#1
Which of the following is a common way to transfer real property title?
Deed
ExplanationDeed: Legal instrument transferring property ownership.
#2
What does 'title' refer to in real property?
The bundle of rights associated with ownership
ExplanationTitle: Bundle of ownership rights in real estate.
#3
What does 'encumbrance' mean in real property?
A restriction or claim on the property
ExplanationEncumbrance: Claim or restriction on property, affecting its value.
#4
What is the primary purpose of title insurance?
To insure against defects in the title
ExplanationTitle insurance: Protects against defects in property title.
#5
What is 'escrow' in real estate transactions?
A neutral third party that holds documents and funds during a transaction
ExplanationEscrow: Neutral party holding documents and funds until conditions are met.
#6
Which of the following is NOT a type of concurrent ownership?
Sole ownership
ExplanationSole ownership: Single ownership without co-owners.
#7
In real estate, what does 'chain of title' refer to?
A document showing the history of property ownership
ExplanationChain of title: Record of property ownership history.
#8
What is 'adverse possession' in real property law?
The process of gaining ownership of land by continuous use
ExplanationAdverse possession: Gaining ownership through continuous use.
#9
Which of the following is NOT a type of deed commonly used in real estate transactions?
Warranty of habitability
ExplanationWarranty of habitability: Assurance of livable conditions, not a deed type.
#10
What does 'lien' mean in real property?
A claim against a property for unpaid debt
ExplanationLien: Legal claim against property for unpaid debt.
#11
What is an 'easement' in real property law?
A right to use someone else's land for a specific purpose
ExplanationEasement: Right to use another's property for specific purposes.
#12
What is 'fee simple' ownership in real property?
Ownership with no restrictions
ExplanationFee simple: Absolute ownership with no restrictions.
#13
What is 'tenancy by the entirety'?
Ownership by a married couple with rights of survivorship
ExplanationTenancy by the entirety: Joint ownership for married couples.
#14
What does 'deed restriction' mean in real estate?
A restriction on the use of the property
ExplanationDeed restriction: Limitation on property use outlined in deed.
#15
What is 'usufruct' in real property law?
A right to use and enjoy the property of another
ExplanationUsufruct: Right to use and enjoy another's property.