IRES Iowa Real Estate Salesperson - Set 2 - Part 3

Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.

Question 41: A county sells a tax-foreclosed farmhouse near Ames using a deed that contains no express warranties against encumbrances but implies the grantor holds title and possession. The buyer is advised to obtain title insurance. Which deed is being used?

Bargain and sale deed

General warranty deed

Quitclaim deed

Special warranty deed

Question 42: A recorded warranty deed for a Dubuque bungalow misspelled the grantee's surname, leaving a cloud on the title. To perfect the record, the parties execute a simple deed carrying no warranties that releases whatever interest exists. Which deed accomplishes this?

General warranty deed

Trustee's deed

Quitclaim deed

Reconveyance deed

Question 43: A buyer records a deed at the county recorder in Council Bluffs, and the law then presumes that everyone is aware of the buyer's interest whether or not they ever read the record. Which type of notice does this recorded document provide?

Actual notice

Constructive notice

Personal notice

Direct notice

Question 44: A seller in Des Moines signs a deed, and the buyer takes it and records it at the county recorder. An instructor stresses that ownership legally transfers only at a specific moment. At what point does title actually pass to the buyer?

When the deed is delivered and accepted

When the deed is recorded

When the sales contract is signed

When the purchase price is paid

Question 45: A seller of a restored Victorian in Dubuque wants to give the buyer the broadest possible protection, promising to defend the title against defects arising during her ownership and every prior owner's, back to the property's origin. Which deed does this describe?

Special warranty deed

Bargain and sale deed

Quitclaim deed

General warranty deed

Question 46: A lender in Ames reviewing a purchase receives a summary report prepared by an abstractor that chronologically lists every recorded instrument, lien, and encumbrance affecting a parcel from its root of title forward to the present. Which document has the abstractor prepared?

Certificate of title

Title insurance policy

Abstract of title

Chain of title

Question 47: A homeowner owes more on the mortgage than the property will bring on the market and can no longer keep paying. Before the home may be sold for a price below the outstanding loan balance, whose approval must the seller obtain first?

The mortgage lender

The county recorder

The listing broker

The buyer's attorney

Question 48: Under a standard sales contract for a Dubuque farmhouse, the seller must deliver title that discloses no serious defects, avoids doubtful questions of law, and does not expose the buyer to litigation. Which kind of title must the seller convey?

Insurable title

Equitable title

Torrens title

Marketable title

Question 49: After no one bids high enough at a foreclosure sale, the mortgage lender itself takes title to the property and must now pay the taxes and maintenance while trying to resell it. How is a property held this way classified?

A short sale

A deed in lieu

Real estate owned, or REO

An equity of redemption

Question 50: While tracing ownership of an Ames farmstead, an examiner finds a break where one grantor acquired title under one name but conveyed it under another, leaving ownership unclear on the record. Which court proceeding resolves this gap and establishes clear ownership?

Action for partition

Action to quiet title

Foreclosure proceeding

Probate proceeding

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