin{matrix} A deed which conveys simply the grantor's rights or interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or any other covenants is known as what? . . Trust deed. . Recordation . Quitclaim deeds do not have a covenant of seizin. Inquiry Notice The means or medium by which the title of real estate is transferred, Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to delivery and acceptance, a deed must be properly recorded, A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. . Who acknowledges a warranty deed? c. Special warranty deed. C & 3,500 & 2 \text { weeks } & & 3,500 & 1 \text { week } \\ . In order for a deed to be recorded, MOST states require that it be. The following answer regarding income tax deduction is FALSE: 3. The addition of land through processes of nature, as by water or wind 1. Which of the following is not an essential element of a deed? 3. If you were a landlord, what repairs and maintenance would you expect the tenant to perform? . . b. . The transfer of the title of land from one to another is known as what? . a. Quiet title action. b. condemnation. . . Dedication. For a deed to be valid there must also be acceptance (T/F) True. No loss for tax purposes . d. general warranty deed. If "first substantial contact" occurs by telephone, the licensee is required to transmit the "Working With Real Estate Agents" brochure immediately, but in no event later than: A. A will and an inter vivos trust agreement are testamentary documents which take effect on the owner's death. . c. Suit for specific performance. . 60,000sharesissued). c. Devise. Descent and distribution is a form of voluntary alienation. A deed of trust, or mortgage, creates a lien and security for a promissory note. . . . . Is the deed both valid and effective? ), A supreme title to land which was originally acquired within the United STates of AMerica by a treaty.
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