Ch 9

Question 1

what is a title

Answer 1

the collection of rights one has when owning real property

Question 2

What is an equitable title

Answer 2

right to full ownership of property when someone else has legal title

Question 3

“alienation”

Answer 3

to transfer a title (with deed or operation of law)

Question 4

“testator”

Answer 4

person making will

Question 5

“devisee”

Answer 5

person receiving will

Question 6

What is needed to make a will valid

Answer 6

18+ yrs of age, testator is of sound mind, proper verbiage, no influence on testator, state specified number of witnesses

Question 7

“escheat”

Answer 7

the transfer of land to the state because owner dies with no heirs

Question 8

“eminent domain”

Answer 8

take property for public use

Question 9

What is the role of the title company

Answer 9

Reviews title, issues insurance policies, facilitates closings, and files and records paperwork.

Question 10

purpose of title insurance

Answer 10

to protect against any hidden claims that don’t surface before closing

Question 11

what is a deed

Answer 11

the document to transfer ownership from grantor to grantee

Question 12

three parts to a deed

Answer 12

premises (names and property description)
habendum (defines ownership/limitations)
testimonium (signed wishes of grantor)

Question 13

4 types of deeds

Answer 13

general warranty (most often used)
special warranty (used by large corps/banks)
bargain & sale of deed
quit claim (grantor "quits" any interest in the property

Question 14

“easement”

Answer 14

gives someone else use of property while owner still owns

Question 15

easement terminations

Answer 15

• purpose no longer there
• quit claim by owner
• destruction of property
• court determined excessive use

Question 16

The three methods of legal description of land

Answer 16

1. metes and bounds (distance/direction)
2. rectangular government survey (begins in Tallahassee)
3. lot and block number on plat map (subdivision)

Question 17

Section is 640 acres and you want to buy SW 1/2. How many acres is that?
Now determine acreage of
E1/2 of the NW 1/4 of the NE 1/4 of the SW 1/4

Answer 17

320
244*4= 128
128/640= 5 acres

Question 18

1 mi =
1 sq yd =
1 cubic yd =
1 sq mi =
1 acre =

Answer 18

5,280 ft
9 sq ft
27 ft
640 sq ft
43,560 ft

Question 19

purpose of contract

Answer 19

valid, voidable, and enforceable document that deciphers legal effect

Question 20

“earnest money”

Answer 20

good faith deposit

Question 21

what is equitable title

Answer 21

interest buyer has in property between offer and closing. (important if house were to burn down, etc)

Question 22

Bilateral contract

Answer 22

“two-way” sales contract

Question 23

unilateral contract

Answer 23

“one-way” seller promises to sell IF buyer will buy at later date.

Question 24

expressed contract

Answer 24

oral or written with specific terms (i.e. purchase price)

Question 25

implied contract

Answer 25

not written, but implied.

Question 26

executory contract

Answer 26

contract in process

Question 27

executed contract

Answer 27

completed

Question 28

informal contract

Answer 28

oral; not enforceable

Question 29

what results in contract termination?

Answer 29

performance (completed), mutually recind, operation of law (bankruptcy or eminent domain)

Question 30

"novation"

Answer 30

change original terms of contract

Question 31

"parol evidence rule"

Answer 31

written word take precedence over oral in contract law

Question 32

"assignment of contract"

Answer 32

third person takes place of an original person

Question 33

List types of listing agreements

Answer 33

1. open listing- any number of brokers are hired and whomever sells gets commission 2. exclusive- one broker, but no commission if owner sells. 3. exclusive right to sell- listing broker is entitled to commission regardless.