When land is to be condemned or taken under the power of eminent domain, which of the following must apply?

What do the police powers of governmental authority include?

The Real Estate Settlement Procedures Act requires

Henry sold a parcel of real estate to Marlin and gave Marlin a Quit Claim Deed. On receipt of the deed, Marlin may be certain that

Current tax laws do NOT allow which of the following as tax deductions?

Which of the following is TRUE regarding a deed and title?

Boris sells certain property to David and gives David a special warranty deed. Which of the following is TRUE?

The state, county, and/or municipal sales tax is many times used as general revenue and is normally a debit to the seller on a HUD-1 statement. it is sometimes called a documentary stamp tax and may also be called a(n)

Samantha sold her house to Buddy. Buddy, however, did not record the deed. Under these circumstances

For a deed to be valid:

A quitclaim deed

An investment that will allow the taxpayer to reduce current tax liability by offsetting income from one source with losses from another source is called a tax

Which of the following BEST describes a capital gain?

Roger is selling limited partnerships in a real estate venture. The offering is being made within state lines and all purchasers are residents of the state. The offering is MOST LIKELY regulated by

A defect or cloud on the title to property may be cured by

Sally is in the process of purchasing Jack's house. To protect its interest, her mortgagee decides to take out title insurance. The title insurance policy

Under the condominium form of ownership, the interest of the owner in the unit he or she possesses is normally a

Deed restrictions are a means whereby

Normally, a deed is considered valid even if

George sold his house to Sylvia. In the deed used in the transaction, George guaranteed that the property was not encumbered during the time he held title except as noted in the deed. The type of deed George gave to Sylvia is a

Which of the following is NOT usually prorated between buyer and seller at the closing?

Tom has a claim affecting the title to Bill's property. Bill has no mortgages against the property and has been trying to sell it. Tom is concerned about the possibility of a bona fide purchaser buying it before he obtains a judgment. To protect himself during the course of the court action, Tom should

Which of the following transfers is an involuntary alienation of property?

All of the following are required by RESPA EXCEPT

How may title to real estate be transferred?

All of the following are intended to convey legal title to real estate EXCEPT a(n)

The words "to have and to hold" in a deed define the ownership that is being transferred. This phrase is known as the

The deed MOST LIKELY to be used to correct errors in a deed is a

For a deed to be recorded, it must be acknowledged. The primary purpose of acknowledgment is to

All of the following are true regarding RESPA EXCEPT that it

Which of the following statements is TRUE regarding title insurance?

Which of the following is false regarding ad valorem taxes?

What is the major difference between a general lien and a specific lien?

In 1975 a person moved into an abandoned log cabin. Over the years he repaired the property and paid the property taxes. In 2005 another man appears with a deed to the property. Both claim to own the property. To settle this matter, there needs to be a

When a property is abandoned, it may revert to the county or state by the process of

Middleton decided he could make more money from his tree farm by dividing it into small parcels and selling them. Subsequently, Middleton entered into a series of purchase agreements, in connection with which he agreed to continue to operate the property and distribute proceeds from its income to the buyers. Under the circumstances, Middleton has sold

Steward entered into an agreement to sell his house to the Manders. The closing is scheduled to take place on April 15. In January, Steward paid the taxes for the entire year, although the Manders are assuming responsibility for taxes attributable to the period following the closing. At the closing, on the settlement statement, the adjustment made for property taxes appears as a

Harry and Edith entered into an agreement to sell their house. Some time ago, a special assessment was levied against their property for sidewalk and street improvements in front of their house. Under the agreement with the purchaser, the buyers will not assume the special assessment. If the assessment has not been paid off prior to the closing, the amount remaining due will appear as a

Expenses involved in the closing of a real estate transaction are shown on the settlement as a

RESPA requirements apply to any residential real estate transaction

A purchaser of property can be guaranteed of receiving good title to the property if at the closing she or he receives

Broker Bonnie represented the seller in a transaction. Her client informed her that he did not want the deed to recite the actual consideration paid for the house. After seeking legal advice, Bonnie

Any improvement that is made to extend the useful life of a property or add to its value is called a capital

Which of the following is NOT an example of constructive notice?

An agent just deposited a commission check into her bank account. Under IRS guidelines, this would be classified as

Which of the following is TRUE regarding an abstract of a title?

Jayne decided to buy investment property. She negotiated a first and second mortgage on a property at the same time. What is the major difference between these loans?

An owner's title insurance policy normally covers all of the following EXCEPT

RESPA regulates all of the following transactions EXCEPT:

The process an airport would use to take property for public use while paying the owner just compensation is

At a closing, Howard received a deed in which the grantor implied possession and ownership of the property. Howard MOST LIKELY received a

Lis pendens is BEST described by which of the following?

Lucas wishes to take title to a property with a deed that BEST protects his interest. Lucas wishes a(n)

Sandy signs a deed conveying her property to her friend Steve. She tells no one and places the deed in her safe-deposit box. Several months later she dies intestate and the deed is found. Who receives the property?

All of the following documents would MOST LIKELY be recorded EXCEPT

Joe just purchased his first investment property. His accountant has advised him that all of the following would be a tax deduction EXCEPT

Which of the following would NOT be associated with testate?

Sterling wants to exchange her 20-unit apartment for another investment property. Internal Revenue Code section 1031 gives her how many days after the closing to identify another property to exchange?

Gary, Tom, and Angie have decided to pool their resources for investment purposes. This process is

Which of the following would not be associated with an adverse possession claim?

For 15 years Roger and Caroline have owned a single-family home that is used for investment purposes. The house is located off an expressway ramp, and a hotel chain just made an offer on their property. If they sell the property, can they negotiate a 1031 exchange and exclude the payment of capital gains tax?

Which of the following statements is false regarding depreciation?

Mr. and Mrs. Buyer declined to purchase an owner’s title policy, but the lender required them to purchase a lenders’ title policy. Six months after the closing a man knocked on their door. He explained that he had an ownership interest in the property because his wife sold the property while he was in another country. The man at the closing table, who said he was the husband was not. If the man’s claim is true, are the buyers covered under the lenders’s policy?

All of the following actions would create a cloud on the title EXCEPT

Which of the following covenants would NOT be found in a general warranty deed?

At the closing table, the grantor executed a notarized deed. The grantee accepted the deed and possession was taken by the buyer after the closing. Six months later, the grantor did a title check and noticed that the grantee had not recorded the deed. Is there a valid transference between the parties?

Which law requires that the booklet Settlement Costs and You be given to a prospective borrower within three business days of loan application?

Caryl lives in Chicago and he purchased a 200-acre farm in Kentucky. The title search showed that the farm was located in Boone County, Kentucky, and Kenton County, Kentucky the deed should be recorded in

While searching the Internet. Vicky found a piece of property she was interested in buying. State laws require the seller to disclose in the deed the actual selling price of the property. Can Vicky go to the courthouse, conduct her own title search on the property, and determine what the seller paid for it?

Mr. and Mrs. Schneider are a retired couple. They contracted with a builder to construct their retirement home and paid cash for the property. At closing they had their attorney represent them and they purchased an owner’s title policy. Three months later, it was determined that the builder had not paid the subcontractors. before the title company will make a payment to settle the claim, Mr. and Mrs. Schneider will need to