PERRY REAL ESTATE CORRECT EXAMS QUESTIONS
AND ANSWERS SET A+
✔✔exemption - ✔✔way to secure some tax relief if a fixed income person has property
taxes that have increased greatly over the past few years
✔✔probate - ✔✔formal judicial proceeding that confirms validity of a will
✔✔attachment - ✔✔writ allows a court to retain custody of a debtors property until the
creditors lawsuit is finalized
✔✔Habendum Clause - ✔✔its purpose is to define ownership
✔✔lis pendens - ✔✔A recorded notice stating that a lawsuit is pending that may affect
title and put a possible future lien
✔✔adverse possession must be - ✔✔Open, continuous
Notorious and hostile possession of the property
✔✔notary - ✔✔person the deed must be acknowledged by
✔✔Covenant of further assurances - ✔✔grantors promise to obtain any further
documents that are necessary to convey good title
✔✔Priority - ✔✔When a document is filed in public records it has _____ over
subsequent documents
✔✔Both delivery and acceptance - ✔✔Transfer of title requires:
✔✔Local improvement district - ✔✔Needed to fund capital projects
✔✔Where is a deed recorded? - ✔✔The county where the property is located
, ✔✔Constructive notice - ✔✔review of circumstances reveals facts about a title
Properly recording documents in the public record
✔✔Void - ✔✔Grantor of a title has been declared mentally incompetent by a judge
✔✔mortgage lien - ✔✔aka a deed of trust lien
✔✔Quitclaim - ✔✔Deed warrants only the grantor and no owner before him
✔✔Rights of parties in possession - ✔✔Certificate of title will NOT reveal
✔✔IRS tax lien - ✔✔Involuntary, General, Statutory
✔✔Real property tax - ✔✔Targets homeowners in particular
✔✔Mortgage and judgement lien - ✔✔Both liens involve a debtor and creditor
relationship
✔✔Real estate tax lien - ✔✔Specific, involuntary
✔✔Foreclosure - ✔✔Creditor takes a property due to a non payment
✔✔Financing agreement - ✔✔Under the Ucc a lender who wishes to give notice of its
security interest must file
✔✔Straight loan - ✔✔Type of loan divided into two parts. to be paid off separately by
periodic interest payments followed by a payment in full at the end of the term
✔✔Taxes and insurance - ✔✔Mortgage companies may require a borrower to place
funds into a escrow account to cover these payments
✔✔Hypothecation - ✔✔Pledging property for a loan without giving up possession
✔✔3 - ✔✔Under the truth in lending act, if a borrower secures a loan with residence she
has______ days to rescind
✔✔Lien theory state - ✔✔Mortgagor retains both legal and equitable title in a _____
✔✔Seller financing - ✔✔Contract for deed is an example of
✔✔Fiduciary lenders - ✔✔Commercial banks, thrifts, saving associations
AND ANSWERS SET A+
✔✔exemption - ✔✔way to secure some tax relief if a fixed income person has property
taxes that have increased greatly over the past few years
✔✔probate - ✔✔formal judicial proceeding that confirms validity of a will
✔✔attachment - ✔✔writ allows a court to retain custody of a debtors property until the
creditors lawsuit is finalized
✔✔Habendum Clause - ✔✔its purpose is to define ownership
✔✔lis pendens - ✔✔A recorded notice stating that a lawsuit is pending that may affect
title and put a possible future lien
✔✔adverse possession must be - ✔✔Open, continuous
Notorious and hostile possession of the property
✔✔notary - ✔✔person the deed must be acknowledged by
✔✔Covenant of further assurances - ✔✔grantors promise to obtain any further
documents that are necessary to convey good title
✔✔Priority - ✔✔When a document is filed in public records it has _____ over
subsequent documents
✔✔Both delivery and acceptance - ✔✔Transfer of title requires:
✔✔Local improvement district - ✔✔Needed to fund capital projects
✔✔Where is a deed recorded? - ✔✔The county where the property is located
, ✔✔Constructive notice - ✔✔review of circumstances reveals facts about a title
Properly recording documents in the public record
✔✔Void - ✔✔Grantor of a title has been declared mentally incompetent by a judge
✔✔mortgage lien - ✔✔aka a deed of trust lien
✔✔Quitclaim - ✔✔Deed warrants only the grantor and no owner before him
✔✔Rights of parties in possession - ✔✔Certificate of title will NOT reveal
✔✔IRS tax lien - ✔✔Involuntary, General, Statutory
✔✔Real property tax - ✔✔Targets homeowners in particular
✔✔Mortgage and judgement lien - ✔✔Both liens involve a debtor and creditor
relationship
✔✔Real estate tax lien - ✔✔Specific, involuntary
✔✔Foreclosure - ✔✔Creditor takes a property due to a non payment
✔✔Financing agreement - ✔✔Under the Ucc a lender who wishes to give notice of its
security interest must file
✔✔Straight loan - ✔✔Type of loan divided into two parts. to be paid off separately by
periodic interest payments followed by a payment in full at the end of the term
✔✔Taxes and insurance - ✔✔Mortgage companies may require a borrower to place
funds into a escrow account to cover these payments
✔✔Hypothecation - ✔✔Pledging property for a loan without giving up possession
✔✔3 - ✔✔Under the truth in lending act, if a borrower secures a loan with residence she
has______ days to rescind
✔✔Lien theory state - ✔✔Mortgagor retains both legal and equitable title in a _____
✔✔Seller financing - ✔✔Contract for deed is an example of
✔✔Fiduciary lenders - ✔✔Commercial banks, thrifts, saving associations
