National Real Estate Exam Prep Questions And Answers Verified 100% Correct

National Real Estate Exam Prep Questions And Answers Verified 100% Correct The types of deeds are: - Answer1) Warranty Deed 2) Special (or limited) Warranty Deed 3) Quitclaim Deed 4) Special Purpose Deed 5) Transfer on Death Deed. Warranty Deed - AnswerOffers the greatest protection that a deed can give. Special Warranty Deed (Limited warranty deed) - Answer1) Owner warrants only that he has not done harm to the title 2) Covers only the period of time when the sellers owner the property. Quitclaim Deed - AnswerThe seller agrees to convey whatever interest, IF ANY, they have in the property. The reason a deed is recorded is - Answerfor protection against a third party. Elements necessary to a valid deed: - Answer1) signed & acknowledged by grantor 2) Lists marital status of the grantor 3) Use words of conveyance - also called a granting clause 4) Names & addresses of grantees 5) Acknowledged by Grantor in front of Notary Public 6) Signed in front of two witnesses (in most states) 7) Legal description 8) Delivery & acceptance of deed Lot & Block System - AnswerSubdivision Township - Answer36 Square Miles Eminent Domain - AnswerThe RIGHT of the government to condemn & take the property. Condemnation - AnswerThe PROCESS of the government taking a property by eminent domain. Escheat - AnswerThe state takes property upon an owners death if there is no will & no heirs exist. Adverse Possession - AnswerA person takes possession & use of a property belonging to another. Possession must be open, notorious, hostile & uninterrupted for a certain period of time. Abstract of Title - AnswerA complete history of ownership. Encumbrance - AnswerA claim or liability that attaches to the land & is held by one who is NOT the fee owner. Examples of Specific Liens - Answerreal estate taxes, mortgages, mechanics liens Easement - AnswerRight to use a property for a specific use Easement in Gross - AnswerAn entity's personal right to use property. The receiver DOES NOT own the adjoining property. Example: utility easement Easement Appurtenant - AnswerRuns with the land. Easement by Necessity - AnswerCreated when no other access to land exists...right of ingress & egress Easement by Prescription - AnswerCreated through continual use over a certain period of time. It must be continual, visible, & w/o approval. Example - a private road becomes public. License - AnswerA privilege granted to an individual for a specific purpose. It is NOT assignable to others. Accretion - AnswerPhysical addition to the land by natural forces. Alluvium (also Alluvion) - AnswerThe soil on a shore or bank of a river Lis Pendens - AnswerA pending notice of a lawsuit giving notice of a possible claim to the property Writ of Attachment - AnswerA document filed during a lawsuit that prevents a debtor from conveying the property Fixtures - Answeritems of personal property attached to real property that are not removed by the seller Trade Fixtures - AnswerPersonal property used in a business and can be removed by the lessee when the lease terminates. Appraisal - Answeris an estimate or an opinion of value Market Value - AnswerAn estimate of probably price on the date of the appraisal. Market Price - AnswerWhat the property actually sells for The 3 approaches to value are: - Answer1) Market Data Approach (single family homes) 2) Cost Approach (commercial property) 3) Income Approach (income producing property) Blockbusting - AnswerEncouraging owners to sell their properties because minorities are moving into a neighborhood Steering - AnswerTrying to influence a buyer's housing choice using race, religion, ethinicity, national origin, or ancestory factors as the reasoning. Redlining - AnswerDenying loans in certain areas due to race, religion, sex, familial status, or a disability. The Civil Rights Act of 1866 Covers: - Answer1) Race 2) Color 3) Ancestry (it's the only act that covers this) It applies to all property (Real & Personal) There are no exceptions