1
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FINC 371 Test 2 (Peterson) Questions and
Answers (100% Correct Answers) Already
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Ch. 5 [ANS:] Deeds and Titles
All RE contracts must be in ______ [ANS:] writing
6 Essential Elements of a Deed [ANS:] 1. Grantor [Giver]
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2. Grantee [Receiver]
3. Consideration [something of economic value]
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4. Legal Description [metes/bounds, plats, etc]
5. Signatures [once have both, then it is considered executed]
6. Delivered [title not transferred UNTIL delivery to Grantee, filed
with county]
Covenants vs Warranties [ANS:] Covenant: agreement or promise
[4]
Warranty: guarantee statements are true [1]
4 Traditional Covenants: [ANS:] 1. Against Encumbrances [no
other encumbrances than ones disclosed]
, 2
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2. Seisin or Ownership [assurance grantor is able to sell the RE]
3. Quiet Enjoyment [promise to protect rights for quiet enjoyment
against anyone who might claim title to property later]
4. Further Assurances [backup/prove you now own the property;
requires seller to take affirmative steps to cure any defects in title]
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1 Traditional Warranty: [ANS:] 1. Warranty Forever [guarantee
statements are true]
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Types of Deeds [4 degrees of deeds] [ANS:] Varying Degree of
Protection
1. Warranty Deed [protects for everything past and present] [ANS:]
-Broadest type of deed
-Grantor promises ALL 4 covenants and 1 warranty
-Grantor promises to DEFEND title conveyed
-> Owner takes responsibility
2. Special Warranty Deed [backing up for everything during
present ownership] [ANS:] -Limits warranties to events occurring
DURING grantor's period of ownership
-does NOT protect prior encumbrances
, 3
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3. Bargain & Sale Deed [aka "warranty deed w/o covenants"]
[ANS:] -Implies grantor has title to property and rights to convey it
-does NOT contain express covenants as to title validity
ex) used when bank selling title in an auction
4. Quitclaim Deed [worst protection] [ANS:] -Transfers any interest
grantor may have in property but does NOT imply grantor has any
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valid interest
-worst protection of all deeds
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ex) most commonly used to clear defects in title to property
GOOD Title = [ANS:] -Marketable [Free and Clear of Claims]
-Insurable [Reputable Title]
-Perfect of Record [No defects in title]
Title Examination: [ANS:] Discovering Possible Defects
1. Title Opinion [lawyer statement] [ANS:] A statement by a lawyer
summarizing findings by a search that may relate to title
2. Title Insurance [policy providing protection @ time of title
transfer] [ANS:] A policy that insures the title received by grantee
against any deficiencies that may have been in existence at time
title was transferred
, 4
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3. Title Search [reveal ownership history] [ANS:] Reveals ownership
history or chain of title
-> recording system: goal is to protect potential interest holder (in
county courthouse))
Video: Common Mistakes: [ANS:] 1. error in public records
2. unknown liens
3. missing heirs
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4. forgeries
5. surveyor boundary issues
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Title Abstract [does not require lawyer] [ANS:] -A written summary
of chain of title of RE
-lawyer may hire a title abstract company to do research and
then he will sign it to save time and money
->summarization of title history
Torrens System [similar to a car title] [ANS:] -provides landowner
with a title certificate [British system]
-obtained through legal proceedings
-transferring title:
old: returned to registrar
For Expert help and assignment solutions, +254707240657
FINC 371 Test 2 (Peterson) Questions and
Answers (100% Correct Answers) Already
Graded A+
Ch. 5 [ANS:] Deeds and Titles
All RE contracts must be in ______ [ANS:] writing
6 Essential Elements of a Deed [ANS:] 1. Grantor [Giver]
© 2025 Assignment Expert
2. Grantee [Receiver]
3. Consideration [something of economic value]
Guru01 - Stuvia
4. Legal Description [metes/bounds, plats, etc]
5. Signatures [once have both, then it is considered executed]
6. Delivered [title not transferred UNTIL delivery to Grantee, filed
with county]
Covenants vs Warranties [ANS:] Covenant: agreement or promise
[4]
Warranty: guarantee statements are true [1]
4 Traditional Covenants: [ANS:] 1. Against Encumbrances [no
other encumbrances than ones disclosed]
, 2
For Expert help and assignment solutions, +254707240657
2. Seisin or Ownership [assurance grantor is able to sell the RE]
3. Quiet Enjoyment [promise to protect rights for quiet enjoyment
against anyone who might claim title to property later]
4. Further Assurances [backup/prove you now own the property;
requires seller to take affirmative steps to cure any defects in title]
© 2025 Assignment Expert
1 Traditional Warranty: [ANS:] 1. Warranty Forever [guarantee
statements are true]
Guru01 - Stuvia
Types of Deeds [4 degrees of deeds] [ANS:] Varying Degree of
Protection
1. Warranty Deed [protects for everything past and present] [ANS:]
-Broadest type of deed
-Grantor promises ALL 4 covenants and 1 warranty
-Grantor promises to DEFEND title conveyed
-> Owner takes responsibility
2. Special Warranty Deed [backing up for everything during
present ownership] [ANS:] -Limits warranties to events occurring
DURING grantor's period of ownership
-does NOT protect prior encumbrances
, 3
For Expert help and assignment solutions, +254707240657
3. Bargain & Sale Deed [aka "warranty deed w/o covenants"]
[ANS:] -Implies grantor has title to property and rights to convey it
-does NOT contain express covenants as to title validity
ex) used when bank selling title in an auction
4. Quitclaim Deed [worst protection] [ANS:] -Transfers any interest
grantor may have in property but does NOT imply grantor has any
© 2025 Assignment Expert
valid interest
-worst protection of all deeds
Guru01 - Stuvia
ex) most commonly used to clear defects in title to property
GOOD Title = [ANS:] -Marketable [Free and Clear of Claims]
-Insurable [Reputable Title]
-Perfect of Record [No defects in title]
Title Examination: [ANS:] Discovering Possible Defects
1. Title Opinion [lawyer statement] [ANS:] A statement by a lawyer
summarizing findings by a search that may relate to title
2. Title Insurance [policy providing protection @ time of title
transfer] [ANS:] A policy that insures the title received by grantee
against any deficiencies that may have been in existence at time
title was transferred
, 4
For Expert help and assignment solutions, +254707240657
3. Title Search [reveal ownership history] [ANS:] Reveals ownership
history or chain of title
-> recording system: goal is to protect potential interest holder (in
county courthouse))
Video: Common Mistakes: [ANS:] 1. error in public records
2. unknown liens
3. missing heirs
© 2025 Assignment Expert
4. forgeries
5. surveyor boundary issues
Guru01 - Stuvia
Title Abstract [does not require lawyer] [ANS:] -A written summary
of chain of title of RE
-lawyer may hire a title abstract company to do research and
then he will sign it to save time and money
->summarization of title history
Torrens System [similar to a car title] [ANS:] -provides landowner
with a title certificate [British system]
-obtained through legal proceedings
-transferring title:
old: returned to registrar
