CHCP Deed Types & Property Conveyance 3

Question 1

The 'habendum clause' in a deed (beginning with 'to have and to hold') defines:

Accepted Answer

The extent and nature of the ownership interest being transferred

Answer

The purchase price and consideration paid

Answer

The legal description and boundaries of the property

Answer

The grantor's covenants and title warranties

Question 2

Which form of property ownership gives the owner the most complete bundle of rights with no conditions or limitations?

Accepted Answer

Fee simple absolute

Answer

Life estate

Answer

Fee simple defeasible

Answer

Leasehold estate

Question 3

A life estate deed grants ownership rights:

Accepted Answer

For the duration of a specified person's lifetime

Answer

For a fixed term not to exceed 99 years

Answer

Only until the property is subsequently sold

Answer

Until the outstanding mortgage is fully paid off

Question 4

When a couple holds property as joint tenants with right of survivorship, what happens upon the death of one joint tenant?

Accepted Answer

The surviving joint tenant automatically inherits the deceased's share outside of probate

Answer

The deceased's share passes to their heirs as directed by their will

Answer

The property must pass through the probate process before transfer

Answer

The property reverts to the original grantor or the state

Question 5

The legal proceeding filed to establish a party's clear ownership of property and eliminate competing claims or clouds on title is called a:

Accepted Answer

Quiet title action

Answer

Foreclosure proceeding

Answer

Partition action

Answer

Lis pendens filing

Question 6

When a bank sells an REO (real estate owned) property acquired through foreclosure, it typically uses which deed type?

Accepted Answer

Special warranty deed

Answer

General warranty deed

Answer

Executor's deed

Answer

Administrator's deed

Question 7

The 'covenant of seisin' contained in a general warranty deed means the grantor warrants that:

Accepted Answer

The grantor actually owns the property and has the legal right to convey it

Answer

The property has no outstanding mortgage liens or tax obligations

Answer

The grantee will enjoy quiet and undisturbed possession of the property

Answer

The property is completely free from all encumbrances and restrictions