In Alaska, which of the following is considered an 'involuntary transfer' of title?
Why A transfer through foreclosure, tax sale, or adverse possession Is Correct
Answer B: A transfer through foreclosure, tax sale, or adverse possession
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
Key Escrow & Title Terms in This Question
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
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- A buyer in Alaska has been given possession of a property before closing under a 'pre-closing occupancy agreement.' If the sale falls through, the buyer's status is most like a:Contracts
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Key Terms to Know
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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