Assessment Flashcards
The right to, and evidence of, ownership of land
Title
The transfer of title by gift or sale
Voluntary alienation
A written instrument by which an owner intentionally conveys the right, title, or interest in a parcel of real estate to someone else
Deed
The person who transfers title
Grantor
The person who acquires title by gift or sale
Grantee
A statement of the intention to convey property by deed
Granting clause
A formal declaration, made before a notary public, that the person who is signing the deed is doing so voluntarily and that the signature is genuine
acknowledgment
A covenant in a deed that warrants that the grantor is the owner of the property and has the right to convey it
Seisin
A guarantee in a deed that the grantee’s title will be good against any third party who might bring legal action to establish superior title
Quiet enjoyment
A conveyance by deed from a trustor to a trustee for the benefti of a beneficiary
Deed of trust
A type of deed that warrants only that the grantor received title and that the property has not been encumbered during the grantor’s ownership
Special warranty
A deed that contains no express warranties against encumbrances but implies that the grantor holds title and possession of the property
Bargain and sale
A deed that contains no covenants, warranties, or implications, and that provides the least amount of protection of any deed
Quitclaim
A conveyance by deed from a trustee to anyone other than the trustor
Trustee’s fund
A conveyance by deed from a trustee to the trustor
Reconveyance deed
The transfer of title without the owner’s consent
involuntary alienation
Having prepared a will indicating how property is to be disposed of after death
testate
The gift of real property by will
Devise
The person who makes a will
Testator
A formal judicial process to confirm a will’s validity and to see that assets are distributed correctly
Probate
Title to real estate is a way of referring to ___.
Ownership
A written instrument by which an owner of real estate intentionally conveys the right, title, or interest in the real estate to someone else.
Deed
A deed is a written instrument by which an owner of real estate intentionally conveys the ___, ___, or ___ in the real estate to someone else.
right, title, or interest
To be valid, a deed must include a(n) ___ and a(n) ___.
Recital of consideration and identifiable grantee
True/ false: A deed MUST contain a recital of exceptions and reservations.
False, it may contain this but is not required
When is a title considered transferred?
When the deed is delivered to the grantee by the grantor
A title is considered transferred when the deed is delivered to the ___ by the ___.
To the grantee by the grantor
A title is considered transferred when the ___ is delivered to the grantee by the grantor
Deed
Who must sign a deed in order for it to be valid?
All grantors named on the deed
___ are not required to sign the deed, but must be willing to accept it for the title to transfer.
Grantees
The ___ warrants that the grantor is the owner of the property and has the right to convey it.
Covenant of seisin
In a general warranty deed, the ___ represents a promise by the grantor that the grantee will obtain and deliver any instrument needed to ensure good title.
Covenant of further assurances
A ___ deed does not contain any express warranties against encumbrnaces
Bargain and sale
A trustee uses a(n) ___ deed to return title to the trustor.
Reconveyance
In a deed executed under a court order, the full amount of ___ is stated in the deed.
Consideration
Adverse possession is an example of involuntary alienation of property. True or false?
True
When a property owner dies, when may their heirs take possession of the property?
Only after probate
When a property owner dies, the heirs by descent or will immediately take ___ to the property.
Title
Adverse possession is a means of ___ transfer.
Involuntary
A deed must be delivered during the ___ lifetime.
Grantor’s
A(n) ___ takes effect only after the owner’s death
Will
A(n) ___ is made by an owner to convey title to real or personal property after their death.
Will
A(n) ___ must be delivered during the lifetime of the grantor to convey a present interest in property.
Deed
The gift of real property by will is called a(n) ___.
Devise
A person who receives real property by will is called a(n) ___.
Devisee
Real property of an owner who dies interstate is distributed according to…
The laws of the state in which the property is located
The type of property ownership the grantees will receive is stated in the ___.
Deed
A(n) ___ may note any encumbrances that affect the title being conveyed.
Deed
One of the functions of ___ is to determine the precise assets of the deceased person
Probate
A formal judicial process that proves or confirms the validity of a will
Probate
A formal judicial process that determines the precise assets of the deceased person
Probate
A formal judicial process that identifies the people to whom the assets are to pass
Probate
Many states have laws establishing that ___ must be paid on conveyances of real estate
Transfer tax
State real estate transfer tax is payable when the deed is ___.
recorded
The executor is named in the ___.
Will
If no executor is named in the will or the named executor refuses or is unable to perform that function, the court will appoint a(n) ___ for the estate
Administrator
The ___ defines the extent of ownership that is being conveyed
Habendum clause
The grantor is conveying an interest that is less than fee simple absolute. The explanation of the extent of ownership will be found in the ___.
Habendum clause
A seller conveys property to a buyer by a written document that contains five covenants protecting the buyer’s title. What is the seller’s role in the transaction?
Grantor
A seller conveys property to a buyer by a written document that contains five covenants protecting the buyer’s title. The person who receives the interest is the ___.
Grantee
The verification that the grantor’s signature is both genuine and voluntary is a(n) ___.
acknowledgment
A formal declaration under oath that the person who signs a written document does so voluntarily, and that the signature is genuine
Acknowledgment
Which of these is an example of involuntary alienation?
a) sale
b) gift
c) foreclosure
d) will
Foreclosure
When a property owner defaults on a loan secured by the property, the lender may force the sale of the property by the process called ___.
Foreclosure
Evidence of ownership (title) is written in the ___.
Deed
A(n) ___ is the process of taking a person’s property into legal custody by a court order.
Attachment
A(n) ___ provides the security for a loan in real estate.
Mortgage
The transfer of an interest in a parcel of real estate is typically in a document called the ___.
Deed
A valid ___ must have recital of consideration.
Deed
A valid deed must have recital of ___.
Consideration
Why isn’t the grantee required to sign a deed?
Because the grantee receives the property
“I do hereby convey to my nearest relative all my interest in the property called 123 Main Street, Bismarck, ND, to have and to hold, in consideration of receipt of the amount of $10 and other good and valuable consideration.” When signed, is this document a valid conveyance by deed? Why or why not?
No, it is invalid, because the grantee is inadequately identified
If a grantee is not sufficiently identified, the deed is ___.
Invalid
The type of deed that imposes the least liability on the grantor is a(n) ___.
Quitclaim deed
What is the final step in the transference of title by deed?
Deed must be delivered to and accepted by the grantee
Which covenant is a warranty that the property is free from encumbrances, except as noted?
Covenant against encumbrances
Which covenant guarantees that the grantor has the right to convey the property?
Covenant of seisin
Which covenant guarantees that the title will be good against third parties who might try to bring legal action to gain the property?
Covenant of quiet enjoyment
How many express warranties does a bargain and sale deed contain?
zero
A bargain and sale deed contains no express warranties against ___.
Encumbrances
A bargain and sale deed implies that the ___ holds title and possession of the property
Grantor
Which type of deed is used by a grantor whose interest in the real estate may be unknown?
Quitclaim deed
Under state law, 1/2 of an intestate decendent’s property goes to the decendent’s spouse, 1/4 is equally divided among the decendent’s children, and 1/4 goes to the state. If there is no spouse, the children divide 3/4 equally. A citizen of this state dies intestate, survived by an ex-spouse and seven adult children. If the estate is $865,550, how much will each child receive under state law?
$92,737.50
In one state, transfer tax is $1.20 for each $300 (or fraction of $300) of the sales price of any parcel of real estate. If a seller’s property sold for $250,000, what will be the amount of transfer tax due?
$1,000.80
In front of witnesses, a property owner says to a friend, “I never made a will, but I want you to have my property when I die.” If the friend becomes the owner of the property, it is because the state recognizes what kind of will?
Nuncapative
A(n) ___ will is an oral will.
Nuncupative
A holographic will is completely ___.
Handwritten
A nuncupative will is ___.
oral
A(n) ___ trust is established by will after the owner’s death.
Testamentary
In one state, the transfer tax is $0.80 per $500 or fraction thereof. There is no tax charged on the first $500 of the price. What tax must the seller pay if the property sells for $329,650?
$527.20
A modification to a will
Codicil
What confirms that a will is valid?
Probate
When a corporation transfers ownership of property, the deed must be signed by…
an authorized officer
The ___ clause in a special warranty deed generally contains the words “Grantor remises, releases, alienates, and conveys”
Granting
A(n) ___ provides authority to carry out all of the business dealings of the person giving it.
General power of attorney
What limits are set by the covenants in a general warranty deed?
No limits
The basic requirements for a valid conveyance are governed by ___
State law
Every deed must be signed by the ___
Grantor
A 15 year old boy inherited many parcels of real estate from his late father and decided to sell one of the parcels. If the boy enters into a deed conveying his interest in the property to a purchaser, such a conveyance will be ___.
Voidable
A husband who works for an international corporation has already moved out of the country. To authorize his wife to act on his behalf in his absence, he signed a(n) ___.
Power of attorney
A(n) ___ deed provides the most protection for the buyer
General warranty
A(n) ___ deed provides the least protection for the buyer
Quitclaim
The ___ guarantees that the title will be good against the title claims of third parties.
Covenant of quiet enjoyment
Which deed merely implies, but does not specifically warrant, that the grantor holds good title to the property?
Bargain and sale
Step 1: A man decided to convey his property to a woman.
Step 2: The man signed a deed transferring title to the woman.
Step 3: The man gave the signed deed to the woman, who accepted it.
Step 4: The woman took the deed to the county recorder’s office and had it recorded.
At which step did title to the property actually transfer or pass to the woman?
Step 3
A woman signed a deed transferring ownership of her property to a man. To provide evidence that the woman’s signature was genuine, she executed a declaration before a notary. What is this declaration called?
An acknowledgment
A woman bought acreage in a distant country, never went to see the acreage, and did not use the land. A man moved his mobile home onto the land, had a well drilled for water, and lived there for 22 years. The man may become the owner of the land if he has complied with the state law regarding ___.
Adverse possession
What do the terms condemnation and escheat have in common?
They are both examples of involuntary alienation
A deed contains a guarantee that the grantor will compensate the grantee for any loss resulting from the title’s failure in the future. This is an example of ___
Warranty forever
What document transfers title to real estate after the death of the owner?
Will
For Illinois courts to recognize a will, how many witnesses must it have?
2
In Illinois, how many years are required to acquire title by adverse possession?
20
For a will to be valid in Illinois, it must be ___, ___, and ___.
In writing
Signed
Witnessed by 2 people
In Illinois, the state transfer tax is computed on the ___ less the amount of any existing mortgage to which the property remains subject
Sales price
In Illinois, the state transfer tax is computed on the sales price less the amount of any ___.
existing mortgage
Deeds between relatives requires what in Illinois?
State transfer tax
In Illinois, when a person dies without a valid will and with no heirs, what happens to the property?
It escheats to the county it lies in
The gift of real property by will
Devise
States grantor’s intention to convey the property
Granting clause
Document by which an owner transfers ownership in real estate to someone else
Deed
Acquiring title to real estate by using the property without the owner’s consent
Adverse possession
Judicial process that distributes assets of an estate
Probate
Dying without a will
Intestate
Instrument used to dispose of real or personal property upon the owner’s death
Will
Declaration that signature is voluntary and genuine
Acknowledgement
A deed must contain a(n) ___ stating the grantor’s intention to convey the property
Granting clause
To be valid, a deed must contain an accurate ___ of the real estate conveyed.
Legal description
Among the basic warranties of a(n) ___ deed is the covenant of seisin.
General warranty
A(n) ___ deed provides the grantee with the least protection of any deed.
Quitclaim
Adverse possession is a means of ___ alienation
Involuntary
Through the principle of ___, successive periods of different adverse possession by different adverse possessors can be combined, enabling a person who is not in possession for the entire required tome to establish a claim of title.
tacking
A person who has died ___ has prepared a will indicating how his property should be handled
Testate
