Real Estate Law Final ACTUAL UPDATED
Questions and CORRECT Answers
Warranty Deed - CORRECT ANSWER -Covenants clear and legal title, quiet enjoyment,
and actively defend any claims to title that may arise after transfer to the grantee.
Deed - CORRECT ANSWER -A written instruments used to transfer title to property.
Deed Requirements - CORRECT ANSWER -In writing. Name of grantor. Name of
grantee. Adequately describe the property. Signed by grantor. Delivered by grantor. Accepted by
grantee.
Deeds - CORRECT ANSWER -Grant Deed. Warranty Deed. Quit Claim Deed.
Grant Deed - CORRECT ANSWER -Covenants that the property is free from
encumbrances and not previously conveyed.
Quit Claim Deed - CORRECT ANSWER -Grantor conveys whatever interest he has in the
property.
Cloud on title - CORRECT ANSWER -legal term to describe potential claims or problems
in the chain of title that may cast doubt as to who owns the property
Deed of trust - CORRECT ANSWER -a document that creates a security interest for the
lender in the event that the borrower defaults payment of the loan.
deed of trust - CORRECT ANSWER -security interest for lender, non judicial foreclosure,
trustee lender borrower
, trustee in a deed of trust - CORRECT ANSWER -appointed third party who primary role
is to deliver the deed when the borrower fully repays the loan
deed of trust - CORRECT ANSWER -trustee lender borrower
Mortgage - CORRECT ANSWER -instrument that creates a voluntary lien on real
property to secure repayment of a promissory note executed by the borrower
mortgage - CORRECT ANSWER -voluntary lien, judicial foreclosure, impound account,
lender borrower
Impound account - CORRECT ANSWER -an account created and maintained by the
lender for the purpose of paying taxes and insurance on behalf of the borrower
Foreclosure - CORRECT ANSWER -the enforcement of a deed of trust or mortgage in the
event that the borrower defaults on the loan
judicial foreclosure - CORRECT ANSWER -lis pendens, right to redemption, deficiency
judgment
Purchase money mortgage - CORRECT ANSWER -a mortgage that is taken out in
conjunction with a loan that enables the buyer to purchase the property
Deed in lieu of foreclosure - CORRECT ANSWER -an instrument that the borrower gives
to the lender with permission to avoid foreclosure proceedings
Protected classes - CORRECT ANSWER -someone who must be treated equally without
regard to their race religion sex color national origin handicap
disparate impact - CORRECT ANSWER -facially neutral practice that has an unjustified
adverse impact on members of a protected class
Questions and CORRECT Answers
Warranty Deed - CORRECT ANSWER -Covenants clear and legal title, quiet enjoyment,
and actively defend any claims to title that may arise after transfer to the grantee.
Deed - CORRECT ANSWER -A written instruments used to transfer title to property.
Deed Requirements - CORRECT ANSWER -In writing. Name of grantor. Name of
grantee. Adequately describe the property. Signed by grantor. Delivered by grantor. Accepted by
grantee.
Deeds - CORRECT ANSWER -Grant Deed. Warranty Deed. Quit Claim Deed.
Grant Deed - CORRECT ANSWER -Covenants that the property is free from
encumbrances and not previously conveyed.
Quit Claim Deed - CORRECT ANSWER -Grantor conveys whatever interest he has in the
property.
Cloud on title - CORRECT ANSWER -legal term to describe potential claims or problems
in the chain of title that may cast doubt as to who owns the property
Deed of trust - CORRECT ANSWER -a document that creates a security interest for the
lender in the event that the borrower defaults payment of the loan.
deed of trust - CORRECT ANSWER -security interest for lender, non judicial foreclosure,
trustee lender borrower
, trustee in a deed of trust - CORRECT ANSWER -appointed third party who primary role
is to deliver the deed when the borrower fully repays the loan
deed of trust - CORRECT ANSWER -trustee lender borrower
Mortgage - CORRECT ANSWER -instrument that creates a voluntary lien on real
property to secure repayment of a promissory note executed by the borrower
mortgage - CORRECT ANSWER -voluntary lien, judicial foreclosure, impound account,
lender borrower
Impound account - CORRECT ANSWER -an account created and maintained by the
lender for the purpose of paying taxes and insurance on behalf of the borrower
Foreclosure - CORRECT ANSWER -the enforcement of a deed of trust or mortgage in the
event that the borrower defaults on the loan
judicial foreclosure - CORRECT ANSWER -lis pendens, right to redemption, deficiency
judgment
Purchase money mortgage - CORRECT ANSWER -a mortgage that is taken out in
conjunction with a loan that enables the buyer to purchase the property
Deed in lieu of foreclosure - CORRECT ANSWER -an instrument that the borrower gives
to the lender with permission to avoid foreclosure proceedings
Protected classes - CORRECT ANSWER -someone who must be treated equally without
regard to their race religion sex color national origin handicap
disparate impact - CORRECT ANSWER -facially neutral practice that has an unjustified
adverse impact on members of a protected class
