#1
Which document serves as evidence of ownership in real estate?
Warranty deed
Quitclaim deed
Title insurance policy
Property tax assessment
#2
What is the primary purpose of a title search?
To transfer ownership
To identify liens and encumbrances
To determine market value
To obtain financing
#3
What is the purpose of a title insurance policy?
To guarantee market value
To protect against defects in the title
To provide financing for property purchase
To assess property taxes
#4
Which of the following is NOT typically covered in a title insurance policy?
Forgery of documents
Zoning violations
Encroachments by neighbors
Easement rights
#5
What does the term 'chain of title' refer to in real estate?
A series of connected land ownership documents
The process of transferring title to a property
The legal requirement for title insurance
A clause in a deed restricting certain uses of the property
#6
What is the purpose of a property survey?
To determine the market value of the property
To identify boundary lines and easements
To obtain financing for property purchase
To assess property taxes
#7
What does 'cloud on title' refer to in real estate?
A clear title without any encumbrances
A title with multiple owners
A title with unresolved issues or claims
A title with legal documentation
#8
In which type of deed does the grantor warrant that they have clear title to the property?
Special warranty deed
Bargain and sale deed
Quitclaim deed
General warranty deed
#9
What is the purpose of a notary in a real estate transaction?
To conduct a title search
To provide financing
To witness the signing of documents
To appraise the property
#10
What is 'escrow' in real estate?
A type of mortgage loan
A third party holding funds or documents until the completion of a transaction
The process of transferring property rights
A legal claim on a property
#11
What is a 'title defect' in real estate?
An issue with the property's physical structure
A problem with the property's location
An impediment to the transfer of clear title
A dispute between neighbors
#12
What is the role of a title company in a real estate transaction?
To appraise the property
To provide financing for the buyer
To conduct a title search and issue title insurance
To negotiate the terms of the sale
#13
What is 'adverse possession' in real estate law?
The right of the government to seize property
The transfer of property through inheritance
The acquisition of property by continuous use without permission
The requirement for a public auction of property
#14
What is the significance of the 'closing' in a real estate transaction?
It marks the end of the negotiation phase
It involves transferring ownership and completing the deal
It is the initial offer made by the buyer
It refers to the appraisal of the property
#15
What is a 'quiet title action'?
A legal proceeding to resolve disputes over property ownership
A clause in a lease agreement
A type of title insurance policy
A requirement for a property appraisal
#16
What is a 'metes and bounds' description?
A method of measuring property lines using landmarks
A clause in a lease agreement
A type of title insurance policy
A requirement for a property appraisal
#17
What is 'escheat' in real estate?
A legal process to transfer property to the state when an owner dies without heirs
A type of zoning regulation
A clause in a rental agreement
A type of mortgage loan