JURI 550 Quiz 3 Property Purchase

JURI 550 Quiz 3 Property Purchase Transaction & Adverse Possession

1. At the closing of the transaction, the purpose of recording the deed is:
2. From the perspective of the borrower, the benefit of a mortgage in the event of the borrower’s default on the loan is:
3. “Negotiating the contract” follows the “Locating the Buyer” stage in a real property purchase-sale transaction. The general rule is that the purchase-sale contract must include:
4. Buyer-borrower executes the promissory note and the instrument for a $100,000 loan, most courts will make which of the following conclusions about the formation of the loan agreement
5. Parties are preparing to close the transaction, the seller will be required to disclose the condition of the property in most trans
6. Closing the transaction” is the last stage of a purchase-sale transaction. As far as the buyer is concerned, the most important document at closing is the deed. A buyer would prefer:
7. As the buyer and seller are “preparing for the closing”, they will be most concerned with:
8. or more persons, a co-tenant who is in possession of the tenancy property cannot adversely possess another co-tenant’s inter
9. In most modern transactions involving the sale of real property,
   which combination of title covenants is the most likely to be used as the bases of a claim by the grant
10. The parties are preparing to close the transaction, the common law rule will impose the risk of property damage or loss on the known as:
11. Under the common law, which of the following is the most accurate statement?
12. Among the four basic stages of a real property purchase-sale transaction, the starting point is “locating following documents can assist the seller in locating a buyer?
13. Which of the following is the most accurate statement about a claim of title by adverse possession?
14. A contract for the sale of real estate is enforceable in which of the following situations:
15. Regarding the modern view about disclosures of the condition of the property that is the subject of the sale contract, which of the following is inaccurate?
16. During the escrow period when the parties are preparing to close the transaction, both the buyer and seller are interested in determining as soon as possible whether the buyer can purchase the property with cash or finance the purchase with a loan. If the buyer will finance the purchase, the documents that are essential for the buyer to satisfy the purchase-sale contract and to close the transaction are:
17. The typical sales contract will contain a condition precedent
    regarding the quality of title that seller will transfer to buyer. What is this contingency clause in the contract intended to do?
18. At what point does a deed become effective? Which of the following lists identifies the minimal set of elements for the deed to be effective?
19. A recorded quitclaim deed is considered to put would-be purchasers on inquiry notice by most jurisdictions under the modern approach. True or false?
20. A seller of real estate has the option to transfer title to the subject property to the buyer using one of the types of deeds described below. Which of the following statements is accurate?
21. In the event that the purchase-sale contract does not include a provision regarding the quality of title condition of marketable title, which is:
22. From the perspective of the lender, the benefit of a mortgage is that the lender is contractually entitled to pursue a judicial foreclosure or a non-judicial foreclosure if the borrower defaults on
    the loan.
23. After a buyer and seller sign a real estate purchase-sale contract it is often the case that one of the pa regarding specific performance?
24. Th statement most accurately describes how the statute of limitations operates with regard to a claim of title by adverse posses
25. Vendee can negotiate a land installment contract to protect him from some of the vendor’s preferred terms. However, a vende st rely on courts in some jurisdictions to interpret which of the lowing contract terms to protect him?