Chapter 3C Legal Issues: Deeds

Question 1

Accession

Answer 1

A mode of acquiring property that involves the addition of value to property through labor or the addition of new materials.

Question 2

Accretion

Answer 2

The addition of land through processes of nature, as by water or wind.

Question 3

Ad Valorem Taxes

Answer 3

according to valuation.

Question 4

Survey

Answer 4

The process by which a parcel or land is measured and its area ascertained; also the blueprint showing the measurements, boundaries and area.

Question 5

Special Assessment Districts

Answer 5

A geographic area in which the market value of real estate is enhanced due to the influence of a public improvement and in which as tax is apportioned to recover the costs of the public improvement.

Question 6

Special Assessment

Answer 6

An assessment made against a property to pay for a public improvement by which the assessed property is supposed to be especially benefited.

Question 7

Reference to a Plan

Answer 7

A section of a deed that may refer to a plat map, which includes the block and lot number of a particular piece of property.

Question 8

Metes and Bounds

Answer 8

A term used in describing the boundary lines of land, seeing forth all the boundary lines together with their terminal points and angles.

Question 9

Lien

Answer 9

A legal right or claim upon a specific property which attaches to the property until a debt is satisfied.

Question 10

Adverse Possession

Answer 10

A means of acquiring title where an occupant has been in actual, open, notorious, exclusive, and continuous occupancy of property under a claim or right for the required statutory period.

Question 11

Levy

Answer 11

An assessment of tax.

Question 12

Land Patent

Answer 12

A supreme title to land which was originally acquired within the United States of America by a treaty. It grants the rights to the described land under the treaty to the individual person named on the patent and to their heirs and their assigns forever.

Question 13

In Rem

Answer 13

A proceeding against the reality directly; as distinguished from a proceeding against a person. (Used in taking land from nonpayment of taxes, etc.)

Question 14

Public Grant

Answer 14

A term that is used for a gift of land that is from the government.

Question 15

Non-homestead

Answer 15

Real property that does not meet the definition of homestead. Non-homestead real property is generally counted as an asset; however, it is considered unavailable during the time the client make a reasonable effort to sell the property.

Question 16

Homestead

Answer 16

The home which is owned by and is the usual residence of the client along with all the surrounding land and any building on that land, provided the land is not separated from the home by an property owned by others.

Question 17

Alluvion

Answer 17

The increase in the area of land due to sediment deposited by a river. This changes the size of a piece of land (a process called accretion) and thus its value over time.

Question 18

Dedication by Deed

Answer 18

Land that has been put aside for a public use by a deed which states exactly what the property will be used for.

Question 19

Dedication

Answer 19

An appropriation of land to some public use, made by the owner, and accepted for such use by or on behalf of the public.

Question 20

Assessment Review Board

Answer 20

An independent tribunal established to hear assessment appeals.

Question 21

Assessments

Answer 21

A charge against real estate made by a unit of government to cover a proportionate cost of an improvement such as a street or sewer.

Question 22

Approved Assessing Unit

Answer 22

A city or town which has been certified by the State Board of Real Property Tax Services to have completed a revaluation or an update in conformance with its rules and regulations.

Question 23

Assessing Unit

Answer 23

A city, county, town or village with the authority to value real property for purposes of taxation.

Question 24

Assessed Value.

Answer 24

A valuation placed upon property by a public officer or a board, as a basis for taxation.

Question 25

Grantee

Answer 25

The buyer in a transaction.

Question 26

Grantor

Answer 26

The seller in a transaction.

Question 27

Involuntary Alienation

Answer 27

Loss of property through attachment, condemnation, foreclosure, sale of taxes or other involuntary transfer of title.

Question 28

Voluntary Alienation

Answer 28

Transfer of title to an asset with the consent of the owner.

- Gifting

Question 29

Acknowledgement

Answer 29

A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is the person’s act and deed.

Question 30

Consideration

Answer 30

Anything given to induce another to enter into a contract such as money or personal services.

Question 31

Conveyance

Answer 31

The transfer of the title of land from one to another. The means or medium by which title of real estate is transferred.

Question 32

Delivery and Acceptance

Answer 32

Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to delivery and acceptance, a deed must be properly recorded.

Question 33

Habendum Clause

Answer 33

A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Also known as the “to have and to hold’” clause.

Question 34

Lot and Block

Answer 34

Method of identifying legal description of property.

Question 35

Type of Deeds

Answer 35

1) Full Covenant and Warranty Deed
2) Bargain and Sale Deed
3) Quitclaim Deed
4) Executor Deed
5) Referee Deed

Question 36

Full Covenant and Warranty Deed

Answer 36

A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee. This type of deed contains the strongest guarantee of title.

Question 37

Bargain and Sale Deed

Answer 37

A deed conveying real property with or without covenants.

Question 38

Quitclaim Deed

Answer 38

A deed which conveys simply the grantor’s rights or interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or any other covenants; usually used to remove a cloud from the title.
- no warranties, no convenance
ex. change of form of ownership(personal to Company)
gifting

Question 39

Executor Deed

Answer 39

Deed to real property given by an executor of an estate

Question 40

Referee’s Deed

Answer 40

Used to convey real property sold pursuant to a judicial order in an action for the foreclosure of a mortgage or for partition.
-a used

Question 41

Executor

Answer 41

A person or institution appointed by a testator to carry out the terms of their will.

Question 42

Administrator

Answer 42

Fiduciary that handles the estate if there is no will

Question 43

Intestate

Answer 43

When owner dies without a will

Question 44

Decedant/Testator

Answer 44

The deceased land owner