Chapter 12 - Real Estate Title

Question 1

Title

Answer 1

1. Ownership of the land and the owner’s bundle of rights and Evidence of ownership of land

Question 2

Printed document that shows ownership and evidence of ownership of land

Answer 2

Deed

Question 3

Conveyance

Answer 3

Legal process of transferring property from one owner to another in writing.

Question 4

Features of conveyance

Answer 4

1. Identify the parties
2. Identify the land
3. Identify the interest conveyed
4. Signed by or on behalf of the grantors
5. Signed by or on behalf of all parties
6. Be delivered

Question 5

Voluntary alienation

Answer 5

Voluntary transfer of the title through one’s intentional actions by selling the property or giving the property to another.

Question 6

Involuntary alienation

Answer 6

Not by choice:

1. Foreclosure
2. Violation of deed conditions
3. Life estate measured by life of another
4. Bankruptcy

Question 7

Who can execute a deed?

Answer 7

Grantor or Seller

Question 8

Grantor

Answer 8

an interest in lands passes by conveyance, including, without limitation, lessors, vendors, mortgagors, optionors, releasors, assignors and trust settlors of interest in lands

Question 9

Grantee

Answer 9

person to whom the interest in land passes. grantee must be named, in Wisconsin however, the new owner is not required to sign the deed

Question 10

Types of Granting Clause

Answer 10

1. Warranty Deed
2. Special Warranty Deed
3. Bargain and Sale Deed
4. Quitclaim Deed
5. Trustee’s deed
6. Deed executed pursuant to a court order

Question 11

Warranty Deed

Answer 11

I, Jennifer Long, convey and warrant. . .Grantor is legally bound by all general warranties (promises) or covenant

Question 12

Special Warranty Deed

Answer 12

I, Jennifer Long, remise, release, alienate, and convey. . .

Question 13

bargain and sale deed

Answer 13

I, Jennifer Long, grant, bargain, and sell. .

Question 14

Quitclaim Deed

Answer 14

I, Jennifer Long, remise, release, and quitclaim. - gives the grantee the least protection of any deed, it is the weakest deed. Quitclaim deeds often are used to clear up a cloud (defect) on the title.

Question 15

Private Corporation

Answer 15

Corporation other than a public corporation

Question 16

Public Corporation

Answer 16

this state, a county, town, city or village in this state, a subunit of the state, county, town, city or village, a special purpose district in this state or any state or municipal authority or similar organization financed in whole or in part by public funds.

Question 17

Covenant of Seisin

Answer 17

guarantee that the grantor is the owner of the property and has the right to transfer and convey that ownership.

Question 18

Covenant against Encumbrances

Answer 18

The grantor guarantees that the title to the property has no encumbrances like an easement or lien, besides those specifically stated in the deed.

Question 19

Covenant of quiet enjoyment

Answer 19

guarantees that no other person can come along and claim ownership of the property

Question 20

Covenant of further assurance

Answer 20

grantor promises to obtain, provide, and deliver any documents necessary to clear up any problem that comes up with the title.

Question 21

Covenant of warranty forever

Answer 21

grantor guarantees to compensate all costs to clear up any title problems at any time in the future for any financial losses.

Question 22

Cloud on the title

Answer 22

Anything on the title that makes it less complete.

Question 23

Trustee’s Deed

Answer 23

Executed by a trustee when ownership of property held by a trust is conveyed in a land trust or living trust.

Question 24

Deed in Trust

Answer 24

conveys ownership by a trustor to a trustee for a beneficiary.

Question 25

Transfer Tax

Answer 25

Paid by the sell in WI
$3 per $1000
Always round up to the nearest 100

Question 26

Statute 77.27

Answer 26

Penalty for falsifying value.

Not be fined more that $1000 or imprisoned in the county jail not more than one year or both

Question 27

Involuntary alienation

Answer 27

transfer of title to property without the owners volition or consent.

Question 28

Transfer by Adverse possession

Answer 28

Squatter’s rights. Squatter must have been

1. Continuous and uninterrupted
2. Open
3. Notorious
4. Hostile
5. Adverse to the true owner’s possession

Question 29

Probate

Answer 29

process through which the property of a person who passes on (the decedent) is transferred to the persons entitled to inherit