Chapter 2 - Estates, Transfers and Titles Flashcards
Fee Simple Estate means an owner has transferred all rights of a property to a new owner for an indefinite duration of time (perpetual), is freely transferable, and inheritable. it is a type of freehold estate. It can also be known as a ___.
Fee, fee ownership or fee simple
Define fee simple defeasible estate or qualified fee estate.
It is a fee estate that is subject to particular limitations imposed by the grantor of the estate.
Less-than-freehold estate is also called a leasehold estate and it’s considered ______ property. They’re commonly referred to as leases or agreements.
Personal property
Less-than-freehold estates include (4).
Estate for Years
Estate from Period-to-Period
Estate at Will
Estate/Tenancy at Sufferance
Estate at Sufferance
Occurs when the period renting or leasing a particle property remains after the expiration of the stated term without the landlord’s consent.
Tenancy at Sufferance
Occurs when a tenant remains in the property after expiration of a lease without the owner’s consent.
Define acquisition.
Acquisition means to acquire, buy or pull in.
Define alienation.
Alienation means to transfer, sell or push away.
What is intestate succession?
Transfer via disposal by law, there is no will. Used for transferring the deceased’s property to his or her heirs. It is all separate property.
The deed is not the title, but is _______ of the title.
Evidence
Define conveyance.
Conveyance is the document used to effect the transfer of title to property from one person to another. This is usually accomplished by a simple written document known as a deed.
Grant deed
Is a document that transfer title, with the key word being “grant.” The property is free of any encumbrances (liens or other restrictions) other than those already disclosed to the grantee.
Quitclaim deed
Is a deed that conveys all the present rights or interest that a person may have with a property, without any warranty, title or interest. Quitclaim deeds make no covenants (promises); they guarantee nothing.
Quiet Title Action
Quiet title action is a court proceeding to remove a cloud on title to real property. It is usually a minor defect that requires a quitclaim deed before a title insurance company will clear the transfer.
Gift deed
Granted as a gift of love and affection. No other consideration is necessary.
Tax deed
Given if property is sold as payment of past-due property taxes.
Administrator’s Deed or Executor’s Deed
Given to the purchaser of the deceased person’s real property.
Sheriff’s deed
Granted to the purchaser at a court-ordered sale.
Trustee’s deed
Given tot he purchaser of property at a trust deed foreclosure sale.
Guardian’s deed.
Used by a guardian to transfer the real property of minors or incompetents.
Land patent
Used by the government to grant public land to an individual.
Trust deed
Is NOT a deed but rather a conveyance; it gives bare/naked legal title to a trustee with the power to sell.
Testator or Testatrix
One who makes a will.
Bequeath
Transfer personal property.
