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[bardoul]

Hello, I have come across a list of true or false questions dealing with real estate law and was wondering if someone could help me answer them. Here they are:

1.A tree that has been cut down and into firewood is considered real estate.
2.A general warranty deed does not guarantee anything.
3.A quit-claim deed is used frequently when people are divorcing.
5.A legal description of the real is a part of a deed.
6.A mortgage, once recorded, cannot be foreclosed upon.
7.A recorded judgment is a lien on real estate and all property the defendant owns.
8.Title searches are an important tool used to discover what liens are filed against real estate.
9.A fiduciary deed is a deed that passes title to real estate due to a Sheriff's Sale.
10.A title search shows who the owners of real estate have been throughout a specific period of time
11.The difference between real and personal property is that only one person can own real property at a time.
12.A quiet title action is a legal action to bar others from claiming title to real estate.
13.The air above real estate is owned by the government.
14.Oil, gas and coal can be sold separate from the land above it.
15.Riparian rights are the rights of landowners to block access to waterways.
16.Possession of land is the occupation of land evidenced by physical acts such as enclosure
17.Inheritance is ownership of real estate as the result of a written will.
18.Devise is ownership of real estate as the result of someone who died without a will.
19.Adverse possession operates as a statute of limitations and precludes others from contesting title.
20.Adverse possession is the method of acquiring title to real estate by possession for a statutory period of time.
21.Fee simple absolute is the best kind of estate that an owner of real estate can have.
22.A life estate interest in real estate begins when a person is born.
23.When a person owns a life estate interest in real estate they may not sell the real estate but may sign off of their interest in the life estate.
24.Tenants by the entirety is ownership only between married persons.
25.Quit-claim deeds which contain no warranty are used commonly in divorce proceedings.
26.A valid contract must include the legal capacity to enter into the contract.
27.A contract is the “legal glue” that binds a seller and purchaser together.
28.A Lis Pendens prevents real estate from being sold pending the outcome of a dispute between persons.
29.You always need a lawyer to buy real estate.
30.Lead in paint that is in a room can become a problem for a Seller.
31.Power line exposure has been proven to be a health hazard.
32.It is required that a buyer be present when a professional home inspector is doing an inspection.
33.Homeowner’s insurance coverage is required at a closing.
34.You can lower Homeowner’s insurance costs by improving a home security.
35.Zoning laws affect how you can use land.
36.Buyer’s & Seller’s can offer and counter-offer several times before a final agreement is reached.
37.Earnest money is never returned to a potential buyer.
38.Home warranties offer protection for a short period of time after the purchase of real estate.
39.A mortgage is a document that secures real estate against theft.
40.Adjustable rate mortgages have changing interest rates.
41.A Balloon mortgage offers low rates in the initial period.
42.An adjustable rate mortgage is a good choice if you will move from the mortgaged premises in the near future.
43.Shorter term mortgages generally have higher interest rates.
44.There are no special rate mortgages for first time homebuyers.
45.Paying off some mortgages early can result in a pre-payment penalty.
46.Some mortgages require only a 5% down payment.
47.A monthly mortgage payment can include real estate taxes.
48.Discount points are paid in advance to allow a lower interest rate on a mtg.
49.Lenders never require money in escrow to cover taxes and insurance.
50.A loan application doesn’t ask for proof of income.
51.While qualifying for a loan, a lender will tell you how much money theymay lend you.
52.Pre-approval is a lenders commitment to lend you money.
53.Lenders rely on your credit report when they determine if you qualify foa loan.
54.Paying bill late have little effect on your credit report.
55.RESPA protects borrowers from unethical lendin

I realize the numbers are off by one, but please bare with me as I copied and pasted them from the trivia. If anyone knows the answer to any question please put the number followed by a T or F (ex: 26. T). Thank you so much for the help, it is more appreciated than you know!

[weiford]

DO YOU OWN HOME WORK

[hwistlere31]

What state are you in? It can effect some of the answers.