Name: Score:
86 Multiple choice questions
Term 1 of 86
Mike bought property at a foreclosure sale. Which deed is LEAST LIKELY to have been used in the
transfer?
bargain and sale deed
judicial deed
limited warranty deed
sheriff's deed
Definition 2 of 86
Defeasance clause
During a person's lifetime, title to real estate may be transferred by which method?
At final payment, the mortgage is satisfied, cancelled, or void.
What is another word to describe a specific type of panic selling?
A quitclaim deed conveys
Term 3 of 86
A seller asks an appraiser to help determine a realistic listing price for her single-family, owner-
occupied house. Which approach to value would the appraiser rely on when making this
decision?
income approach
market data approach
cost approach
gross rent multiplier
,Term 4 of 86
In which step of the appraisal process would you determine highest and best use?
reconcile the final estimate of value
collect data/analyze data
conveyance clause
market data approach
Definition 5 of 86
mortgagee.
A lender typically requires title insurance to cover the
A document stating the current title status of a piece of property.
The historical record of all of the property's owners.
Lender can declare the entire loan balance due if the borrower defaults.
Term 6 of 86
A quitclaim deed conveys
something you actually have seen or know to be true.
whatever interest the grantor has
marketable title.
express information of facts about a property or client's circumstances.
, Term 7 of 86
With a trust deed, who is considered the beneficiary?
the grantor
the buyer
the lender
the seller
Term 8 of 86
Which of the following are BRRETA facts that apply to the liability of brokers engaged by
landlords?
A broker must disclose all known defects in the property.
On a quarterly basis.
A broker does not have a duty to discover any potential adverse facts affecting either the
neighborhood or subject property.
A broker must ensure that the property meets all local zoning laws.
Definition 9 of 86
plus capital expenditures, less depreciation.
A condensed history of the ownership of a property is called a(n)
A deed that is not signed by the seller is still considered valid as long as it
Which element is not required in order for a deed to be valid?
acknowledgment
consideration
execution
granting clause
Adjusted basis is initial basis
86 Multiple choice questions
Term 1 of 86
Mike bought property at a foreclosure sale. Which deed is LEAST LIKELY to have been used in the
transfer?
bargain and sale deed
judicial deed
limited warranty deed
sheriff's deed
Definition 2 of 86
Defeasance clause
During a person's lifetime, title to real estate may be transferred by which method?
At final payment, the mortgage is satisfied, cancelled, or void.
What is another word to describe a specific type of panic selling?
A quitclaim deed conveys
Term 3 of 86
A seller asks an appraiser to help determine a realistic listing price for her single-family, owner-
occupied house. Which approach to value would the appraiser rely on when making this
decision?
income approach
market data approach
cost approach
gross rent multiplier
,Term 4 of 86
In which step of the appraisal process would you determine highest and best use?
reconcile the final estimate of value
collect data/analyze data
conveyance clause
market data approach
Definition 5 of 86
mortgagee.
A lender typically requires title insurance to cover the
A document stating the current title status of a piece of property.
The historical record of all of the property's owners.
Lender can declare the entire loan balance due if the borrower defaults.
Term 6 of 86
A quitclaim deed conveys
something you actually have seen or know to be true.
whatever interest the grantor has
marketable title.
express information of facts about a property or client's circumstances.
, Term 7 of 86
With a trust deed, who is considered the beneficiary?
the grantor
the buyer
the lender
the seller
Term 8 of 86
Which of the following are BRRETA facts that apply to the liability of brokers engaged by
landlords?
A broker must disclose all known defects in the property.
On a quarterly basis.
A broker does not have a duty to discover any potential adverse facts affecting either the
neighborhood or subject property.
A broker must ensure that the property meets all local zoning laws.
Definition 9 of 86
plus capital expenditures, less depreciation.
A condensed history of the ownership of a property is called a(n)
A deed that is not signed by the seller is still considered valid as long as it
Which element is not required in order for a deed to be valid?
acknowledgment
consideration
execution
granting clause
Adjusted basis is initial basis
