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Real Estate Associates Test > ***Ch 5. Real Property Ownership*** > Flashcards

***Ch 5. Real Property Ownership*** Flashcards

1
Q

Rights to real property can be voluntarily converted through the use of:

A. Deed
B. Will
C. Eminent domain
D. Both A and B

A

D. Both A and B

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2
Q

If a person dies with a valid will in effect, that person has died:

A. Testate
B. Intestate
C. In trust
D. In probate

A

A. Testate

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3
Q

If a person dies with no heirs or beneficiaries, their estate will pass to the state of Florida through the process of:

A. Inheritance
B. Escheat
C. Taxation
D. Probate

A

B. Escheat

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4
Q

If the government wishes to seize private land for the purpose of widening an existing road, they can acquire the land through:

A. Taxation
B. Escheat
C. Police Power
D. Eminent Domain

A

D. Eminent Domain

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5
Q

Recording a deed in the public records achieves:

A. Constructive notice
B. Actual notice
C. Probate
D. Judicial notice

A

A. Constructive notice

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6
Q

The type of title insurance that is non-transferable and typically has a face amount equal to the purchase price is the:

A. Owner’s policy
B. Lender’s policy
C. Mortgagee’s policy
D. None of the above

A

A. Owner’s policy

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7
Q

The words of conveyance in a deed are contained in the:

A. Habendum clause
B. Granting clause
C. Reddendum clause
D. Premises clause

A

B. Granting clause

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8
Q

Which type of statutory deed is used primarily to clear defects to title:

A. Quitclaim deed
B. Bargain and sale deed
C. Special warranty deed
D. General warranty deed

A

A. Quitclaim deed

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9
Q

Which type of deed offers the greatest protection for a buyer?

A. Quitclaim deed
B. Bargain and sale deed
C. Special warranty deed
D. General warranty deed

A

D. General warranty deed

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10
Q

The government has the right to enact laws and regulations to protect the health, safety, and welfare of the public through the exercise of its:

A. Sovereign immunity
B. Police powers
C. Executive privilege
D. Eminent domain

A

B. Police powers

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11
Q

Which of the following is a non-governmental limitation on title:

A. Zoning
B. Planning
C. Condemnation
D. Deed restriction

A

D. Deed restriction

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12
Q

Which type of lease provides that the tenant will pay a fixed rent plus the property’s cost (taxes)?

A. Net lease
B. Gross lease
C. Variable lease
D. Percentage lease

A

A. Net lease

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13
Q

Which of the following is an example of a voluntary lien?

A. Construction lien
B. Mortgage lien
C. Special Assessment Lien
D. Judgment lien

A

B. Mortgage lien

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14
Q

Real estate tax liens become effective on:

A. December 31st of the tax year
B. January 1st of the tax year
C. January 1st of the proceeding tax year
D. April 1st of the proceeding tax year

A

B. January 1st of the tax year

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15
Q

All of the following are considered to be a superior lien except:

A. IRS lien
B. Federal Estate tax lien
C. Special Assessment lien
D. Real estate tax lien

A

A. IRS lien

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16
Q

A compilation of the recorded documents relating to a parcel of land, from which an attorney may give an opinion as to the condition of the title (a history of title)

A

Abstract of Title

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17
Q

A written declaration by a person signing a document, given before an officer authorized to give an oath (notary public), stating that the signing is the person’s voluntary act

A

Acknowledgment

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18
Q

Giving oral or written notice, presenting a deed, giving verbal notice or physically moving into a property

A

Actual Notice

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19
Q

A method of acquiring title by possession under open, notorious, exclusive, and hostile conditions for seven more years. Taxes for property must be paid by “squatter”, and true owner could lose rights or interests.

A

Adverse possession

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20
Q

A transfer to another of any property, real or personal, or of any rights estates in said property. giving someone the rest of your lease term.

A

Assignment

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21
Q

The chronological order of title transfers from the original owner to the present owner

A

Chain of title

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22
Q

Utilized when the grantor is mentally incompetent

A

Committee’s deed

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23
Q

Notice given by publishing in a newspaper, public records, other method

A

Constructive notice

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24
Q

Any one of many conveyance or financing instruments, but generally a conveyance instrument given to pass title to property upon sale

A

Deed

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25
Q

Limitations on the use of property placed in a deed by a grantor which bind all future owners

A

Deed restrictions

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26
Q

The legal right that a party has to use another’s property

A

Easement

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27
Q

The legal right that government and quasi-government agencies have to take property individuals for public use

A

Eminent domain

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28
Q

A physical intrusion or trespass that can be detected by an up to date survey

A

Encroachment

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29
Q

Any condition (liens, deed restrictions, encroachments, unpaid property taxes, eta) of title that deviates from free and clear

A

Encumbrance

30
Q

The grantor agrees to obtain and deliver any legal documents or instruments that might be required to clear title in the future

A

Further assurance

31
Q

the person or party receiving the deed

A

Grantee

32
Q

the person or party giving the deed

A

grantor

33
Q

A lease which a tenant pays a specified rent payment and the landlord pays any operating expenses required for maintenance or repairs

A

Gross lease

34
Q

a lease on the land only. tenants pays rent for ground only and builds upon the leased property.

A

ground lease

35
Q

Utilized when the grantor is under 18 year of age

A

Guardians deed

36
Q

The clause in which the type of estate is declared, for example the deed may state that the grantee is to “have and to hold in fee simple forever”

A

Habendum clause

37
Q

When person dies without a will

A

Insestate

38
Q

An encumbrance against a property for money, either voluntary or involuntary

A

Lien

39
Q

If a continuous chain of title has existed for at least 30 years any potential title defect more than 30 years old is considered cured

A

Marketable record title act

40
Q

A ease in which the tenant pays a specified rent to the landlord costs percentage of the income of the property generates (typically shopping centers)

A

percentage lease

41
Q

Utilized when the grantor is deceased

A

Personal representatives deed

42
Q

The grantor guarantees the grantee peaceful possession undisturbed by other claims of title

A

Quiet enjoyment

43
Q

the grantor deeds property to the grantee, but provides no warranty of title or promise of ownership. Used to cure defects in title

A

Quitclaim Deed

44
Q

A statement of ownership or title to real property

A

Seisen

45
Q

A tenant that transfers less than the entire leasehold estate. only giving someone a portion of your lease term, space, or time ex. a tenant would like to rent out one of several bedrooms to another

A

Sublease

46
Q

The evidence one has of ownership to real property

A

Title

47
Q

The tenant pays rent based on pre-determined index

A

Variable lease

48
Q

When real property is transferred according tot he actual desires and intent of the owner

A

Voluntary Alienation

49
Q

What are the two ways to transfer a title, and which is the most common?

A

Deed- most common

Will

50
Q

When a property is transferred without specific intent of the owner

A

Involuntary Alienation

51
Q

What are the 4 methods to involuntarily transfer a title and which is the most common?

A

Descent and distribution- most common, when someone dies intestate and property goes to heirs
Escheat- No family or will, property goes to state
Adverse possession- (squatters) property owner allows others to take possession and not take legal action to have them removed.
Eminent Domain- right of gov’t, gov’t take property for use of public, but pays fair market value

52
Q

What are the two methods that give notice that ownership or some other interest in real property has been acquired?

A

Actual Notice

Constructive notice

53
Q

How do you achieve official ownership?

A

Constructive notice “make it public record”

54
Q

Mortgagor’s policy, usually based n the purchase price and will pay for all claims made against the property, up to the face amount of the policy, is it transferable or non-transferable?

A

Owner’s policy/ non-transferable

55
Q

Mortgagee’s policy required by the lender if a property is mortgaged and covers the lenders investment, is it transferable or non-transferable?

A

Lenders policy/ transferable

56
Q

Describes any reservations or restrictions that run with land, such as a deed restriction

A

Reddendum clause

57
Q

Type of deed that contains no warrants or covenants other than warrant of seisen

A

Bargain and sale deed

58
Q

often used by banks for properties that have been taken back through foreclosure

A

Special warranty deed

59
Q

In order to legally transfer title, the deed must be DELIVERED to and ACCEPTED by the grantee, a valid deed must be signed by who?

A

SIGNED by the grantor and 2 witnesses, a notarization is not required

60
Q

Easement given when a property is landlocked with no means of ingress/egress

A

Easement by necessity

61
Q

easement granted if the easement has been uninterrupted use for 20 years

A

Easement by prescription

62
Q

All liens are involuntary except?

A

mortgage lien

63
Q

if a property goes into foreclosure all liens go away except?

A

real estate taxes

64
Q

Lien that is court judgments record in the public records

A

judgment lien

65
Q

lien created when a person borrows money from a bank and pledges real estate as collateral for the loan

A

Mortgage lien

66
Q

Liens are utilized whenever a party has work performed on a property and does not pay for that work or materials used ex. fence

A

Mechanics lien

67
Q

liens that become effective Jan 1st of each year even though tax bill does not become due until Nov of the same year

A

Real estate tax lien

68
Q

general tax lien and is levied anything and everything that a person owns for a non-payment of income tax

A

Federal tax lien IRS

69
Q

one time tax levied pay the cost of a pubic improvement that directly benefits the assessed property

A

special assessment lien

70
Q

What type of liens are not superior?

A

IRS liens

Real Estate Associates Test (13 decks)

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