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Real Estate Prep > Chapter 3 Encumrances and Transfer of Ownership > Flashcards

Chapter 3 Encumrances and Transfer of Ownership Flashcards

1
Q

encumbrance

A

Anything that burdens or affects the title or the use of the property is an encumbrance
financial and non-financial

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2
Q

lien

A

is an obligation to pay a financial encumbrance that may be voluntary or involuntary

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3
Q

specific lien

A

is one that is placed against a certain property, such as a mechanic’s lien, trust deed, attachment, property tax lien, and lis pendens

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4
Q

general lien

A

affects all property of the owner such as a judgment lien or federal or state income tax liens.

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5
Q

Does a mechanics lean have to verified and recorded

A

yes

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6
Q

procedure for mechanics lien to be valid

A

The four steps to be taken include: (1) the preliminary notice, (2) the notice of completion, (3) no notice of completion, and (4) foreclosure action.

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7
Q

Preliminary Notice:

A

A preliminary notice is a written notice that must be given to the owner within 20 days of first furnishing labor or materials for a job by anyone eligible to file a mechanic’s lien. This document gives owners notice that their property may have a lien placed on it if they do not pay for work completed

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8
Q

2.Notice of Completion

A

If the owner records a notice of completion within 10 days after the project is finished, the original contractors have 60 days after the notice is filed, and all others have 30 days after the notice is filed, to record a mechanic’s lien.

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9
Q

3.No Notice of Completion

A

If the owner does not record a notice of completion when work is finished, all claimants have a maximum of 90 days from the day work was finished to record a mechanic’s lien.

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10
Q

4.Foreclosure Action

A

After a mechanic’s lien is recorded, the claimant has 90 days to bring foreclosure action to enforce the lien. If he or she does not bring action, the lien will be terminated and the claimant loses the right to foreclose.

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11
Q

notice of non-responsibility

A

If an owner discovers unauthorized work on the property must file notice that must be recorded and posted on the property to be valid, stating the owner is not responsible for work being done. This notice releases the owner from the liability for work done without permission. The owner must record this notice within 10 days after discovering the unauthorized work. The notice normally is posted with a commercial lease at the beginning of a job, if a tenant is ordering the job.

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12
Q

Special assessments

A

are levied against property owners to pay for local improvements, such as underground utilities, street repair, or water projects

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13
Q

lis pendens

A

a recorded notice that indicates pending litigation affecting the title on a property. It clouds the title and gives notice to prospective lenders or buyers that title to the property is disputed.

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14
Q

attachment lien or writ of attachment

A

An attachment lien is an involuntary, specific lien that is valid for three years. It does not terminate upon death and it may be extended in certain cases.

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15
Q

abstract of judgment

A

When the abstract of judgment is recorded, it is a general lien on all non-exempt property owned or acquired by the judgment debtor for 10 years, in the county in which the abstract is filed. The court may force the sale of the property to satisfy the judgment by issuing a writ of execution. The sale is called an execution sale.

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16
Q

ingress

A

the right to enter a property using an easement

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17
Q

egress

A

the right to exit a property using an easement

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18
Q

Appurtenant Easement

A

appurtenance is anything used for the benefit of the land

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19
Q

servient tenement

A

The owner whose land is being used is the one giving the easement and the land

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20
Q

dominant tenement

A

The person’s land receiving the benefit of the easemen

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21
Q

easements in gross

A

and only have a servient tenement.. gas company, electric meters

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22
Q

Express Grant

A

The servient tenement, or the giver of the easement, grants the easement by deed or express agreement.

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23
Q

Express Reservation

A

The seller of a parcel who owns adjoining land reserves an easement or right-of-way over the former property. It is created at the time of the sale with a deed or express agreement.

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24
Q

Implied Grant or Reservation

A

The existence of an easement is obvious and necessary at the time a property is conveyed, even though no mention is made of it in the deed.

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25
Q

easement by prescription

A

process of acquiring an interest, not ownership, in a certain property may be created by continuous and uninterrupted use, by a single party, for a period of five years

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26
Q

Terminating Easements

A
  1. Abandonment: Abandonment is the obvious and intentional surrender of the easement. Non-use: If a prescriptive easement is not used for a period of five years, the easement is terminated.
  2. Destruction of the servient tenement: If the government takes the servient tenement for its use, as in eminent domain, the easement is terminated.
  3. Adverse possession: The owner of the servient tenement may, by his or her own use, prevent the dominant tenement from using the easement for a period of five years, thus terminating the easement.
  4. Merger: If the same person owns both the dominant and servient tenements, the easement is terminated.
  5. Express release: The owner of the dominant tenement is the only one who can release an easement. A usual way would be to sign a quitclaim deed.
  6. Legal proceedings: In order to terminate an easement, the owner of the servient tenement would bring an action to quiet title against the owner of the dominant tenement. A lawsuit to establish or settle title to real property is called a quiet title action or an action to quiet title.
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27
Q

Estoppel

A

Unless created by express grant, an easement may be terminated by non-use and the property owner has reason to believe that no further use is intended.

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28
Q

The Requirements for Terminating an Easement ADAM E. LEE

A
  • Abandonment
  • Destruction of the servient tenement
  • Adverse possession
  • Merger
  • Express release
  • Legal proceedings
  • Estoppel
  • Excessive
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29
Q

CC&Rs

A

covenants, conditions, and restrictions

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30
Q

covenant

A

is a promise to do or not do certain things

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31
Q

injunction

A

is a court order forcing a person to do or not do an act, such as violating a private restriction

32
Q

condition

A

usually a limitation on the use of the property), except the penalty for breaking a condition is return of the property to the grantor

33
Q

condition subsequent

A

is a restriction, placed in a deed at the time of conveyance, upon future use of the property

34
Q

condition precedent

A

requires that a certain event, or condition, occur before title can pass to the new owner

35
Q

grandfather clause

A

allows an owner to continue to use structures, which are now non-conforming with the new zoning laws

36
Q

encroachment

A

This unauthorized intrusion on the adjoining land can limit its use and reduce it in size and value. An owner has three years in which to sue the neighbor to have the unauthorized encroachment removed.

37
Q

Homestead

A

property is the home (primary residence) occupied by a family that is exempt from the claims of, or eviction by, unsecured creditors

38
Q

homestead exemption

A

is in effect a lien that protects a certain amount of equity in a person’s home by limiting the amount of liability for certain debts against which a home can be used to satisfy a

39
Q

Real property may be acquired and conveyed

A

will, succession, accession, adverse possession, and transfer.

40
Q

testator

A

makes will

41
Q

testate

A

person dies and left a will

42
Q

intestate

A

a person dies but doesnt leave a will

43
Q

3 types of california recognized wills

A

witnessed will
statutory form will
holographic will

44
Q

witnessed will

A

signed by attorney and testator

45
Q

statutory will

A

“fill in the blank will”

46
Q

holographic will

A

hand written will signed and dated by testator

47
Q

probate

A

legal process to prove a will is valid

48
Q

executor

A

someone named in a will

49
Q

probate bid

A

The first offer must be for at least 90% of the appraised value, and a subsequent offer at least 10% of the first $10,000 original bid, plus 5% of the remainder.

50
Q

succession

A

is the legal transfer of a person’s interests in real and personal property under the laws of descent and distribution

51
Q

intestate succession

A

intestate succession

52
Q

Accession

A

is a process by which there is an addition or reduction to property by the efforts of natural forces. The land itself can be enlarged or reduced by natural forces—gradually through accretion and reliction or quickly through avulsion.

53
Q

accretion

A

he gradual and imperceptible addition of land to a parcel by the natural deposition and accumulation of alluvium (or alluvion) upon the bank of a stream or river

54
Q

Avulsion

A

is the process by which the action of water causes a sudden, perceptible loss of or addition to land.

55
Q

adverse possession

A

is the ability to obtain title by occupying land for a statutory time period without the permission of the owner

56
Q

requirements for adverse possession

A

•Open possession (some assertion of control, such as fencing or use)
•Notorious possession (i.e., such as a reasonable owner of the property would otherwise recognize)
•Continuous for a five-year time period
•Pay property taxes on the disputed property for the entire five years of the disputed claim
•Hostile (not with the original owner’s permission)
•Adverse to a claim of right (adverse possessor must claim the title)
In addition, the adverse possessor will have to file a lawsuit to quiet title against the person who, until that point, had valid title to the property.

57
Q

another word for transfer

A

alienated

58
Q

instrument

A

is a formal legal document such as a contract, deed or will. The kinds of deeds commonly used for private grants include grant deed, quitclaim deed, gift deed, and warranty deed.

59
Q

What must a granting deed have?

A

granting clause

implied warranties

60
Q

granting clause

A

grantor has not already conveyed title to any other person

61
Q

implied warranties

A

estate is free of encumbrances other than those disclosed by the grantor

62
Q

what are the Requirements for a Valid Grant Deed

A
  • According to the statute of frauds, a deed must be in writing.
  • The parties to the transfer (grantor and grantee) must be sufficiently identified and described.
  • The grantor must be competent to convey the property (not a minor or incompetent).
  • The grantee must be capable of holding title (must be a real living person, not fictitious).
  • The property must be adequately described but it does not require a legal description.
  • Words of granting such as grant or convey must be included.
  • The deed must be executed (signed) by the grantor. The deed may be signed by a witnessed mark “X”.
  • The deed must be delivered to and accepted by the grantee.
63
Q

fictitious business name

A

is a business name other than the name of the person who has registered the business

64
Q

acknowledgment

A

is a signed statement, made before a notary public, by a named person confirming that the signature on a document is genuine and that it was made of free will. A deed does not have to be acknowledged to be valid, but must be acknowledged to be recorded.

65
Q

constructive notice

A

After a deed has been acknowledged by the grantor, it may be filed with the county recorder

66
Q

chain of title

A

This is a sequential record of changes in ownership showing the connection from one owner to the next. A complete chain of title is desirable whenever property is transferred and required by title insurance companies if they are writing a policy on a property

67
Q

Items a Valid Deed Does Not Require

A
  • Acknowledgment & Recording
  • Competent grantee; may be a minor, felon or incompetent
  • Date
  • Mention of the consideration
  • Signature of grantee
  • Habendum clause (to have and to hold)
  • Seal or witnesses
  • Legal description, an adequate description is sufficient
68
Q

quitclaim deed

A

contains no warranties and transfers any interest the grantor may have at the time the deed is signed. It is often used to clear a cloud on the title

69
Q

cloud on title

A

is any condition that affects the clear title of real property or minor defect in the chain of title which needs to be

70
Q

public dedication

A

When real property is intended for public use, it may be acquired There are three means of public dedication: (1) common law dedication, (2) statutory dedication, and (3) deed.

71
Q

statutory dedication

A

dedication made by a private individual to the public

72
Q

operation of law

A

It is usually an involuntary transfer involving foreclosure or is the result of a judgment or some other lien against the title. There are a variety of situations in which courts establish legal title regardless of the desires of the record owners.

73
Q

Quiet title action

A

is a court proceeding to establish an individual’s right to ownership of real property against one or more adverse claimants

74
Q

execution sale

A

is a forced sale of property under a writ of execution with the proceeds used to satisfy a money judgment

75
Q

sheriff’s deed

A

is given to a buyer when property is sold through court action in order to satisfy a judgment for money or foreclosure of a mortgage.

76
Q

Partition action

A

court proceeding to settle a dispute between co-owners (joint tenants or tenants in common) about dividing their interests in real property

77
Q

Escheat

A

legal process in which property reverts to the state because the deceased owner left no will and has no legal heirs

Real Estate Prep (9 decks)

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