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My ASREB > Chapter 3 > Flashcards

Chapter 3 Flashcards

1
Q

Voluntary Alienation

A

Transferred by choice. Effected through public and private grant.

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2
Q

Involuntary alienation

A

Proceeds against the owners will. Includes foreclosures, eminent domain, escheat and adverse possession.

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3
Q

Descent

A

Person dies with heirs but no will

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4
Q

Will

A

Person dies with will and heirs

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5
Q

Grantor

A

Is not always the seller. Person who gives the deed

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6
Q

Grantee

A

Person who receives the deed. There can be unlimited number of grantees

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7
Q

Valuable consideration

A

Money or goods

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8
Q

Good consideration

A

Love and affection

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9
Q

Acknowledgement

A

Required by state law. And it shows the deed is signed by own will.
It is required for deed to be valid. Thats why they have Third party witness typically a notary.

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10
Q

Actual- delivery to grantee

A

Delivering deed to grantee.

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11
Q

Escrow - delivery to grantee

A

Grantor hands to the third party and instructs to give to the grantee

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12
Q

Habendum clause

A

This specifies the degree of property conveyed

Or

Sets forth or limits your interest in a deed

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13
Q

Seizin

A

The person who truly has the right to sell the property.

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14
Q

Quiet enjoyment

A

Enjoys the Highest claim of ownership.

Lease doesnt terminate when property is sold.

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15
Q

Covenants in deed

A

Promises

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16
Q

Patent deed

A

Very first transfer of property from government to private party.

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17
Q

Bargain and sale deed

A

Right to sell - seizin.
Quite enjoyment
Against encumbrances

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18
Q

Sheriffs deed

A

Forclosure for Failure to make house payments

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19
Q

Treasures (tax)

A

Failure to make tax payments

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20
Q

Trustee’s (bankruptcy) deed

A

Failure to make payments in a deed of trust.

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21
Q

Beneficiary (death) deed

A

Deed that conveys title to grantee upon death of grantor

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22
Q

Special warranty deed

A

Contains seizin, quite enjoyment, against encumbrances, further assurance.

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23
Q

General warranty deed

A

Contains seizin, quite enjoyment, against encumbrances, further assurance, warranty forever

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24
Q

Warranty

A

A voluntary transfer. Designed to protect buyer against effective title. And doesn’t protect buyer against the government

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25
Q

Against encumbrances

A

Im gonna make all payments and no liens so there wont be any surprises for buyer.

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26
Q

Quit Claim Deed

A

No covenants or warranties.

Does not evidence title.

Conveys only the interest the grantor has it any.

Actor ownership.

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27
Q

Clouds on title

A

Releases an interest

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28
Q

Quiet title suit

A

Court action

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29
Q

Color of title

A

Quit claim deed. Has the appearance of title but is not title.

Example: parents give the house to son. Son is actor ownership now. It does not mean the parents gave away the interest in property.

30
Q

Gift deed

A

Used between relatives.

Type of quit claim deed

31
Q

Disclaimer deed

A

Is not used to convey title.
Spouse relinquishes rights to property.
Spouse denies legal claim to property.
Signed at the time of purchase.

Cut yourself from any legal claim of the property.

32
Q

Correction deed

A

Ops!!! Its used to correct the original deed.

33
Q

Fiduciary deed

A

Person interested to hold or manage property for another.

34
Q

Recordation of deed

A

Page or document are assigned.

Responsibility of grantee and is not required.

35
Q

Chain of title

A

Purpose of recording goes from owner to owner to owner.

Go through auction, and then have a winning bidder. Winning bidder gives in the deed.

36
Q

Affidavit of value/ Affirmation of value

A

Also known as tax transfer fee.

$2 collected by collected by county recorded office.

37
Q

Consideration

A

It is the exchange for the real property. Exchange is usually money but it can be service or promise to perform.

38
Q

Groundless lien statute

A

Clears title against forge or groundless recorded document.

39
Q

Constructive notice

A

When a document is recorded

Recorded document or legal document

40
Q

Actual notice

A

Handing deed to someone

41
Q

Abstract of title

A

No deed

42
Q

Certificate of title or attorney’s opinion

A

History of title or chronological order of the title

43
Q

Torren’s system

A

Registration system to determine property ownership

44
Q

Title insurance

A

This is what we deal with going through escrow process

45
Q

Owner’s policy

A

Refer notes

46
Q

Lenders policy

A

Refer notes

Also known as ALTA
Also known as extended coverage/broad form coverage

47
Q

Subrogation

A

Is an insurance claim due to an error made by title company.

Im gonna give my right and let my title insurance guy and let him fight in the court for me.

48
Q

Title examiner

A

Employee of the title company who examines public records.

49
Q

Title plant

A

Is a collection of constructive notice information

50
Q

Alienation

A

Involuntary - natural or operational of law

51
Q

Erosion

A

The gradual wearing of soil

52
Q

Avulsion

A

Is violent and sudden loss of land.

Eg- earthquakes, sink hole, volcano

53
Q

Accretion(process)

A

Acquiring land through soil deposits from a river or stream

54
Q

Reliction

A

Non-navigable streets receeds and the land belongs to the property owner.

55
Q

Alluvial deposits(product)

A

Is soil that is deposited by accretion.

56
Q

Adverse possession

A

You may acquire title to property without permission of owner.

You win this through prescription suit.

57
Q

Prescription suit

A

Statutory requirement if title.

58
Q

Descent

A

Die without a will.

59
Q

Probate

A

Is court approval

60
Q

Title

A

Adverse possession. You just gain title to whatever- land etc

61
Q

Right

A

Easement by prescription

62
Q

Intestate

A

Dies without a will

63
Q

Testate

A

Die with a will

64
Q

Devise

A

Receiving a real property in a will

65
Q

Devisee

A

A

66
Q

Devisor

A

A

67
Q

Holographic will

A

Hand written will and it does not require witness.

Validated based on hand writing.

68
Q

Bequest

A

Transfer of personal property in a will.

69
Q

Nuncupative will

A

Not in arizona. Usually in car accidents

70
Q

Legacy

A

Transfer of cash in a will

My ASREB (5 decks)

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