North Carolina Paralegal Certification Study Guide Questions And Correct Answers

Executory Contract {Ans: parties have uncompleted duties to perform}covenant against encumbrances {Ans: grantor covenants that there are no encumbrances against the property that would affect the title conveyed}What are the 8 essential elements of a valid deed? {Ans: 1. writing 2. grantor must have legal capacity 3. grantor and grantee identified 4. adequate property description 5. operative words of conveyance 6. grantor must sign 7. deed must be legally delivered 8. deed must be accepted}transfer by voluntary alienation {Ans: the transfer of property by a deed executed pursuant to a contract or agreement}leasehold policy {Ans: commercial tenants may obtain insurance to protect the investment of property improvements against defective title in the landlord/owner}Voidable Contract {Ans: one party has the option to avoid/affirm legal obligation under a contract}