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 habendum clause specifies the extent of the ownership interest being conveyed, such as fee simple absolute, life estate, or another limited interest.

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

Fee simple absolute is the highest form of property ownership, granting the owner unlimited rights to use, sell, mortgage, devise by will, or otherwise control the property.

Question 3

A life estate deed grants ownership rights:

Accepted Answer

For the duration of a specified person's lifetime

Answer

A life estate grants the life tenant ownership and use of the property for the duration of a specified person's life, after which the property passes to the remainderman.

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

With joint tenancy and right of survivorship, the deceased joint tenant's interest passes automatically and immediately to the surviving joint tenant(s) by operation of law, bypassing probate entirely.

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

A quiet title action is a lawsuit brought in court to confirm and establish a party's ownership interest in property and to eliminate any adverse claims or clouds on the title.

(CHCP) Certified Home Closing Professional Practice Test

(CHCP) Certified Home Closing Professional Practice Test

CHCP Deed Types & Property Conveyance 3