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Transfer of Ownership

Transfer of Ownership Quiz

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Questions

Question 1 Multiple Choice (Single Answer)

What is the legal term for the transfer of ownership of real property from one person to another?

  1. Conveyance
  2. Assignment
  3. Deed
  4. Lease
Question 2 Multiple Choice (Single Answer)

Which of the following is NOT a type of deed used to transfer ownership of real property?

  1. Quitclaim Deed
  2. Warranty Deed
  3. Special Warranty Deed
  4. Bargain and Sale Deed
Question 3 Multiple Choice (Single Answer)

What is the difference between a Quitclaim Deed and a Warranty Deed?

  1. A Quitclaim Deed conveys only the grantor's interest in the property, while a Warranty Deed conveys the entire title to the property.
  2. A Quitclaim Deed is used to transfer ownership of real property between family members, while a Warranty Deed is used to transfer ownership between strangers.
  3. A Quitclaim Deed is more expensive than a Warranty Deed.
  4. A Quitclaim Deed is less common than a Warranty Deed.
Question 4 Multiple Choice (Single Answer)

What is a Special Warranty Deed?

  1. A deed that conveys only the grantor's interest in the property.
  2. A deed that conveys the entire title to the property.
  3. A deed that conveys the property subject to certain encumbrances.
  4. A deed that conveys the property free and clear of all encumbrances.
Question 5 Multiple Choice (Single Answer)

What is an encumbrance?

  1. A claim or lien against a property.
  2. A restriction on the use of a property.
  3. A defect in the title to a property.
  4. All of the above.
Question 6 Multiple Choice (Single Answer)

What is the purpose of a title insurance policy?

  1. To protect the lender against loss if the title to the property is defective.
  2. To protect the buyer against loss if the title to the property is defective.
  3. To protect both the lender and the buyer against loss if the title to the property is defective.
  4. None of the above.
Question 7 Multiple Choice (Single Answer)

What is the difference between a mortgage and a deed of trust?

  1. A mortgage is a lien against the property, while a deed of trust is a transfer of the title to the property to a trustee.
  2. A mortgage is used to secure a loan, while a deed of trust is used to secure a bond.
  3. A mortgage is more common in common law jurisdictions, while a deed of trust is more common in civil law jurisdictions.
  4. All of the above.
Question 8 Multiple Choice (Single Answer)

What is a foreclosure?

  1. The process of selling a property to satisfy a mortgage or deed of trust.
  2. The process of evicting a tenant from a property.
  3. The process of transferring the title to a property from one person to another.
  4. None of the above.
Question 9 Multiple Choice (Single Answer)

What is the right of redemption?

  1. The right of a mortgagor to redeem the property after it has been foreclosed.
  2. The right of a tenant to redeem the property after it has been evicted.
  3. The right of a grantor to redeem the property after it has been conveyed.
  4. None of the above.
Question 10 Multiple Choice (Single Answer)

What is an adverse possession?

  1. The acquisition of title to property by possession of it for a long period of time.
  2. The acquisition of title to property by adverse use of it for a long period of time.
  3. The acquisition of title to property by adverse possession of it for a long period of time.
  4. All of the above.
Question 11 Multiple Choice (Single Answer)

What is the difference between an easement and a license?

  1. An easement is a right to use the property of another, while a license is a permission to use the property of another.
  2. An easement is created by a deed, while a license is created by a contract.
  3. An easement is permanent, while a license is temporary.
  4. All of the above.
Question 12 Multiple Choice (Single Answer)

What is a restrictive covenant?

  1. A covenant that restricts the use of land.
  2. A covenant that restricts the sale of land.
  3. A covenant that restricts the transfer of land.
  4. All of the above.
Question 13 Multiple Choice (Single Answer)

What is a zoning law?

  1. A law that regulates the use of land.
  2. A law that regulates the construction of buildings.
  3. A law that regulates the sale of land.
  4. A law that regulates the transfer of land.
Question 14 Multiple Choice (Single Answer)

What is an eminent domain?

  1. The power of the government to take private property for public use.
  2. The power of the government to regulate the use of private property.
  3. The power of the government to sell private property.
  4. The power of the government to transfer private property.
Question 15 Multiple Choice (Single Answer)

What is the difference between a fee simple and a life estate?

  1. A fee simple is an estate that lasts forever, while a life estate is an estate that lasts only for the life of the grantee.
  2. A fee simple is an estate that can be inherited, while a life estate cannot be inherited.
  3. A fee simple is an estate that can be sold, while a life estate cannot be sold.
  4. All of the above.
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