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RE Practice > Ch.9 (5/6 text) Title, Deeds, Encumbrances & Liens > Flashcards

Ch.9 (5/6 text) Title, Deeds, Encumbrances & Liens Flashcards

1
Q

ownership of the bundle of rights

A

legal title

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2
Q

a conditional right to legal title subject to an owner’s agreements
with buyers and creditors

A

equitable title

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3
Q

knowledge acquired or imparted directly through demonstrable

evidence, e.g., presenting or inspecting a deed, visiting a party in possession

A

Actual Notice

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4
Q

knowledge one could or should have obtained, as presumed

by law; imparted by recording in public records “for all to see”

A

Constructive Notice

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5
Q

Transferring Title Voluntarily

A

voluntary by grant, deed, or will

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6
Q

Transferring Title involuntarily

A
  • Foreclosure
  • Escheat
  • Eminent Domain
  • Adverse Posession
  • Descent
  • Estoppel
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7
Q

Granting Clause of a deed

A

Premises Clause

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8
Q

Conveys type of Real Estate being Conveyed

A

Habendum Clause

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9
Q

Conveys Restrictions in Deed

A

Reddendum Clause

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10
Q

Conveys Other Property Included in a deed

A

Tenendum Clause

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11
Q

non-possessory interests limiting the legal owner’s rights

A

Encumbrances

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12
Q

a right to use portions of another’s property

A

Easements

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13
Q

claims attaching to real and personal property as security for debt

A

Liens

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14
Q

Lien types

A

voluntary and involuntary; general and specific; superior and junior

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15
Q

Granting legal title through will is what type of Alienation

A

Voluntary Alienation

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16
Q

Person giving the property through will

A

Testator

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17
Q

Person receiving the property through will

A

Devisee

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18
Q

Real property given in a will

A

Devise

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19
Q

Personal property given in a will

A

Bequest

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20
Q

If a person dies with a will, it is known as a ______

A

Testate

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21
Q

If a person dies without a will, it is known as a ______

A

Intestate

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22
Q

A will written/dated/signed in Testators handwritting, but not witnessed

A

Holographic will (not valid in FL)

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23
Q

Formal court hearing to establish validity of will after death of someone

A

Probate

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24
Q

Four types of Involuntary Alienation

A
  1. Foreclosure
  2. Escheat
  3. Eminent Domain
  4. Adverse Posession
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25
Q

Four powers of the Govt

A

PETE

  1. Police Power
  2. Eminent Domain
  3. Taxation
  4. Escheat
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26
Q

The court action used when eminent domain is exercised

A

Condemnation

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27
Q

________ if someone doesn’t take of property, someone else can claim

A

Adverse Possession

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28
Q

5 Conditions that must be met for Adverse Posession

A

OPATCH

  1. Open for all to see
  2. Possession must be in hands
  3. Taxes must be paid
  4. Continuous period of time
  5. Hostile to owners title
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29
Q

Sales Associates CAN or CANT give opinion of title?

A

CAN NOT

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30
Q

Hired by title companies to search public record to find chain of title

A

Abstractors

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31
Q

Filed if there is a break in chain of title of defect (cloud)

A

Suit of Quiet the Title or Quitclaim

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32
Q

Claim against the title (ex. Adverse possession)

A

Color of Title

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33
Q

4 Types of Deeds

A
  1. General Warranty Deed
  2. Special Warranty Deed
  3. Bargain & Sale Deed
  4. Quit Claim Deed
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34
Q

Deed is written in 3 parts (Conveyance Clauses)

A
  1. Premises
  2. Habendum
  3. Testimonium
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35
Q

Premises of deed must contain

A
  1. Name of Grantor
  2. Name of Grantee
  3. Legal Description
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36
Q

Habendum of deed must contain

A
  1. Consideration
  2. Granting Clause
  3. Habendum Clause
  4. Designations/Limitations of Ownership
  5. Exceptions/Reservations
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37
Q

Testimonium of Deed must contain

A
  1. Acknowledgment
  2. Two Witness Signatures
  3. Delivery/Acceptance
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38
Q

Highest and most comprehensive type of deed

A

General Warranty Deed

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39
Q

General Warranty Deed Promises the following:

A
  1. Covenant of Seisin
  2. Covenant of Encumbrances
  3. Covenant of quiet Enjoyment
  4. Further Assurance
  5. Warranty Forever
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40
Q

Limits the time frame of the covenants to the time seller actually owned. (usually corporations or banks that have foreclosed on property)

A

Special Warranty Deed

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41
Q

Indicates the grantor has ownership of property and that’s it

A

Bargain and Sale Deed

42
Q

Grantor “quits “or releases any interest that they may have had in the property

A

Quit Claim Deed

43
Q

A burden on the property

A

Encumbrance

44
Q

Types of Encumbrances

A
  1. Deed Restrictions
  2. Easements
  3. Leases
  4. Liens
  5. Encroachments
  6. Licenses
45
Q

Types of Liens

A
  1. Voluntary
  2. Involuntary
  3. Mechanics
46
Q

Types of Involuntary Liens

A
  1. General
  2. Equitable
  3. Income Tax
47
Q

Statutory Lien that governs construction liens.

A

Mechanics Lien

48
Q

_______is one that the owner was willing to place on the property such as a mortgage lien or to secure building upon a property.

A

Voluntary Lien

49
Q

Priority of Liens

A
  1. Cost of the sale (paid to the county for advertising, legal fees etc.)
  2. Property taxes (Ad Valorem, Special Assessment)
  3. First mortgage or Deed of Trust
  4. All other mortgages and other types of liens recorded with priority established by date of recording including mechanic and materialman’s liens.
50
Q

________occur when a grantor restricts the use of the property through the deed - this is called “Use Encumbrance.”

A

Deed Restrictions

51
Q

_________gives someone else (the Dominant Estate) the right to USE a part of the property while the owner (the Servient Estate) retains the ownership rights. Easements are non-possessory rights, just the right of ingress (enter) and egress (exit).

A

Easement

52
Q

Four types of Easements:

A

Appurtenant
In gross
Necessity
Prescription

53
Q

Title to real property passes to the grantee at the time the completed deed is

A

delivered and accepted.

54
Q

What would terminate an easement?

A

Merger of the two properties

55
Q

Which is a voluntary lien against a person’s property?

A

Mortgage

56
Q

An instrument that records the history of the property is called the

A

abstract of title.

57
Q

The mortgagee’s title policy protects

A

the lender.

58
Q

A person died intestate. His property would pass according to

A

descent and distribution.

59
Q

In a deed, the words which clarify the purpose of the deed with the phrase “to have and to hold” is called a

A

habendum clause.

60
Q

“I own but won’t defend”

A

bargain and sale

61
Q

“I own and will defend”

A

general warranty

62
Q

“I own and warrant myself only”

A

special warranty

63
Q

“I may or may not own, and won’t defend”

A

quitclaim

64
Q

lawsuit and court-ordered public sale; deficiency judgments, redemption rights

A

Judicial foreclosure

65
Q

“power of sale” granted to lender; no suit; no deficiency judgment; no redemption period after sale

A

Non-Judicial foreclosure

66
Q

dominant tenement’s right to use or restrict adjacent servient tenement; attaches to the real estate

A

Easement in appurtnenant

67
Q

a right to use property that does not attach to the real estate

A

Easement in gross

68
Q

Law Decision

A

Statutory Lien

69
Q

Court Decision

A

Equitable Lien

70
Q

Liens on all real & personal property

A

General Lien

71
Q

Lien on single item of real or personal property

A

Specific Lien

72
Q

What type of Lien is a conventional mortgage

A

Specific

73
Q

Easement Creation

A
  1. Necessity
  2. Voluntary
  3. Prescription
74
Q

Right to use portions of adjoining property

A

Easement Appurtenant

75
Q

Personal right one party grants to another

A

Easement Gross

76
Q

Easement Gross Features

A
  1. Non-Transferable
  2. No Dominant/Servient Tenanemnts
  3. Personal or Commercial
77
Q

Easement Appurtenant Features

A
  1. Necessity
  2. Non-Exclusive
  3. Transferable (automatic)
78
Q

Order of Superior Liens

A
  1. Real Estate Tax
  2. Special Assessment
  3. Federal Estate Tax
  4. State Inheritance Tax
79
Q

Landlocked Easement

A

Appurtenant (Necessity)

80
Q

Prescription Easement Features

A
  1. Adverse/hostile (w/o permission)
  2. Open & Notorious (owner knows)
  3. Continuous (use was uninterrupted)
81
Q

Personal right property owner grants to another property for specific use

A

License

82
Q

Restrictive Covenants and Covenants, Conditions, restrictions

A

Deed Restrictions

83
Q

CCR is what

A

Deed Restriction

84
Q

____________is the court action used when the right of eminent domain is exercised. It does not refer to deteriorating buildings in this case.

A

Condemnation

85
Q

Squatters rights are a form of what _________

A

Adverse Possession (Involuntary Alienation)

86
Q

For adverse possession how long must have the claim been continuous

A

7 years

87
Q

___________ cannont give Opinions of Title

A

Brokers or Sales Associates

88
Q

An unexplained gap in property ownership

A

Break in Chain of Title

89
Q

_________ is common when women get married and name changes

A

Break in Chain of Title

90
Q

_________Issued by attorney, indicate all problems have been cleared and title company can issue title insurance

A

Certificate of Title

91
Q

Parts of Premises Clause in a Deed

A
  1. Name of Grantor
  2. Name of Grantee
  3. Legal Description
92
Q

Parts of Habendum Clause in Deed

A
  1. Consideration
  2. Granting Clause
  3. Habendum Clause
  4. Designations
  5. Exceptions/Reservations
93
Q

Parts of Testimonium Clause in Deed

A
  1. Signed by Grantor (Acknowledgment)
  2. Two Witnesses (Florida)
  3. Delivery & Acceptance
94
Q

Only Required Clause in Deed?

A

Granting/Premises Clause

95
Q

Defines ownership by grantee in a deed - “to have and to hold”

A

Habendum Clause

96
Q

What are the conveyances in general warranty deed?

A

Forever - Warranty Forever
Encumbrances - No encumbrances unless stated
Enjoyment - Live in peace, no color of title
Seisin - Seller owns and has right to convey property
Assurance - Provide further paperwork/legal if needed

97
Q

When does legal title occur

A

When voluntarily accepted by grantee

98
Q

“grant and convey” are words used in what?

A

General warranty deed - (words of conveyance)

99
Q

Private Restrictions on land can be created by ___________

A

Deed or Written Agreement

Created in deed at sale or in plan of subdivision by developer

100
Q

Will have the estate administored and distributed by a court automatically

A

A person who dies intestate

101
Q

A deed is binding after

A

delivered and accepted

102
Q

Effective Delivery of a deed depends on

A

intention of the grantor, that its delivered or transferred during his/her lifetime

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