ACC 296 Lecture 2: acc 296 course notes (2)
a)a condition-acknowledgement.
b)an explanation of forfeiture.
c)a penalty clause.
d)a provision clause.
b)an explanation of forfeiture.
In order for a deed to be a valid instrument, the grantee must not be
a)incompetent.
b)acting under an assumed name.
c)deceased.
d)a minor.
c)deceased.
The primary function of a deed is to
a)provide evidence of a change in title or a transfer of interest in real property.
b)provide a detailed physical description of the transferred real property.
c)offer an explanation of the terms of a transaction of sale on real property.
d)give a legal description of the parties to the transaction.
a)provide evidence of a change in title or a transfer of interest in real property
The acknowledgement by a notary public of a signature on a deed, would be necessary in regards to
a)notifying others with probable rights in the property.
b)title passing legally to the grantee.
c)the recording of the deed.
d)All of the above
c)the recording of the deed.
Wells purchased Snyder's home assuming the existing deed of trust. Wells' closing statement would
show Snyder's old loan as a
a)credit to buyer.
b)credit to seller.
c)debit to buyer.
d)debit to seller.
a)credit to buyer.
Division 6 of the Uniform Commercial code establishes the requirement of "fair notice" in regards to any
pending bulk transfer of property for the protection of the
a)vendor's creditors.
b)vendee's creditors.
c)vendor.
d)vendee.
a)vendor's creditors.
When describing escrow procedure, which of the following would be considered correct?
a)A valid escrow is bound to one party, either the buyer or the seller, the second part being the agent.
b)An escrow is only valid when used in the transference of real property.
c)Probate sales are court ordered transfers which do not require escrow.
d)At close of escrow, the representation of buyer and seller changes together to a separate agency,
handling each party's requirements individually.
d)At close of escrow, the representation of buyer and seller changes together to a separate agency,
handling each party's requirements individually.
A standard policy of title insurance protects the party that is insured against
a)government actions and restrictions.
b)events that would deny the insured certain capacities to any transactions involving the title to the
property.
c)encumbrances and easements not shown in the public records.
d)defects known to exist by the insured which are not disclosed to the title company as of the date of
the policy.
b)events that would deny the insured certain capacities to any transactions involving the title to the
property.
A tax assessor's main function is to
a)make sure the taxes are paid on time.
b)present the homeowner with an estimate of future taxation amounts.
c)determine the percentage of full value on which taxes will be based.
d)keep records of any taxable new or additional construction.
c)determine the percentage of full value on which taxes will be based.
Wells resides in the condominium he purchased. Since he pays the bill on all of the following, which are
deductible on his federal income taxes?
a)Mortgage interest on his share of the common area
b)Repairs on his unit
c)Shared cost of upkeep of recreational grounds and buildings
d)None of the above
a)Mortgage interest on his share of the common area
Franklin sells his property to Snyder, using a recorded land sales contract. After six months, Snyder
defaults on the contract. In order for the title to be cleared, which of the following parties needs to sign
a quitclaim deed?
a)Franklin
b)Snyder
c)County Sheriff
d)County Recorder
b)Snyder
Which of the following would account for a property to be tax exempt?
a)A non-profit organization using the property exclusively for religious, medical, educational or
charitable purposes
b)Federal, state, county and city owned land
c)Property containing immature orchard trees, timber trees or young grapevines
d)All of the above
d)All of the above
