100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
FINC 371 Pre Test 2 (Peterson) Questions With Guaranteed Pass Solutions. $14.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Texas A&M University
  4.  
  5. FINC 371

Exam (elaborations)

FINC 371 Pre Test 2 (Peterson) Questions With Guaranteed Pass Solutions.
 0 purchase

Ch. 5 - Answer Deeds and Titles All RE contracts must be in ______ - Answer writing 6 Essential Elements of a Deed - Answer 1. Grantor [Giver] 2. Grantee [Receiver] 3. Consideration [something of economic value] 4. Legal Description [metes/bounds, plats, etc] 5. Signatures [once ...

[Show more]

Preview 3 out of 23  pages

Document information

  • May 30, 2025
  • 23
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

All documents for this subject (8)

Seller

avatar-seller
TestSolver9

Reviews received

Content preview

FINC 371 Pre Test 2 (Peterson)
Questions With Guaranteed Pass
Solutions.
Ch. 5 - Answer Deeds and Titles



All RE contracts must be in ______ - Answer writing



6 Essential Elements of a Deed - Answer 1. Grantor [Giver]

2. Grantee [Receiver]

3. Consideration [something of economic value]

4. Legal Description [metes/bounds, plats, etc]

5. Signatures [once have both, then it is considered executed]

6. Delivered [title not transferred UNTIL delivery to Grantee, filed with county]



Covenants vs Warranties - Answer Covenant: agreement or promise [4]



Warranty: guarantee statements are true [1]



4 Traditional Covenants: - Answer 1. Against Encumbrances [no other encumbrances than
ones disclosed]



2. Seisin or Ownership [assurance grantor is able to sell the RE]



3. Quiet Enjoyment [promise to protect rights for quiet enjoyment against anyone who might
claim title to property later]



4. Further Assurances [backup/prove you now own the property; requires seller to take
affirmative steps to cure any defects in title]



1 Traditional Warranty: - Answer 1. Warranty Forever [guarantee statements are true]

,-Grantor promises ALL 4 covenants and 1 warranty

-Grantor promises to DEFEND title conveyed



-> Owner takes responsibility



2. Special Warranty Deed [backing up for everything during present ownership] - Answer -
Limits warranties to events occurring DURING grantor's period of ownership

-does NOT protect prior encumbrances



3. Bargain & Sale Deed [aka "warranty deed w/o covenants"] - Answer -Implies grantor has
title to property and rights to convey it

-does NOT contain express covenants as to title validity



ex) used when bank selling title in an auction



4. Quitclaim Deed [worst protection] - Answer -Transfers any interest grantor may have in
property but does NOT imply grantor has any valid interest

-worst protection of all deeds



ex) most commonly used to clear defects in title to property



GOOD Title = - Answer -Marketable [Free and Clear of Claims]

-Insurable [Reputable Title]

-Perfect of Record [No defects in title]



Title Examination: - Answer Discovering Possible Defects



1. Title Opinion [lawyer statement] - Answer A statement by a lawyer summarizing findings by
a search that may relate to title



2. Title Insurance [policy providing protection @ time of title transfer] - Answer A policy that
insures the title received by grantee against any deficiencies that may have been in existence at
time title was transferred

, Video: Common Mistakes: - Answer 1. error in public records

2. unknown liens

3. missing heirs

4. forgeries

5. surveyor boundary issues



Title Abstract [does not require lawyer] - Answer -A written summary of chain of title of RE

-lawyer may hire a title abstract company to do research and then he will sign it to save time
and money



->summarization of title history



Torrens System [similar to a car title] - Answer -provides landowner with a title certificate
[British system]

-obtained through legal proceedings

-transferring title:

old: returned to registrar

new: issued to new owner



Ch. 6 - Answer Contracts and Title Closings



Necessary Elements to a Contract: - Answer 1. Offer

2. Acceptance

3. Consideration

4. Parties Capacity

5. Lawful Purpose



1. Offer - Answer -A statement that specifies position of the maker of offer [offeror]

-Receiving party = offeree

-> Offer becomes valid when contract is ACCEPTED by receiving party but has right to take back
BEFORE accepted

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TestSolver9. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $14.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

73647 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$14.99
  • (0)
Add to cart
Added
OSZAR »