Alaska Real Estate Study Guide Questions And Correct Answers

PhySical characteristics (IIU) {Ans: Immovable Indestructible Unique}Reversionary interest {Ans: Property reverts back or returns to the grantor ( grantor heirs)}Sales and lease back {Ans: Seller sells property and leases it back becomes the Lessee}Marketable title {Ans: Good or clear title, reasonably free from the risk of litigation over possible defects}Swing mortgage {Ans: Temporary loan made on a borrowers equity in his present home(which will be sold) or on equity in both the present and contemplated home(which will be purchased)}Fair housing amendment acts 1988 {Ans: Add sea familial status as a handicapped}Bargain and sale deed {Ans: This deed is similar to quit claim deed in that the grantor does not guarantee title but is different because the grantor implies that he or she has an interest in the property. There is no such implication in the quit claim deed}Agent {Ans: Individual who is authorized to and consents to represent the interest of another person in real estate the broker of the firm is the agent}Quit claim deed {Ans: A quit claim deed is a deed by which a grantor transfers only the interest the grantor have at the time of conveyances is