Chap 9 Flashcards
Title means
Ownership
The right to gain ownership interest in the future is called
Equitable Title
Two methods used to provide evidence of ownership is
Actually notice
Constructive notice
Time period in which an assertion can be made on a title is called
Root of title
How many years can a title extend back to
30 years
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
When a title is free from litigation & defects this is called
Marketable and merchantabe
Transferring & conveying ownership from one party to another is called
Alienation of title
Documents to transfer a ownership is called what
Deed
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
Premises clause is also called
Granting clause
The only necessary clause required in a deed
Granting clause
The have and to hold clause is also called
Habendum clause
This system provides the transfer of title to legal descendants upon death without a will
Descent & Distribution
This system provides the transfer of title to legal descendants upon death without a will
Descent & Distribution
Dying without a will
Intestate
Government takes property away for public use but provides compensation
Eminent Domain
When an owner loses title to another person who has taken control of the property
Adverse Possession
This clause is used to reserve a right in a title, not land such as remainder estate
Redendum clause
Clauses that contain promises are called that are warranties or guarantees
Warrants & covenants
Assures grantee there are no liens or claims against the property not disclosed in the deed
Encrumbrances
A promise that the grantee will not suffer hostile claims against ownership of property
Covenant of quiet & enjoyment
Covenant that protects title now and in futures
Covenant of further assurance
Covenant that protects title now and in futures
Covenant of further assurance
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
