Quiz - Unit 5 Transfer of Title to Real Property

In North Carolina, the statutory period for adverse possession (without color of title) is an uninterrupted period of how many years when trying to acquire privately owned property?

20

Title to real estate may be transferred during a person’s lifetime by which of the following means?

Alienation

What type of deed might an owner of real estate use to voluntarily transfer a right, a title, or an interest in real estate?

Warranty deed

A man owned property as a tenant in common with his two best friends. Years later, the man was adjudged legally incompetent and moved into a nursing home. During his stay at a nursing home, the man wrote a will leaving his entire estate to the nursing assistant assigned to his care. The man was survived by three children when he died. After his death, his real estate interests passed to

his children by the law of intestate succession.

Which of the following is NOT a means of title transfer by involuntary alienation?

Will

Which of the following BEST describes the covenant of quiet enjoyment?

The grantor ensures that the title will be good against the title claims of third parties.

A purchaser went to the Registry of Deeds to check the public records. She found that the seller was the grantee in the last recorded deed and that no mortgage was ever on record against the property. Therefore, the purchaser may assume which of the following?

The seller probably did not mortgage the property.

The person who examines the chain of title and prepares an opinion of title for a parcel of real estate

writes a brief history of the record of ownership of the property.

Instruments affecting real estate are recorded in the public records of the county where the property is located because

recording gives constructive notice to the world of the rights and interests in a particular parcel of real estate.

Chain of title refers to a

succession of conveyances from some starting point whereby the present owner derives title.

A title insurance policy with standard coverage generally covers which of these?

Forged documents

Condemnation is

the process by which eminent domain is exercised.

Which of the following is NOT a necessary condition of eminent domain?

Property is to be given to the owner of a quasi-public corporation.

Which of the following real estate documents is LEAST likely to be recorded?

Month-to-month lease

Which of the following should be discoverable in a search of the public records?

Easements

In North Carolina, the statutory period of possession required to acquire title of privately owned property by adverse possession with color of title is how many years?

7

Which type of deed merely implies but does NOT specifically warrant that the grantor holds good title to the property?

Bargain and sale

The NCBA/NCR 2-T Offer to Purchase and Contract form indicates that the seller will deliver which deed to the buyer?

General warranty

When property is sold for $75,000, the excise tax would be

$150.

A seller sold his property for $185,900 and let the buyer assume his loan balance of $125,000. How much excise tax will the seller pay at closing?

$372.00