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Mastering Real Estate Principles > Chapter 10 > Flashcards

Chapter 10 Flashcards

1
Q

legal term used for transferring title to real estate

A

Alienation

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2
Q

Transferring title to real estate by the will and consent of the owner

A

Voluntary alienation

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3
Q

Transferring title to real estate without the will and consent of the owner

A

involuntary alienation

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4
Q

person dies leaving a will

A

testate

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5
Q

person who makes the will

A

Testator(male) Testatrix (female)

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6
Q

Disposition of real property under a will

A

Devise

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7
Q

disposition of personal property under a will

A

bequest

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8
Q

party receiving personal property by will

A

beneficiary

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9
Q

party receiving real property by will

A

devisee

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10
Q

the legal process of determining a will’s validity, paying the debts of the estate, and distributing the estate’s remaining assets

A

Probate

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11
Q

person named in a will as a person to oversee the administration of a will’s provision

A

executor(male) executrix (female)

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12
Q

a will created in the testator’s own handwriting and not witnessed

A

holographic will

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13
Q

is an amendment or addition to a will

A

codicil

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14
Q

a will created orally by a person who is near death

A

nuncupative

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15
Q

Requirements of wills (6)

A

1) Legal age
2) sound mind
3) writing and signed
4) free will
5) Last will
6) Witnessed

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16
Q

a person who dies without a will

A

intestate

17
Q

government powers to take private land for the public good through the process of condemnation

A

Eminent Domain

18
Q

when a person dies without a will and has no heirs, the property will pass to the state through the government power

A

Escheat

19
Q

A method of acquiring title to real property by using the property without the owner’s consent and following statutory requirement

A

Adverse possession

20
Q

Requirements of adverse possession: (4)

A

1) Use
2) Hostile
3) Open
4) Exclusive

21
Q

Acquiring additions to real estate as a result of adding a fixture or of accretion

A

Accession

22
Q

A tax on the transfer of real property that is assessed by state and local law. The seller in the real estate transaction is usually required to pay the tax

A

Transfer tax

23
Q

A written instrument that transfers title to real property from one owner (the grantor) to another (the grantee)

A

deed

24
Q

A type of deed that provides the greatest protection to the grantee because the grantor provides various covenants (guarantees) that the title being given is good.

A

General Warranty Deed

25
Q

A guarantee in a deed that the grantor has the power and authority to convey title.

A

Seisin (Seizin)

26
Q

Gives assurance that there are no encumbrances on the property except those stated in the deed

A

covenant against encumbrances

27
Q

A guarantee in a deed that the title being given is good against third parties

A

Quiet enjoyment

28
Q

A guarantee in a deed by which the grantor promises to perform any reasonable acts necessary to correct defects in the title being given

A

further assurance

29
Q

A guarantee given in a deed that gives assurance that the grantor will pay for expenses to defend the title against claims by third parties

A

Warranty Forever

30
Q

A deed that limits the guarantee given by the grantor to encumbrances acquired while title was held by the grantor

A

Special Warranty Deed

31
Q

A deed that may come with or without guarantees.

A

Bargain and Sale deed.

32
Q

A deed that conveys whatever interest, if any, is held by the grantor and does not provide the grantee with any guarantees

A

Quitclaim deed

33
Q

Grantors provide assurance only that there were no encumbrances on the property while they held title

A

Grant Deed

34
Q

The party who gives an ownership interest in property

A

Grantor

35
Q

The party receiving the property

A

Grantee

36
Q

States the grantor’s intention to transfer title and the type of ownership interest conveyed.

A

Granting Clause (Words of conveyance)

37
Q

A clause in a deed that defines on limits the estate being granted

A

Habendum Clause

38
Q

A voluntary state before a notary of officer of the court by a person who signed a document that indicates that the signature is genuine and made by the signer’s free will

A

Acknowledgment

39
Q

The time at which title to real estate passes, when a deed is delivered to and accepted by the grantee

A

Delivery and acceptance

Mastering Real Estate Principles (6 decks)

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