Acquisition & Conveyance of Real Estate

Question 1

The person who makes a WILL is called:

1. Testate
2. Testator
3. Intestate
4. Executor

Answer 1

2 Testator

• A testator is a person who makes a will.

• If a person died testate it means the person left a valid will.
• If a person died intestate it means the person did not leave a will.

Question 2

Is the legal process to prove a will is valid:

1. Probate
2. Executor
3. Laws of decent
4. Intestate succession

Answer 2

1. Probate

• Probate is the legal process to prove a will is valid.
• Probate proceedings are held in the superior court to determine creditors’ claims and beneficiaries’ interests in an estate upon the owner’s death.

Question 3

The person who handles the estate when there is not a will is called:

1. Executor
2. Administrator
3. Executrix
4. Testator

Answer 3

2. Administrator

• If there is no will or someone named in a will to administer the estate, the court will appoint an administrator.
• If that person is named in a will, he or she is referred to as an executor.

• Person inherits property as a result of someone dying without a will, it is called intestate succession.
• The legal transfer of a person’s interests in real and personal property under the laws of descent and distribution.

Question 4

When a deceased was married and dies intestate, the surviving spouse:

1. Splits all the community property with the children
2. Receives all the community and separate property
3. Receives only the separate property
4. Receives all community property and splits the separate property with the children

Answer 4

4. Receives all community property and splits the separate property with the children

Succession
• If the deceased was married, and died intestate, the surviving spouse receives all community property.
• Separate property is divided between a surviving spouse and any children.

Question 5

Is the ability to obtain title by occupying land for a statutory time period without the permission of the owner.

1. Intestate Succession
2. Adverse Possession
3. Laws of Decent
4. Notorious Possession

Answer 5

2. Adverse Possession

Adverse Possession
• Is the ability to obtain title by occupying land for a statutory time period without the permission of the owner.
• In order for a non-owner to oust the ownership of another through adverse possession

Question 6

Adverse possession requires all of these to be successful except:

1. Pay the property taxes
2. Continuous for more than 3 years
3. Open possession
4. Notorious possession

Answer 6

2. Continuous for more than 3 years

Requires 5 years

Adverse possessor must meet six requirements:
1. Open possession (some assertion of control, such as fencing or use)
2. Notorious possession (i.e., such as a reasonable owner of the property would otherwise recognize)
3. Continuous for a five-year time period
4. Pay property taxes on the disputed property for the entire five years of the disputed claim
5. Hostile (not with the original owner’s permission)
6. Adverse to a claim of right (adverse possessor must claim the title)

Question 7

Property is acquired when the parties or by law, the title is conveyed, from one person to another by means of a written
document is called:

1. A Mortgage
2. Open Possession
3. Quiet Title
4. A Transfer

Answer 7

4. A Transfer

• Property is acquired by transfer when, by an act of the parties or law, title is conveyed, or transferred, from one person to another by means of a written document.
• Must be in writing per the Statue of Frauds
• Transfer may be voluntary, such as the sale of a home, or involuntary by act of law, such as a foreclosure sale.

Question 8

When property is transferred by private grant a written instrument is used. An instrument is a formal legal document, such as:

1. Contract
2. Deed
3. Will
4. All of the above

Answer 8

4. All of the above

• When property is transferred by private grant a written instrument is used.
• An instrument is a formal legal document, such as a contract, deed or will.

Question 9

For a transfer of ownership, the instrument of a private grant can be:

1. Grant Deed
2. Quitclaim Deed
3. Gift Deed
4. All of the above

Answer 9

4. All of the above

• The kinds of deeds commonly used for private grants include grant deed, quitclaim deed, gift deed, and warranty deed.

Transfer - Grant Deed
• Grant deed is the most frequently used instrument to transfer title.
• The parties involved in the grant deed are the grantor and grantee.
• Grantor is the person conveying the property
• Grantee is the person receiving the property or to whom it is being conveyed.

Question 10

Requirements for a Valid Grant Deed include:

1. Must be in writing and signed by the grantor
2. Parties must be competent
3. Deed must be delivered and accepted by the grantee.
4. All of the above

Answer 10

4. All of the above

Requirements for a Valid Grant Deed
• According to the statute of frauds, a deed must be in writing.
• The parties to the transfer (grantor and grantee) must be sufficiently identified and described.
• The grantor must be competent to convey the property (not a minor or incompetent).
• The grantee must be capable of holding title (must be a real living person, not fictitious).
• The property must be adequately described but it does not require a legal description.
• Words of granting, such as grant or convey must be included.
• The deed must be executed (signed) by the grantor.
• The deed must be delivered to and accepted by the grantee.
• A grant deed is not effective until it is delivered.
• It must be the intention of the grantor that the deed is delivered and title be transferred during his or her lifetime.
• For example, a deed would not be valid if signed and put in a safe place until the death of the grantor, and then recorded.
• Recording a deed is considered the same as delivery.