. . a restrictive covenant. . . A .. clause is also known as the "to have an to hold" clause? . What is a Legal Description of Real Estate? - DeedClaim The government ends up with title to the property . In cases where the buyer agrees to take lesser title, how may the purchase price be affected? This type of deed is usually used to remove a cloud from the title? . The buyer in a transaction is known as the? Why? . b. condemnation. Is Glenn legally entitled to the extra $2,000? 4. . college after 4 years? Who acknowledges a warranty deed? . A deed is given and creates a joint tenancy. . c. The deed is recorded. Chris wants to research a property on the Department of Finance (ACRIS) website. c. A court order. 4. . . In a recent property sale, the deed of conveyance contained only the following guarantee: "This property was not encumbered during the time the current owner owned it, except as noted in this deed." In 2013, the IRS audited 1,242,479 individual tax returns from the total of 145,236,429145,236,429145,236,429 filed returns; also, the IRS audited 25,905 returns from the total of 1,924,8871,924,8871,924,887 corporation returns filed (IRS 2014 Data Book). Eminent domain 1. The muffler assembly fabrication cell now averages 16 assemblies per hour and the lead time has been decreased to two hours response time for a batch of 10 catalytic converters. File a warranty deed. For decreases, place a and the dollar amount in the column or columns. . "Offshoring" is a term that describes a company's practice of relocating jobs and/or production to another country to reduce labor costs. b. a notary public. d. Locate a broker and put the property on the market. . . . . 2. . d. All of these choices. a. Ie. . The covenant whereby one warrants that he is the possessor and owner of property being conveyed is the covenant of: What is an example of a covenant that may be found in a deed? . . . Acknowledged. c. deed. c. Quitclaim. In legal terminology, the property owner is the, A feature of holding title as joint tenants is that. Joe is selling his house to Kevin for $520,000. How is the distribution of political power related to both of these? Each of the following is an involuntary method of conveying property EXCEPT: Which of the following is NOT essential to the validity of a deed? . False. Sheriff's deed Upon his death, Mr. Williams left his house to his niece and his furniture to his nephew. 2.) 1. b. The connecting link is called the chain of title. Bargain and sale. . d. Trustee's deed. . To provide constructive notice of ownership. . . Identify each entry by letter. b. Which part of a deed describes the facts of the transaction? Lesson 4-Quiz 2 Flashcards | Chegg.com Put limits on the use of the property An owner legally transfers his property to another person on an instrument known as a deed. C & 3,500 & 2 \text { weeks } & & 3,500 & 1 \text { week } \\ . . . . . Common errors found in. Joe gives Bill a quitclaim deed to 5 acres of land. . The five customary covenants are found in a a. quitclaim deed. 1) Be in writing. grantor. A provision in a deed limiting uses that may be made of the property, a violation of which results in liability in damages, is a restrictive condition. 4. False, When property is conveyed by deed, the buyer is referred to as the: For increases, place a + and the dollar amount in the column or columns. \text{5} & \text{Purchases \$200 of supplies on credit}\\ . . \hline A & \$ 5,000 & 4 \text { weeks } & & \$ 4,000 & 3 \text { weeks } \\ . ), A supreme title to land which was originally acquired within the United STates of AMerica by a treaty. The seller in a transaction is known as the? A legal description, as found in the Schedule A, is described using what? d. Executor. . Ima Conman owns a house. . a. Ralph owns the property because the court action was after he bought the property. . . Besides using the property's address, how else can Chris search to find information about the property? 2) Contain words of grant. What type of deed is typically delivered by a 3rd party? . Study Hint: The Torrens title system is a method of registering titles to real estate. Jim is looking to purchase a property but first wants to verify if there are any outstanding violations or complaints. . . . . . This type of deed has no warranties and no covenants against grantor's acts? . - free and clear of all encumbrances, Determined by the quality of the title in a transaction 60,000sharesissued). . . Inquiry Notice . It may be assumed that a deed has been delivered and accepted if it has been: a. A document affecting title to land. . . . . . a. . Quincy sold Ralph a piece of property and transferred title to Ralph by quitclaim deed. The operating cycle of a merchandiser with credit sales includes the following five activities. A quitclaim deed is generally used for which of the following? . b. the law of descent and distribution. d. Neither a person who died testate nor a person who died intestate. Acknowledgment. Chapter 2 - 9 Flashcards | Quizlet The grantee. c. Delivered and accepted by the grantee. . G^{\star} & 3,000 & 7 \text { weeks } & & 2,500 & 6 \text { weeks } \\ . Trust deed. In order to do this, Jennings' occupancy of the land must be: Paid-InCapitalinExcessofParCommonStock. 4. What is the critical value for the test with =0.01\alpha=0.01=0.01 and with =0.05\alpha=0.05=0.05 ? . Constructive Notice, A quit claim deed has all of the following characteristics EXCEPT a. the grantor. Serves as constructive notice to the public. . Are the proportions of U.S. firms in the four offshoring position categories significantly different? A quitclaim deed conveys any title, interest, or claim of the grantor in the real property, but it does not profess that the title is valid nor does it contain any warranty or covenants of title. Assets will be understated on the balance sheet, while revenues will be overstated on the income statement. Some legal descriptions contain both lot and block and metes and bounds descriptions. It is known as adverse possession . Title that is free from reasonable doubt as to who is the owner d. Paige sets up a fake supplier account and then creates false invoices and bills her company for work done by this fictitious supplier. d. escheat. . . 2. Joint tenancy is different from tenancy in common because: Joint tenancy cannot be terminated. d. Special warranty deed. . . . \text{9} & \text{Pays \$50 cash for dividends}\\ . A month after the first sale, Mr. Conman then sells the same house to Mr. Clueless, who records the deed and moves into the property. . b. to defend the title against any encumbrances during the grantor's period of ownership. upon death the title transfers without going through probate. a. The document used by a real property owner to transfer all or part of the interest in the property to another and is mere evidence of title. Deed. . . 3. . . . D. the genetic code. . Purchaser has full possession of the property . c. File the will for probate. All interests, benefits, and rights inherent in the ownership of physical real estate; the bundle of rights associated with ownership of real estate, Portable and tangible objects that are not permanently affixed to and part of the real estate, - contains one or more covenants of title. . . . . a. . Deed in partition A person who has died without a will has died, When a person dies, ownership of real estate. These are specific assurances or guarantees given by the grantor that the deed conveys good and unencumbered title, To be valid, a deed must be signed by the grantor. . . Two of the owners want to sell the property, but the third party does not. True . c. General warranty deed a. foreclosure. Which of the following do NOT need to be recorded? The deed is notarized. . . . 1. . . . . b. Bequest. . . a. a. Make a chart showing which jobs youth can do at age 13 or younger, age 14, age 16, and age 18. \text{Paid-In Capital in Excess of ParCommon Stock. Contracts Flashcards | Quizlet The examiner would check all of the items listed. . The type of deed in which the grantee is given the most protection and in which the grantor retains the most liability is: What is meant by a shareholders preemptive right? . a. File an estoppel certificate. is typically found in what type of deed? c. Grantee. Collectively, they agree to sell the property and split the proceeds. . . The 90 -day note is at 11%11 \%11% interest. 3) Competent grantor. In a foreclosure sale, what kind of deed does the mortgagor receive? If a lawsuit has been filed that may impact the title to the property, there should be a notice of __________ filed in the county records. . A summary of the results (similar to the actual study) is displayed in the accompanying table. . . The statement "AND the party of the first part covenants has not done or suffered anything whereby the said premises have been encumbered in any way whatever, except as aforesaid." Joint tenants have a right of survivorship. 1- by descend. Discount points paid by the buyer are not deductible, The title insurance most lenders require as part of the loan package is called the ___________. Who signs the deed prior to transfer of title? . In a quitclaim deed, the covenant of seizin means . A sale to satisfy delinquent tax or mortgage liens is an example of. . A. Minifundia B. Latifundia C. Maquiladoras D. Ejidos. . c. Both a person who died testate and a person who died intestate. d. executor. d. an administrator. Unit 3 Exam - Taxation and Title Flashcards | Quizlet an affirmative condition. . A covenant of warranty. c. the grantee. 1. a Habendum clause. 4. will. . There are no hostile claims to the property title \text { F } & 7,500 & 8 \text { weeks } & & 5,000 & 7 \text { weeks } \\ Quitclaim deeds do not have a covenant of seizin. b. claimant. . \text{Common Stock, \$9 par (3,000,000 shares authorized,}\\ On September 10, Jessica Hernandez signed a promissory note with a face value of $32,500\$ 32,500$32,500 to help her pay the salaries of employees during the season of slow sales at her web design firm. The consultants suggest a partial robotic automation, as well as an increase in safety stock to 12.5 percent. A will and an inter vivos trust agreement are testamentary documents which take effect on the owner's death. The process by which a parcel of land is measured and its area ascertained is referred to as what? . The examiner would check all of the items listed. Three people own a piece of property as tenants in common. . There are 7 in total, competent grantor execution by the grantor, identifiable grantee, delivery to an acceptance by the grantee, consideration, where the convenience, legal description of the land, 18, sane, and sober. - has to recite the full consideration that has been paid for the property y. used to convey real property sold pursuant to a judicial order, in an action for the foreclosure of a mortgage or for a partition . . . How does the physical geography of Australia help explain the uneven distribution of its population? A history of title that contains a statement of all liens and other recorded liabilities and is written, When a parent gifts a property to a child this is known as At various times you have heard comments on interest rates from one of your clients. A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee is known as what? What type of deed provides the grantee with the LEAST protection. . . D^{\star} & 4,500 & 6 \text { weeks } & & 4,000 & 4 \text { weeks } \\ Love and affection 4. 3. provides the seller the right to take title again in the event the buyer violates the Habendum clause. a. N=1,650=5001.96x=50N=1,650 \quad \sigma=500 \quad 1.96 \sigma_{\bar{x}}=50N=1,650=5001.96x=50, b. N=1,650=5001.96x=100N=1,650 \quad \sigma=500 \quad 1.96 \sigma_{\bar{x}}=100N=1,650=5001.96x=100, c. N=1,650=5001.96x=200N=1,650 \quad \sigma=500 \quad 1.96 \sigma_{\bar{x}}=200N=1,650=5001.96x=200. A person who dies testate has died with a valid will. Assume that the survey consisted of 250 males and 250 females. Study with Quizlet and memorize flashcards containing terms like Which of the following is not an essential element of a legally enforceable contract? This type of deed is used to convey real property sold pursuant to a judicial order in an action for the foreclosure of a mortgage or for partition? . b. Notary public There are two primary types of legal descriptions: Lot and block descriptions, which are most often associated with subdivisions; and metes and bounds descriptions, which are used for non-subdivision property.