2.4 Flashcards
It is called ______ when one person owns real estate.
Tenancy in Severalty
What is it called when a corporation owns real estate?
Syndication
______ is the type of ownership when a property is owned by two or more people at the same time with undivided equal shares.
Joint Tenancy
________ is the type of ownership when a property is owned by two or more people at the same time with divided shares that are not necessarily equal.
Tenants in Common
Each joint tenant has the four unities of time, title, interest and _______.
Possession
Each joint tenant has what kind of right to possess the whole property?
Undivided
_________ is the type of ownership when a property is owned entirely by one person or one legal entity such as a corporation.
Sole Ownership
It is called ________ when a deed is transferred.
Alienation
What is the purpose of Bill of Sale?
To transfer ownership of chattel (personal property).
True or False:
A quitclaim deed can be used to clear a cloud on the title.
True
True or False:
A garage door is considered chattel.
False
The moment the deed is _________ conveyance occurs.
Delivered and Accepted
True or False:
Property ownership can be transferred by dedication.
True
______ is the act of conveying or transfering title and possession of a property.
Alienation
________ is the right of ownership to a tract of land granted by the federal or state government.
Land-patent
A ____ is the document that transfers ownership of real estate.
Deed
_______ is the act of handing over the deed.
Alientation
True or False:
A deed provides a legal description of the property.
True
A ___________ is the most common form of deed.
Warranty Deed
A _________ deed transfers any ownership interest the grantor/seller has in the property, but makes no promises or guarantees about what that interest is or whether that title is good.
Quitclaim Deed
A _________ happens when a home is in foreclosure and there is a public auction.
Sheriff’s Sale
What type of deed protects the grantee against title defects or clams that may arise from the period of time that the grantor held title?
Special Limited Warranty Deed
Real property is another name for _________.
Real Estate
By signing a Deed there is a/an ______ of property.
Alienation
A _________ exists when a public entity is transferring ownership to a private individual.
Land-patent
________ is the gift of land for public use.
Dedication
_________ transfers property from private ownership to public ownership.
Dedication
True or False:
The deed contains the names of the previous owners as well as the new ones.
True
A Special Limited Warranty Deed agrees to protect the grantee against title defects or claims that may arise from what period of time?
The period of time that the grantor held the title.
Another name for the Bargain and Sale Deed is _________.
Sheriff’s Sale Deed
When a home is in foreclosure, there is a public auction that is called a ____________.
Sheriff’s Sale
True or False:
Quitclaim deeds are commonly used to transfer property between friends or family members.
True
A _________ deed transfers any ownership interest the grantor/seller has in the property, but makes no promises or guaranteers about what that interest is, or whether that title is good.
Quitclaim Deed
______ is when the grantor has the right to convey title to a property.
Warranty of Seisin (or covenant of seisin).
The portion of a deed with phrase “To have and to hold,” with a description of the ownership rights of the transferee of the property, is called the __________.
Habendum clause
______ is a term for “what belongs to and goes with something else.”
Appurtence
