Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Unit 12: Transfer of Title > Assessment > Flashcards

Assessment Flashcards

1
Q

The right to, and evidence of, ownership of land

A

Title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

The transfer of title by gift or sale

A

Voluntary alienation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

A written instrument by which an owner intentionally conveys the right, title, or interest in a parcel of real estate to someone else

A

Deed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

The person who transfers title

A

Grantor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

The person who acquires title by gift or sale

A

Grantee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A statement of the intention to convey property by deed

A

Granting clause

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

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

A

acknowledgment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

A covenant in a deed that warrants that the grantor is the owner of the property and has the right to convey it

A

Seisin

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

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

A

Quiet enjoyment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

A conveyance by deed from a trustor to a trustee for the benefti of a beneficiary

A

Deed of trust

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

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

A

Special warranty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

A deed that contains no express warranties against encumbrances but implies that the grantor holds title and possession of the property

A

Bargain and sale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

A deed that contains no covenants, warranties, or implications, and that provides the least amount of protection of any deed

A

Quitclaim

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

A conveyance by deed from a trustee to anyone other than the trustor

A

Trustee’s fund

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

A conveyance by deed from a trustee to the trustor

A

Reconveyance deed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

The transfer of title without the owner’s consent

A

involuntary alienation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Having prepared a will indicating how property is to be disposed of after death

A

testate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

The gift of real property by will

A

Devise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

The person who makes a will

A

Testator

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

A formal judicial process to confirm a will’s validity and to see that assets are distributed correctly

A

Probate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Title to real estate is a way of referring to ___.

A

Ownership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

A written instrument by which an owner of real estate intentionally conveys the right, title, or interest in the real estate to someone else.

A

Deed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

A deed is a written instrument by which an owner of real estate intentionally conveys the ___, ___, or ___ in the real estate to someone else.

A

right, title, or interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

To be valid, a deed must include a(n) ___ and a(n) ___.

A

Recital of consideration and identifiable grantee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

True/ false: A deed MUST contain a recital of exceptions and reservations.

A

False, it may contain this but is not required

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

When is a title considered transferred?

A

When the deed is delivered to the grantee by the grantor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

A title is considered transferred when the deed is delivered to the ___ by the ___.

A

To the grantee by the grantor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

A title is considered transferred when the ___ is delivered to the grantee by the grantor

A

Deed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Who must sign a deed in order for it to be valid?

A

All grantors named on the deed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

___ are not required to sign the deed, but must be willing to accept it for the title to transfer.

A

Grantees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

The ___ warrants that the grantor is the owner of the property and has the right to convey it.

A

Covenant of seisin

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

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.

A

Covenant of further assurances

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

A ___ deed does not contain any express warranties against encumbrnaces

A

Bargain and sale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

A trustee uses a(n) ___ deed to return title to the trustor.

A

Reconveyance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

In a deed executed under a court order, the full amount of ___ is stated in the deed.

A

Consideration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Adverse possession is an example of involuntary alienation of property. True or false?

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

When a property owner dies, when may their heirs take possession of the property?

A

Only after probate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

When a property owner dies, the heirs by descent or will immediately take ___ to the property.

A

Title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Adverse possession is a means of ___ transfer.

A

Involuntary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

A deed must be delivered during the ___ lifetime.

A

Grantor’s

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

A(n) ___ takes effect only after the owner’s death

A

Will

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

A(n) ___ is made by an owner to convey title to real or personal property after their death.

A

Will

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

A(n) ___ must be delivered during the lifetime of the grantor to convey a present interest in property.

A

Deed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

The gift of real property by will is called a(n) ___.

A

Devise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

A person who receives real property by will is called a(n) ___.

A

Devisee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

Real property of an owner who dies interstate is distributed according to…

A

The laws of the state in which the property is located

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

The type of property ownership the grantees will receive is stated in the ___.

A

Deed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

A(n) ___ may note any encumbrances that affect the title being conveyed.

A

Deed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

One of the functions of ___ is to determine the precise assets of the deceased person

A

Probate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

A formal judicial process that proves or confirms the validity of a will

A

Probate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

A formal judicial process that determines the precise assets of the deceased person

A

Probate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

A formal judicial process that identifies the people to whom the assets are to pass

A

Probate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

Many states have laws establishing that ___ must be paid on conveyances of real estate

A

Transfer tax

54
Q

State real estate transfer tax is payable when the deed is ___.

A

recorded

55
Q

The executor is named in the ___.

A

Will

56
Q

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

A

Administrator

57
Q

The ___ defines the extent of ownership that is being conveyed

A

Habendum clause

58
Q

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 ___.

A

Habendum clause

59
Q

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?

A

Grantor

60
Q

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 ___.

A

Grantee

61
Q

The verification that the grantor’s signature is both genuine and voluntary is a(n) ___.

A

acknowledgment

62
Q

A formal declaration under oath that the person who signs a written document does so voluntarily, and that the signature is genuine

A

Acknowledgment

63
Q

Which of these is an example of involuntary alienation?
a) sale
b) gift
c) foreclosure
d) will

A

Foreclosure

64
Q

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 ___.

A

Foreclosure

65
Q

Evidence of ownership (title) is written in the ___.

A

Deed

66
Q

A(n) ___ is the process of taking a person’s property into legal custody by a court order.

A

Attachment

67
Q

A(n) ___ provides the security for a loan in real estate.

A

Mortgage

68
Q

The transfer of an interest in a parcel of real estate is typically in a document called the ___.

A

Deed

69
Q

A valid ___ must have recital of consideration.

A

Deed

70
Q

A valid deed must have recital of ___.

A

Consideration

71
Q

Why isn’t the grantee required to sign a deed?

A

Because the grantee receives the property

72
Q

“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?

A

No, it is invalid, because the grantee is inadequately identified

73
Q

If a grantee is not sufficiently identified, the deed is ___.

A

Invalid

74
Q

The type of deed that imposes the least liability on the grantor is a(n) ___.

A

Quitclaim deed

75
Q

What is the final step in the transference of title by deed?

A

Deed must be delivered to and accepted by the grantee

76
Q

Which covenant is a warranty that the property is free from encumbrances, except as noted?

A

Covenant against encumbrances

77
Q

Which covenant guarantees that the grantor has the right to convey the property?

A

Covenant of seisin

78
Q

Which covenant guarantees that the title will be good against third parties who might try to bring legal action to gain the property?

A

Covenant of quiet enjoyment

79
Q

How many express warranties does a bargain and sale deed contain?

A

zero

80
Q

A bargain and sale deed contains no express warranties against ___.

A

Encumbrances

81
Q

A bargain and sale deed implies that the ___ holds title and possession of the property

A

Grantor

82
Q

Which type of deed is used by a grantor whose interest in the real estate may be unknown?

A

Quitclaim deed

83
Q

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?

A

$92,737.50

84
Q

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?

A

$1,000.80

85
Q

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?

A

Nuncapative

86
Q

A(n) ___ will is an oral will.

A

Nuncupative

87
Q

A holographic will is completely ___.

A

Handwritten

88
Q

A nuncupative will is ___.

A

oral

89
Q

A(n) ___ trust is established by will after the owner’s death.

A

Testamentary

90
Q

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?

A

$527.20

91
Q

A modification to a will

A

Codicil

92
Q

What confirms that a will is valid?

A

Probate

93
Q

When a corporation transfers ownership of property, the deed must be signed by…

A

an authorized officer

94
Q

The ___ clause in a special warranty deed generally contains the words “Grantor remises, releases, alienates, and conveys”

A

Granting

95
Q

A(n) ___ provides authority to carry out all of the business dealings of the person giving it.

A

General power of attorney

96
Q

What limits are set by the covenants in a general warranty deed?

A

No limits

97
Q

The basic requirements for a valid conveyance are governed by ___

A

State law

98
Q

Every deed must be signed by the ___

A

Grantor

99
Q

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 ___.

A

Voidable

100
Q

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) ___.

A

Power of attorney

101
Q

A(n) ___ deed provides the most protection for the buyer

A

General warranty

102
Q

A(n) ___ deed provides the least protection for the buyer

A

Quitclaim

103
Q

The ___ guarantees that the title will be good against the title claims of third parties.

A

Covenant of quiet enjoyment

104
Q

Which deed merely implies, but does not specifically warrant, that the grantor holds good title to the property?

A

Bargain and sale

105
Q

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?

A

Step 3

106
Q

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?

A

An acknowledgment

107
Q

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 ___.

A

Adverse possession

108
Q

What do the terms condemnation and escheat have in common?

A

They are both examples of involuntary alienation

109
Q

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 ___

A

Warranty forever

110
Q

What document transfers title to real estate after the death of the owner?

A

Will

111
Q

For Illinois courts to recognize a will, how many witnesses must it have?

A

2

112
Q

In Illinois, how many years are required to acquire title by adverse possession?

A

20

113
Q

For a will to be valid in Illinois, it must be ___, ___, and ___.

A

In writing
Signed
Witnessed by 2 people

114
Q

In Illinois, the state transfer tax is computed on the ___ less the amount of any existing mortgage to which the property remains subject

A

Sales price

115
Q

In Illinois, the state transfer tax is computed on the sales price less the amount of any ___.

A

existing mortgage

116
Q

Deeds between relatives requires what in Illinois?

A

State transfer tax

117
Q

In Illinois, when a person dies without a valid will and with no heirs, what happens to the property?

A

It escheats to the county it lies in

118
Q

The gift of real property by will

A

Devise

119
Q

States grantor’s intention to convey the property

A

Granting clause

120
Q

Document by which an owner transfers ownership in real estate to someone else

A

Deed

121
Q

Acquiring title to real estate by using the property without the owner’s consent

A

Adverse possession

122
Q

Judicial process that distributes assets of an estate

A

Probate

123
Q

Dying without a will

A

Intestate

124
Q

Instrument used to dispose of real or personal property upon the owner’s death

A

Will

125
Q

Declaration that signature is voluntary and genuine

A

Acknowledgement

126
Q

A deed must contain a(n) ___ stating the grantor’s intention to convey the property

A

Granting clause

127
Q

To be valid, a deed must contain an accurate ___ of the real estate conveyed.

A

Legal description

128
Q

Among the basic warranties of a(n) ___ deed is the covenant of seisin.

A

General warranty

129
Q

A(n) ___ deed provides the grantee with the least protection of any deed.

A

Quitclaim

130
Q

Adverse possession is a means of ___ alienation

A

Involuntary

131
Q

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.

A

tacking

132
Q

A person who has died ___ has prepared a will indicating how his property should be handled

A

Testate

Unit 12: Transfer of Title (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions