Chapter 2 - Estates, Transfers and Titles

Question 1

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 ___.

Answer 1

Fee, fee ownership or fee simple

Question 2

Define fee simple defeasible estate or qualified fee estate.

Answer 2

It is a fee estate that is subject to particular limitations imposed by the grantor of the estate.

Question 3

Less-than-freehold estate is also called a leasehold estate and it’s considered ______ property. They’re commonly referred to as leases or agreements.

Answer 3

Personal property

Question 4

Less-than-freehold estates include (4).

Answer 4

Estate for Years
Estate from Period-to-Period
Estate at Will
Estate/Tenancy at Sufferance

Question 5

Estate at Sufferance

Answer 5

Occurs when the period renting or leasing a particle property remains after the expiration of the stated term without the landlord’s consent.

Question 6

Tenancy at Sufferance

Answer 6

Occurs when a tenant remains in the property after expiration of a lease without the owner’s consent.

Question 7

Define acquisition.

Answer 7

Acquisition means to acquire, buy or pull in.

Question 8

Define alienation.

Answer 8

Alienation means to transfer, sell or push away.

Question 9

What is intestate succession?

Answer 9

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.

Question 10

The deed is not the title, but is _______ of the title.

Answer 10

Evidence

Question 11

Define conveyance.

Answer 11

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.

Question 12

Grant deed

Answer 12

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.

Question 13

Quitclaim deed

Answer 13

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.

Question 14

Quiet Title Action

Answer 14

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.

Question 15

Gift deed

Answer 15

Granted as a gift of love and affection. No other consideration is necessary.

Question 16

Tax deed

Answer 16

Given if property is sold as payment of past-due property taxes.

Question 17

Administrator’s Deed or Executor’s Deed

Answer 17

Given to the purchaser of the deceased person’s real property.

Question 18

Sheriff’s deed

Answer 18

Granted to the purchaser at a court-ordered sale.

Question 19

Trustee’s deed

Answer 19

Given tot he purchaser of property at a trust deed foreclosure sale.

Question 20

Guardian’s deed.

Answer 20

Used by a guardian to transfer the real property of minors or incompetents.

Question 21

Land patent

Answer 21

Used by the government to grant public land to an individual.

Question 22

Trust deed

Answer 22

Is NOT a deed but rather a conveyance; it gives bare/naked legal title to a trustee with the power to sell.

Question 23

Testator or Testatrix

Answer 23

One who makes a will.

Question 24

Bequeath

Answer 24

Transfer personal property.

Question 25

Devise

Answer 25

Transfer real property.

Question 26

Codicil

Answer 26

A change in will before the maker’s death.

Question 27

Revocable living trust

Answer 27

A trust that is effective during the life of the owner, rather than upon his/her death. It can eliminate probate (to prove a will). Probate’s minimum length of time is six months.

Question 28

Executrix (female) or executor

Answer 28

Is a person appointed by will to administer the estate of the deceased person.

Question 29

Escheat

Answer 29

Escheat is the term used if there is no will and there are no heirs; the property will go to the state of California. This is not automatic. there is a 5-year period during which heirs can make claims to the state for the property.

Question 30

Accession

Answer 30

Occurs when n owner acquires title to additional land by natural causes.

Question 31

Accretion

Answer 31

The addition of land from natural causes such as earthquakes, volcanoes, or the action of moving water.

Question 32

Alluvium

Answer 32

Deposits of earth made through the natural action of water.

Question 33

Avulsion

Answer 33

The sudden violent tearing away of land by, for example, a river. Title to that land is lost by the property owner.

Question 34

Constructive Notice. (Needed for mechanic’s liens and declarations of homestead.)

Answer 34

Is notice of documents (like a deed) presumed by law to have been acquired by a person whether or not they have actually examined them. If it’s in the country recorder’s office, it’s already considered such.

Question 35

Actual Notice

Answer 35

Is knowing (or one’s responsibility for knowing) that a transaction has taken place.

Question 36

Notary public

Answer 36

Is a person who is authorized by the Secretary of State to witness the acknowledgment of documents. The seal must contain the following information:

1. “notary public”
2. the name of county
3. name of the notary
4. state seal
5. expiration date