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The traditional common law rule regarding the sale of property is caveat emptor which means, "let the seller beware."

A) True
B) False

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The action through which the mortgage holder takes the property from the mortgagor, ends the mortgagor's rights in the property, and sells the property to pay the mortgage debt is known as:


A) foreclosure.
B) equity of redemption.
C) adverse possession.
D) execution of a deed of trust.

E) A) and B)
F) A) and C)

Correct Answer

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The power to convert private property to public use is known as:


A) allocation.
B) eminent domain.
C) after-acquired title.
D) enabling.

E) A) and B)
F) B) and D)

Correct Answer

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Title insurance policies may be issued to protect the interests of mortgagees or tenants of property.

A) True
B) False

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The Fair Housing Act is Title VIII of the Civil Rights Act.

A) True
B) False

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The UCC applies to real estate mortgages and trust deeds since they are security interests.

A) True
B) False

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Because documents affecting ownership of property are recorded, a chronological record of transactions concerning the property can be obtained by a(n) :


A) warranty deed.
B) title search.
C) attorney's opinion.
D) assumption of a mortgage.

E) A) and D)
F) A) and C)

Correct Answer

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A deed containing a number of promises including covenant of title, quiet enjoyment, against encumbrances, and warranty are found in a:


A) warranty deed.
B) guarantee deed.
C) quitclaim deed.
D) general deed.

E) A) and C)
F) All of the above

Correct Answer

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