Escrow & Title
Which of the following correctly describes a 'tax deed' issued in Arkansas?
AA deed issued by the IRS for back taxes
BA deed issued by the Commissioner of State Lands conveying state-acquired tax-forfeited land✓ Correct
CA deed that includes information about property taxes owed
DA deed used only for commercial property tax sales
Explanation
In Arkansas, when tax-forfeited land is sold by the Commissioner of State Lands, the buyer receives a limited warranty deed (sometimes called a 'state land deed' or 'tax deed') conveying the state's interest in the property.
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- The Arkansas Commissioner of State Lands manages land that has been forfeited to the state due to:Property Ownership
- Arkansas State Highway and Transportation Department (AHTD) can acquire land through:Land Use & Zoning
- In Arkansas, when a property is sold at a tax sale for delinquent taxes and is not redeemed, the purchaser receives a:Property Ownership
- To be recorded in Arkansas, a deed must be:Escrow & Title
- A general warranty deed provides the grantee with the strongest protection because it contains the grantor's covenant to:Escrow & Title
- A special warranty deed differs from a general warranty deed in that it warrants title only against claims arising:Escrow & Title
- Recording a deed in Arkansas serves primarily to:Escrow & Title
Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
EasementA non-possessory right to use another person's land for a specific purpose.
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