Real Estate Law
| Description: This quiz will test your knowledge on Real Estate Law. | |
| Number of Questions: 15 | |
| Created by: Aliensbrain Bot | |
| Tags: real estate law property law conveyancing |
What is the legal term for the transfer of ownership of real property?
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Conveyance
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Deed
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Lease
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Mortgage
Conveyance is the legal term for the transfer of ownership of real property from one person to another.
What is the difference between a deed and a mortgage?
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A deed transfers ownership, while a mortgage creates a lien.
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A deed is a written document, while a mortgage is an oral agreement.
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A deed is recorded with the county clerk, while a mortgage is recorded with the state.
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A deed is valid for a lifetime, while a mortgage is valid for a specific period of time.
A deed is a written document that transfers ownership of real property from one person to another. A mortgage is a written document that creates a lien on real property to secure a loan.
What are the essential elements of a valid deed?
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Grantor, grantee, consideration, and description of the property.
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Grantor, grantee, and description of the property.
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Grantor, consideration, and description of the property.
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Grantee, consideration, and description of the property.
The essential elements of a valid deed are the grantor, the grantee, the consideration, and the description of the property.
What is the purpose of a title insurance policy?
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To protect the lender against loss if the title to the property is defective.
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To protect the buyer against loss if the title to the property is defective.
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To protect both the lender and the buyer against loss if the title to the property is defective.
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To protect the seller against loss if the title to the property is defective.
A title insurance policy is a contract that protects both the lender and the buyer against loss if the title to the property is defective.
What is the difference between a lease and a license?
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A lease gives the lessee exclusive possession of the property, while a license does not.
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A lease is for a specific period of time, while a license is for an indefinite period of time.
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A lease is recorded with the county clerk, while a license is not.
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A lease is a written document, while a license is an oral agreement.
A lease is a written document that gives the lessee exclusive possession of the property for a specific period of time. A license is a written or oral agreement that gives the licensee the right to use the property for a specific purpose.
What are the rights and responsibilities of a landlord and a tenant?
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The landlord has the right to collect rent and the tenant has the responsibility to pay rent.
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The landlord has the right to enter the property to make repairs and the tenant has the responsibility to keep the property clean and in good repair.
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The landlord has the right to evict the tenant if the tenant breaches the lease and the tenant has the responsibility to give the landlord notice before moving out.
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All of the above.
The rights and responsibilities of a landlord and a tenant include the landlord's right to collect rent and the tenant's responsibility to pay rent, the landlord's right to enter the property to make repairs and the tenant's responsibility to keep the property clean and in good repair, and the landlord's right to evict the tenant if the tenant breaches the lease and the tenant's responsibility to give the landlord notice before moving out.
What is the difference between a zoning ordinance and a building code?
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A zoning ordinance regulates the use of land, while a building code regulates the construction of buildings.
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A zoning ordinance is enacted by a local government, while a building code is enacted by a state government.
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A zoning ordinance is more restrictive than a building code.
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All of the above.
A zoning ordinance regulates the use of land, while a building code regulates the construction of buildings. A zoning ordinance is enacted by a local government, while a building code is enacted by a state government. A zoning ordinance is more restrictive than a building code.
What is the purpose of a homeowners association?
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To maintain common areas and enforce deed restrictions.
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To provide social and recreational activities for homeowners.
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To represent the interests of homeowners in dealing with local government.
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All of the above.
The purpose of a homeowners association is to maintain common areas and enforce deed restrictions, to provide social and recreational activities for homeowners, and to represent the interests of homeowners in dealing with local government.
What is the difference between a foreclosure and a short sale?
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In a foreclosure, the lender sells the property to satisfy the debt, while in a short sale, the lender agrees to accept less than the amount owed on the loan.
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In a foreclosure, the borrower is evicted from the property, while in a short sale, the borrower remains in the property.
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In a foreclosure, the borrower's credit is damaged, while in a short sale, the borrower's credit is not damaged.
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All of the above.
In a foreclosure, the lender sells the property to satisfy the debt, while in a short sale, the lender agrees to accept less than the amount owed on the loan. In a foreclosure, the borrower is evicted from the property, while in a short sale, the borrower remains in the property. In a foreclosure, the borrower's credit is damaged, while in a short sale, the borrower's credit is not damaged.
What is the difference between an easement and a right-of-way?
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An easement is a right to use the property of another, while a right-of-way is a right to cross the property of another.
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An easement is created by a written document, while a right-of-way is created by a deed.
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An easement is for a specific purpose, while a right-of-way is for any purpose.
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All of the above.
An easement is a right to use the property of another, while a right-of-way is a right to cross the property of another. An easement is created by a written document, while a right-of-way is created by a deed. An easement is for a specific purpose, while a right-of-way is for any purpose.
What is the difference between a lien and a mortgage?
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A lien is a claim against property to secure a debt, while a mortgage is a type of lien.
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A lien is created by a written document, while a mortgage is created by a deed.
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A lien can be enforced by foreclosure, while a mortgage can be enforced by a lawsuit.
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All of the above.
A lien is a claim against property to secure a debt, while a mortgage is a type of lien. A lien is created by a written document, while a mortgage is created by a deed. A lien can be enforced by foreclosure, while a mortgage can be enforced by a lawsuit.
What is the difference between a warranty deed and a quitclaim deed?
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A warranty deed conveys title to the property with a warranty of title, while a quitclaim deed conveys title to the property without a warranty of title.
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A warranty deed is more expensive than a quitclaim deed.
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A warranty deed is more common than a quitclaim deed.
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All of the above.
A warranty deed conveys title to the property with a warranty of title, while a quitclaim deed conveys title to the property without a warranty of title. A warranty deed is more expensive than a quitclaim deed. A warranty deed is more common than a quitclaim deed.
What is the difference between a real estate agent and a real estate broker?
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A real estate agent is licensed to sell real estate, while a real estate broker is licensed to both sell and broker real estate.
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A real estate agent works for a real estate broker, while a real estate broker works for himself or herself.
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A real estate agent can only represent buyers, while a real estate broker can represent both buyers and sellers.
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All of the above.
A real estate agent is licensed to sell real estate, while a real estate broker is licensed to both sell and broker real estate. A real estate agent works for a real estate broker, while a real estate broker works for himself or herself. A real estate agent can only represent buyers, while a real estate broker can represent both buyers and sellers.
What is the purpose of a real estate closing?
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To transfer ownership of the property from the seller to the buyer.
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To pay off any liens against the property.
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To distribute the proceeds of the sale to the seller and the buyer.
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All of the above.
The purpose of a real estate closing is to transfer ownership of the property from the seller to the buyer, to pay off any liens against the property, and to distribute the proceeds of the sale to the seller and the buyer.
What are the duties of a real estate agent?
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To represent the interests of their client.
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To disclose all material facts about the property.
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To negotiate the best possible price for their client.
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All of the above.
The duties of a real estate agent include representing the interests of their client, disclosing all material facts about the property, and negotiating the best possible price for their client.