Chapter 3: Transfer of Title to Real Property Flashcards
1.
In the event of a judicial foreclosure sale, the deed used to transfer title to the highest bidder is a:
Sheriff’s Deed.
A sheriff’s deed is used to transfer property to the highest bidder at a court-ordered foreclosure sale.
A cloud on a title is a
title defect
A cloud is any condition or defect that will affect the ability to convey the property with clear title.
A cloud on a title is most often removed by a
Quit Claim Deed.
While a suit for quiet title may be filed to remove the cloud, the most common means of removal is a quit claim deed.
A condensed list of all owners of record of a particular parcel of real property is known as
abstract of title
A complete listing of all interests in a property is called a chain of title, while a condensed version is known as an abstract of title.
Lenders generally insist that __________ title policy be purchased in their behalf by borrowers.
an ALTA extended
The ALTA extended policy is also known as the mortgagee’s policy, and provides the greatest insurance against title defects. The CLTA standard coverage policy, also known as the ALTA Owner’s Standard Policy, is purchased by the seller of a property for the benefit of the purchaser.
A person who dies without a will is said to have died
intestate
A person who dies without a will is said to have died intestate. To die with a will is to die testate.
When a body of water gradually recedes, creating additional exposed land that becomes the real property of adjacent property owners, the process is referred to as
reliction
Reliction is the gradual increase in riparian or littoral land by the recession of water
Which one of the following is NOT an essential element for a valid deed?
The deed includes the property tax history
A valid deed must be in writing, identify the parties, be signed by the grantor, contain words of conveyance, have an adequate property description, and be delivered to and accepted by the grantee.
The process of transferring real property from one individual to another is known as
alienation
Alienation is the transfer of real property from one person to another and may be voluntary, as in a sale of property, or involuntary, as in condemnation or foreclosure.
The process whereby constructive notice of the interest one has in real property is given to the world is called
recording
Recording gives constructive notice of an interest in the real property, whereas actual notice refers to an individual’s actual knowledge of an unrecorded interest
