Chap 9 Flashcards by Jojo Thompson

Title means

Ownership

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The right to gain ownership interest in the future is called

Equitable Title

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Two methods used to provide evidence of ownership is

Actually notice
Constructive notice

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Time period in which an assertion can be made on a title is called

Root of title

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How many years can a title extend back to

30 years

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A search in the public records that results in a timeline of recorded documents that links all past owners to present is called

Chain of title

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When a title is free from litigation & defects this is called

Marketable and merchantabe

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Transferring & conveying ownership from one party to another is called

Alienation of title

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Documents to transfer a ownership is called what

Deed

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Valid deed must have

Deed in writing
Legal description of property
Grantor & grantee must be named
Deed must be signed by Grantor and witnessed by two plp

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Premises clause is also called

Granting clause

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The only necessary clause required in a deed

Granting clause

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The have and to hold clause is also called

Habendum clause

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This system provides the transfer of title to legal descendants upon death without a will

Descent & Distribution

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This system provides the transfer of title to legal descendants upon death without a will

Descent & Distribution

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Dying without a will

Intestate

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Government takes property away for public use but provides compensation

Eminent Domain

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When an owner loses title to another person who has taken control of the property

Adverse Possession

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This clause is used to reserve a right in a title, not land such as remainder estate

Redendum clause

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Clauses that contain promises are called that are warranties or guarantees

Warrants & covenants

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Assures grantee there are no liens or claims against the property not disclosed in the deed

Encrumbrances

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A promise that the grantee will not suffer hostile claims against ownership of property

Covenant of quiet & enjoyment

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Covenant that protects title now and in futures

Covenant of further assurance

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Covenant that protects title now and in futures

Covenant of further assurance

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Enjoys possession of uninterrupted use of the property

Warranty forever

Best deed for grantor

Quitclaim deed

The most common type of deed and the best protection for the grantee

General warranty deed

This deed conveys property of a mentally incompetent person

Comittee deal

All the documents that pertains to real estate is called

The Plant

A cover page that identified the property

Caption

Any claims that could cause the title to be invalid is called

Title Defects or Cloud on Title

Document that transfers property upon death

Will

If someone dies without a will and therefore has the reversion of property

Escheat

Government right to take property but provides compensation

Eminent Domain

A claim of ownership that assures the grantee that the grantor owns and has legal rights to convey the property

Covenant of seisin

The grantor bargains & sells with this deed

Bargain & sale deed

The general warranty deed is also called

Simply warranty deed

The best deed for the grantee

General warranty deed

This is used to show ownership in the event of a forclosure

Certificate of Title

A deed that grants ownership to a government body when the owner did not pay taxes

Tax Deed

A property with a defective title is said to have

Cloud on Title

3 ways to defect a title

Quitclaim deed Suit to quiet title Marketable record title to real property act

This is filed in court with all claimants required to appear in court & assert their claim , the court makes a decision & resolves any dispute this curing defects is called

Suit To Quiet Title

The cheapest and easiest way to cure a title

Quitclaim Deed

Old claims which go back 30 years are eliminated using this type method

Marketable Record Title to Real Property

The 4 Government Powers

Police Power Escheat Taxation Eminent Domain

The 4 Government Powers

Police Power Escheat Taxation Eminent Domain

Allows the state to take ownership when an owner dies without a will

Escheat

If an owner doesn't pay property taxes, the unpaid tax lien maybe foreclosed in court. What police power is this

Taxation

This power allows the government to restrict the use of land to protect the health and safety and welfare of citizens. Zoning is an example of this power

Police Power

One of the most common forms of private limitations

Deed Restrictions

Who enforce a deed restriction

Owner or developer

A limited right given to use a portion of another party's property for a specific purpose is called an

Easement

3 types of Easements are

Easement Appurtenant Easement in gross Easement by prescription

3 types of Easements are

Easement Appurtenant Easement in gross Easement by prescription

This involves two or more parcels of property and runs with the land which means the right attaches to the land

Easement Appurtenant

The most common easement in gross

Utility Easement

This easement involves the right of access by one party onto a parcel of real estate owned by another party

Easement in Gross

This Easement was created in Florida 20 years ago or more of a continuous and uninterrupted use of a portion of another person's property

Easement By Prescription

When there is an unauthorized physical intrusion onto property owned by a another such as a fence built over the property line this is called

ENCROACHMENT

The Lessee of a property is the

Tenant

A Lease Agreement can be terminated by

Lien Foreclosure Bankruptcy Eminent Domain Destruction of Property Agreement

Types of Leases

Gross Lease Ground Lease Net Lease Percentage Lease Lease option

A Lease that is a fixed amount paid is called

Gross Lease

A Lease which a tennant pays a fixed rent plus all or a portion of the operating costs , such as taxes , insurance and maintenance

Net Lease

A tenant pays a monthly base rent plus a percentage of the annual or monthly gross sales of goods sold on premises (Portion paid by tenant)

Percentage Lease

A Lease that contains an option to purchase the property within a certain period of time and under specified conditions is called

Lease To Option

A Lease that contains an option to purchase the property within a certain period of time & under a specified conditions is called

Lease to Option

When a owner sells the property to an investor who leases the property back to the original owner this is called

Sales Lease Back

When a tenant transfers their lesser to another person

Assignment of Lease

Re -renting a property while you are a tenant is called

Subleasing

A Lease that is a fixed amount paid is called a

Gross Lease

A Lease that is a fixed amount paid is called a

Gross Lease

Typically a commercial or long term lease in which the tenant is permitted to develop the property and all expenses are paid by the tenant is called

Ground lease

A fixed amount lease is called a

Gross lease

A property owner sells a Lease property this is called

Subject to Lease

A financial claim against a property by a creditors or government to secure the payment of state debt or other obligation owed by the property owner is called a

LIEN

Types of Liens

Junior Liens Mortgage Lien Vendor Lien Judgement Lien Construction Federal income tax Lien State corporate income tax lien

A Lien is filed in

Public Records

This lien happens when a party is entitled to collect damages awarded by a court as a result of a lawsuit

Judgment Lien

The 3 types of superior Liens are

Propert Tax lien Special assessment lien Federal Estate Lien

This Lien exists at the time of death

Federal Estate Tax Lien

This lien involves improvements for roads paving, sidewalks and sewers attach to a property until the full amount of the lien has been paid

Special Assessment Lien

A notice of a pending lawsuit against a property owner

Lis Pendens

Name all junior Liens

Mortgage Lien Vendor Lien Judgement Lien Construction/Mechanic Lien