BASIC APPRAISAL PRINCIPLESCHAPTER 8 EXAM | WITH 100% CORRECT ANSWERS | GRADED +

A deed is defined as ANSWER: "A written, legal instrument that conveys an estate or interest in real property when it is executed and delivered." The seller of a property is called ANSWER: the grantor The buyer is called ANSWER: the grantee Deed To be legally valid: ANSWER: The deed must be in writing • The grantor and grantee must be clearly identified • The grantor must be legally capable (for example, not a minor or legally incapacitated) • The property must be adequately described • There must be a legally acceptable grantee clause • There must be a consideration (amount) • The deed must be signed by the grantor • The deed must be delivered to the grantee A grant deed is defined as ANSWER: "A deed in which the grantor warrants that he or she has not previously conveyed or encumbered the property; does not ensure that the grantor is the owner of the property or that the property is unencumbered; conveys any after-acquired title of the grantor, unless a different intent is expressed." A quitclaim deed is defined as ANSWER: "A form of conveyance in which any interest the grantor possesses in the property described in the deed is conveyed to the grantee without warranty of title." This is the weakest form of deed. A bargain and sale deed is defined as ANSWER: "A deed that conveys real property from a seller to a buyer but does not guarantee clear title; used by court officials and fiduciaries to convey property they hold by force of law, but to which they do not hold title." This is the next step up the ladder from a quitclaim deed. It does not guarantee that there is a clear title, but at least the seller (grantor) implies that they do hold title to the propert