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REAL ESTATE > Ch 9 Section 3 Alienation, Wills, and Deeds > Flashcards

Ch 9 Section 3 Alienation, Wills, and Deeds Flashcards

1
Q

Alienation

A

Term referring to any type of transfer of ownership of real property
- can b accomplished voluntarily by a deed or will, or involuntarily by adverse possession or intestate succession.

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2
Q

May occur by means of deeds, wills, dedications, and public grants

A

Voluntary Alienation

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3
Q

Deed of conveyance

A

the most common method of acquiring title to real property and is a written instrument used to transfer title voluntary from one party to another

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4
Q

Will

A

a written instrument whereby an individual (testator) provides for the transfer of title to property to another after his ( the testators) death

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5
Q

Dedication

A

is the free transfer ( no compensation ) of privately owned land to a governing body with the stipulation that it be used for public purposes

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6
Q

Public grant

A

is a transfer of title from the government to an individual

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7
Q

Special deed

A

known as a patent deed is used for a public grant

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8
Q

Descent & distribution, adverse possession, unintentional dedication of land for public use, accession, estoppel, foreclosure, eminent domain, escheat are apart of what alienation

A

involuntary

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9
Q

Decent and Distribution

A

refers to the acquisition of an estate by inheritance when an heir succeeds to the property by operation of law

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10
Q

Adverse possession

A

The acquisition of title to real property owned by someone else by opens, notorious, hostile, and continuous possession for a statutory period of time

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11
Q

Unintentional dedication of land for public use

A

owners who allow public access to or though, their private property will erect barriers at regular intervals (such as once a year) just to evidence the fact that the public right to use the property is merely a license and not a right or interest in the property itself.

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12
Q

Title by accession

A

the acquisition of additional land and/or improvements under certain unusual circumstances.

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13
Q

The action of a stream or river takes soil from owners property

A

Erosion

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14
Q

soil from owners property and adds it to another’s property

A

accretion

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15
Q

Alluvion

A
  • soil deposits
  • rain moves soil down to another’s property, so first looses land and second property gains
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16
Q

Avulsion

A

the sudden removal of large amounts of soil by an act of nature such as an earthquake or mudslide

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17
Q

Title (deed) by estoppel

A

legal principle whereby a person may obtain title to real property over the apparent owner, because the apparent owner has failed to act in such a manner as to put everyone on notice as to his rights in the property.

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18
Q

Foreclosure

A

Due to unpaid debts (mortgage loans, property taxes and other liens) also results in the transfer of ownership of real property without the owner’s consent

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19
Q

Power of eminent domain

A

Permits governments and quasi-public corporations and utility companies to take private land for public use through a condemnation suit results in involuntary alienation of real property

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20
Q

Escheats

A

Considered a form of involuntary alienation

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21
Q

Testate succession

A

Indicating the existence of a valid will

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22
Q

Intestate succession

A

Vary from state to state, every state has passed as set of laws dealing with the descent and distribution of real and personal property belonging to those who die without will

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23
Q

Probate

A

Is the formal, legal process by which a court reviews the distribution of a deceased persons date.

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24
Q

Executor

A

A person named in the will who executes, or carries out the wishes of the testator, acting as his personal representative

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25
Q

Administrator

A

Person appointed b the court to carry out the terms of the will in the event there is no executor or oversee the distribution of assets of a person who dies intestate

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26
Q

Testator

A

Or maker (one who makes a will) must be of sound mind and of legal age

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27
Q

A gift of real property by will is known as

A

Devise

28
Q

A person who receives property by will is a

A

Devisee

29
Q

A gift of personal property by will is known as a

A

Bequest

30
Q

Codicil

A

Modification of , or addition to, an already existing will

31
Q

Holographic will

A

One that is written in the testators own handwriting, but is not witness or acknowledge

32
Q

Nuncupative will is a ________ will

A

Oral

33
Q

What does the most common form of voluntary alienation involve ?

A

Deeds

34
Q

Deed

A

A written instrument whereby a property owner conveys tittle to another

35
Q

What requirements create a valid legally enforceable deed?

A
  • grantor
  • grantee
  • consideration
  • words of conveyance
  • legal description
    -reservations, exceptions ,and restrictions
  • Signature of the grantor
  • Delivery and acceptance (Torrens system only)
36
Q

Grantor or grantors

A

Must be identified and must be of age and of sound mind.

37
Q

Words of conveyance

A

Distinguish it from a mortgage instrument, such as “i hereby grant and convey….”

38
Q

Legal description

A

Generally required although in the case of a condominium the postal address may be sufficient once the fall legal description is in the recorded declaration

39
Q

Reservation

A

A right retained by the grantor

40
Q

Exception

A

When the grantor retains fee title to a part of the land

41
Q

Deed restriction

A

Imposed by the original developer

42
Q

Acknowledgment

A

Declaration made before an authorized officer, usually a notary, by a person who is voluntarily signing a formal, written document

43
Q

Covenants

A

Are warrants or unconditional promises contained in contracts
- found in leases, mortgages, contracts for deed, deeds, etc.

44
Q

Frequently used covenants include:

A
  • of seisin
  • of quiet enjoyment
  • against encumbrances
  • of warranty forever
  • of further assurances
  • against grantors acts
45
Q

Covenant of seisin

A

Is an assurance by the grantor to the grantee that the grantor has the estate of title in the quantity that the grantor claims to convey

46
Q

Covenant of quiet enjoyment

A

Arises from the grantor’s assurance that the grantee shall enjoy possession of the property in piece and without disturbance by hostile claimants

47
Q

Covenant against encumbrances

A

Grantors guarantee that there are no encumbrances against the property except those specifically disclosed

48
Q

Covenant of warranty

A

Assures the grantee of possession and continuance of title transferred to the grantee, “the grantee will forever warrant the title to said premises…”

49
Q

Covenant of further assurance

A

The grantors promise to do such further acts as might required in the future to guarantee or perfect the title of the grantee

50
Q

Covenant against grantors acts

A

Used in special warranty deeds in which the grantor is a fiduciary such as an executor, trustee, or guardian.

51
Q

Certain customary clauses in deed that have come to be required, they are the:

A

-Premise Clause
- Habendum Clause
- Testimonium Clause

52
Q

Premises Clause or granting clause

A

Contains the words of conveyance, states the names of the parties involved, the extent of ownership, recites the consideration and legally describes the property

53
Q

Habendum Clause
“To have and to hold clause”

A

That follows the granting clause and indicates the type of estate or interest the deed is conveying, such as fee simple estate, a life estate

54
Q

Testimonium clause

A

The parties to these present have hereunto set their hands and seals … is the conclusion of a deed

55
Q

Types of deed in common use today :

A
  • General warranty
    -Special warranty
  • Bargain and sale deed
  • Quitclaim deed
  • Correction deed
56
Q

General warrant deed

A

Conveyance by which the grantor fully warrants, or guarantees, clear title to the real estate being sold

57
Q

Special Warranty deed

A

Is a conveyance by which the grantor guarantees the title he is conveying only against defects arising during the tenure of his ownership guardianship and not against previous defects in title

58
Q

Bargain and sale deed

A

Conveyance by which the grantor conveys property but does not agree to warrant or defend the title in any way

59
Q

Quitclaim deed

A

Conveyance by which the grantor transfers and releases any interest he might have in the property

60
Q

Correction Deed

A

Any type of deed used to correct a mistake in prior deed

61
Q

Types of deed

A
  • Deed of trust
  • deed in trust
  • guardians deed
  • deed in foreclosure
  • deed in partition
  • Patent deed
62
Q

Deed of trust / trust deed

A

Used to convey title to a third party trustee to be held as security for a debt

63
Q

Deed in trust

A

Conveys real property to a trustee

64
Q

Guardians deed

A

Is executed on behalf of a person who lacks legal capacity to convey title, such as a minor or any person judged incompetent by the courts

65
Q

Deed in foreclosure

A

May also be called a referee’s deed ( when foreclose is undertaken by a private mortgagee) or a tax deed or sheriffs deed, when property is sold to pay taxes

66
Q

Deed in partition

A

Is issued by a court when property is sold at a partition sale for the purpose of diving a joint tenancy or tenancy in common ownership

67
Q

Patent deed

A

Is a deed used to convey title to real estate from the United States Government to an individual

REAL ESTATE (23 decks)

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