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This Chapter Quiz includes 15 multiple-choice questions. You must answer 10 out of 15 questions correctly (70%) in order to pass.

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1. What is the purpose of a lien?

2. Which of these deeds offers the least amount of protection for the buyer?

3. What is escheat?

4. What do we call the collection of rights the owner of real property can exercise?

5. Jim needs money to renovate his home. He goes to the bank, and they're willing to give him a loan, but want the house as collateral. Jim agrees to this. What type of lien will the bank use?

6. When is a UCC lien used?

7. Which of these can cause title to not be marketable?

8. What is constructive notice?

9. Bob is interested in buying a parcel of real estate, but he's not sure if the title is free and clear of liens. What should he ask for in the conveying deed?

10. What is consideration?

11. In reviewing the title history of a parcel of land, the closing attorney finds that there is a security deed to First National Bank from Smith, the owner at the time. But the closing attorney does not see any document canceling the mortgage. What is the problem?

12. What happens to real estate when the owner dies?

13. Greg wrote a deed conveying his real estate to Otto. The deed has all of the required elements. However, Greg was in a rush and did not have a notary public witness his signing, and the deed does not contain a notary seal. Is this a valid real estate transaction?

14. What causes a bank foreclosure?

15. How does a judgment lien cause involuntary alienation?