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Fin 351 Quiz 2 (Ch. 2+3+4)
Terms in this set (20)
A contemporary planning movement that explicitly advocates a traditional grid pattern of development designed to give pedestrian life priority over motor vehicles (e.g., including narrowed streets with houses close to the street and garage access through side alleys) is commonly referred to as
A cul-de-sac is a road within a residential neighborhood which has no outlet. Which type of urban planning model would most likely include cul-de-sacs?:
A deed is a special form of written contract used to convey a permanent interest in real property. Unlike most contracts, a deed requires
only the grantor to be legally competent and of legal majority age.
A law requiring any contract conveying a real property interest to be in writing in order to be enforceable is a modern application of the
Statute of frauds
A section is a 1 square mile subdivision of a township as used in a government rectangular survey. How many acres are in a section?
Co-ownership can occur in a variety of ways, with significant variation in how the bundle of rights is jointly held. All of the following entities are forms of direct co-ownership except
Consider the following excerpt from a sample deed: "The Seller covenants with The Buyer that it has a good right to convey, that the property is free from all encumbrances, and that it forever warrants to defend all of the property so granted to The Buyer against every person lawfully claiming the same." Based on your understanding of the relation between a deed's covenants and the type of deed being conveyed, which type of deed is being conveyed in the statement above?
General warranty deed
Direct co-ownership implies that each co-owner holds a titled interest in the property but without exclusive possession with respect to the other co-owners. Which of the following types of ownership is a divisible percentage ownership and not a shared ownership in the entire property?
tenancy in common
In order for a deed to be a valid conveyance of property, there must be an observable, verifiable transfer of the deed to the grantee. Typically this is accomplished when the grantor hands the deed to the grantee at closing. Which of the following basic requirements of a deed does this represent?
Most often used in the description of urban property, which of the following methods of land description contains information regarding the location of various easements and may even contain a list of restrictive covenants?
subdivision plat lot and block number
Once a document conveying an interest in real property is placed in the public records it is binding on the public, whether or not they make an effort to learn of it. Based on the common law tradition, this policy is known as the
doctrine of constructive notice
Recognizing that only recent conveyances alter the status of title, states have established laws that set limits on how far back a title search must go. These laws are commonly referred to as
marketable title laws
The covenants in a deed are the most important differences among types of deeds. Which of the following covenants promises that the grantor truly has good title and the right to convey it?
covenant of seizin
The description of land in a deed must be unambiguous. All of the following would be considered acceptable legal descriptions of land except
The map of a subdivision, which displays a sectioned subdivision in parcels, the parcels identified by numbers, and this map is placed in public records, it is called a:
The most flexible method of land description, capable of describing even the most irregular of parcels, can be described as a very precise, compass-directed walk around the boundary of a parcel. This method is commonly referred to as
metes and bounds
Unlike other forms of evidence of title, title insurance guards the grantee against certain risks. However, there are a number of important limits to title insurance. Which of the following is an example of the limits to title insurance (i.e, what does title insurance NOT cover)?
It does not protect the grantee from the threat of physical damage to the property.
Which of the following forms of co-ownership, historically used for apartment buildings, is not considered a form of true direct co-ownership but rather qualifies as a proprietary corporation?
Which of the following types of deeds is worded to imply no claim of title, but rather only conveys what interest the grantor actually has, if any?
While most real property in the United States is privately owned, government regulations limit private property use and therefore play an important role in the determination of property value. Proponents of government intervention argue that regulation is needed to address the unintended and unaccounted for consequences of one land user upon others, more commonly referred to as
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