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GA Real Estate Terms > Chapter 4 > Flashcards

Chapter 4 Flashcards

1
Q

Absolute Delivery

A

A grantor’s hand delivery of a deed to the grantee

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2
Q

Abstract of Title

A

A condensed history of all conveyances, liens, encumbrances, judgements, and other court decisions affecting the property

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3
Q

Accession

A

The acquisition of title by the owner of real property to those things attached to the property by others, such as tenants or trespassers or by nature

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4
Q

Accretion

A

The gradual addition to land resulting from some natural force, such as the action of water or wind. The two processes of accretion are alluvion and dereliction

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5
Q

Acknowledgment

A

A formal declaration made by the grantor in the presence of an authorized official, usually a notary public, that the deed was signed voluntarily. The purpose is to prevent forgery and the fraudulent inducement of a conveyance. Required in most states for recording but has no effect on validity.

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6
Q

Action to quiet title

A

A court action to settle a title dispute or clear a title of defects

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7
Q

Actual notice

A

Knowledge that one acquires from what is heard, read or observed

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8
Q

Administrator

A

A person appointed by a probate court to oversee distribution of property and to satisfy all debts out of the assets of the state of a person who died without leaving a valid will or did not name an executor

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9
Q

Administrator’s Deed

A

A deed executed by an administrator to convey title to real property owned by a person who died intestate or did not name an executor

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10
Q

Adverse possession

A

A method of acquiring title to real property by the unauthorized occupation of another persons land. The adverse claimants possession must be actual, hostile, open, notorious, exclusive, and continuous for a period of time required by state law.

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11
Q

Doctrine of After Acquired Title

A

A principle of law which enables a prior grantee to automatically acquire title to real estate after a grantor has attempted to convey title but, in fact, did not have a good title

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12
Q

Alluvion

A

A form of accretion where soil is gradually accumulated on land bounded by a river, lake, or other body of water as a result of action of the water

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13
Q

Alluvium

A

Soil accumulated by the process of alluvion

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14
Q

ALTA

A

American Land Title Association -
An organization of the title insurance companies, title attorneys, and others interested in land titles whose purpose is to promote professional standards and ethics throughout its industry

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15
Q

Attestation

A

The act of witnessing a person‘s signing a document, such as a deed or will, and then signing the document as a witness

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16
Q

Avulsion

A

The loss of land caused by a sudden or violent change in the course of a river, stream, or other body of water

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17
Q

Bargain and Sale Deed

A

A deed which contains neither expressed nor implied warranties of title, but the grantor implies ownership of the property described in the deed

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18
Q

Bequest

A

Personal property received by will

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19
Q

Certificate of Title

A

A title examiners written opinion of the current condition of a property title based on a search of the public records dating back for a specified number of years

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20
Q

Chain of Title

A

The recorded history of convences affecting a property‘s title beginning with the original patent or grant from the government and continuing to the current owner

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21
Q

Cloud on the Title

A

Any clean, lien, or encumbrance that impairs title to real estate

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22
Q

Codicil

A

A written instrument executed for the purpose of amending an existing will

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23
Q

Color of Title

A

A title condition which appears to be good but in fact is not valid due to a certain defect, such as a forged deed

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24
Q

Condemnation

A

A legal proceeding to exercise the power of eminent domain to take private property for public use

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25
Q

Constructive Notice

A

Knowledge that one is presumed by law to have, even though there is no actual knowledge of the fact. Constructive notice may be given by recording an instrument in the public records or by taking possession

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26
Q

Conveyance

A

The document used to transfer interest in real property. Such as deeds, leases, mortgages etc.

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27
Q

Covenant Against Encumbrances

A

AD provision which assures the grantee the title to the property is free from any and all encumbrances not excepted in the deed or visible on the premises, or recorded in public records

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28
Q

Covenant of Further Assurances

A

A deed provision in which the grand tour promises to perform any act necessary to produce whatever documents are required to perfect title to the grantee

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29
Q

Covenant of Quiet Enjoyment

A

A deed provision in which the grantor promises that the grantee shall be free of interference from acts or claims of others having a superior title to the property.

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30
Q

Covenant of Seisin

A

A deep provision in which the grand tour promises that at the time of convenience, he or she owns the property and asked the right to convey title to it

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31
Q

Covenant of Warranty Forever

A

A deed provision in which the grantor promises to compensate the grantee for any loss suffered while defending the title against persons asserting a genuine claim to the property from any time in the past

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32
Q

Covenants of Title

A

Either expressed or implied the provisions in which the grantor promises that certain conditions of title exist. If it is later proven that those conditions do not exist, the grantor is obligated to compensate the grantee for any actual damages which result

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33
Q

Decedent

A

A deceased person

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34
Q

Dedication

A

The act of giving to a government real property which is designated for public use

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35
Q

Deed

A

A written instrument which, when properly executed and delivered by the grantor during the grantor’s lifetime, conveys the grantor’s interest to the person who accepts it, known as a grantee

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36
Q

Deed in Foreclosure

A

Also known as Sheriff’s Deed

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37
Q

Correction Deed

A

Also known as Deed of Reformation

38
Q

Deed in Partition

A

A deed issued by the court when property is sold at a partition sale for the purpose of the a joint tenancy or tenancy in common ownership

39
Q

Deed of Teformation

A

A deed which corrects an error in another deed

40
Q

Deed of trust

A

A deed used in many states in Lou of a mortgage. Title is held by a trustee on behalf of the lender (beneficiary) until the borrower (trustor) repays the loan

41
Q

Dereliction

A

A process of accretion whereby usable land is gradually exposed when a body of water receded and remains below it’s normal waterline

42
Q

Devise

A

A gift of real property by will

43
Q

Devisee

A

A person named to receive real property by will

44
Q

Devisor

A

A person who disposes of real property by will

45
Q

Erosion

A

The gradual wearing away of land caused by the action of water or wind

46
Q

Escheat

A

A government right for land to go back to the state when the owner dies without leaving a will and without heirs

47
Q

Exception

A

A deed provision which excludes from the conveyance some portion of the property granted

48
Q

Executor

A

Person named in will to carry out the directions and requests of the deceased

49
Q

Executors deed

A

A deed executed by an executor to convey title to real property owned by decedent who left a valid will

50
Q

Foreclosure sale

A

A court-ordered proceeding to sell property to satisfy certain debts of the owner

51
Q

Formal Will

A

A typed or pre-printed will usually prepared by an attorney. The instrument must comply with state requirements and be properly witnessed

52
Q

General Warranty Deed

A

A deed which offers the most comprehensive title protection of any deed. The grantor fully warrants good title to the property through the expressed or implied covenant of seizin, covenant against encumbrances, covenant of quiet enjoyment, covenant of warranty forever, and the covenant of further assurances. The covenants apply to defects occurring at any time before title is conveyed by the grantor

53
Q

Genuine Assent

A

An essential element of a contract which requires that all parties enter into the contract under their own free will absent of fraud, misrepresentation, duress, menace, and undue influence

54
Q

Gift Deed

A

A deed in which the consideration is love in affection. Such deeds are normally used to make a gift of real property to a relative or friend. Sometimes called voluntary deed

55
Q

Grant deed

A

A deed in which the covenant of seizin and covenant against encumbrances are implied by statute when the word grant is used in the words of conveyance. Used in some states instead of a warranty deed

56
Q

Grantee

A

A person to whom in interest in real estate is conveyed

57
Q

Granting Clause

A

A deed provision whereby the grantor clearly expresses the intent to make a present conveyance to the grantee also called words of conveyance 

58
Q

Grantor

A

A person or legal entity that conveys an interest in real property by deed

59
Q

Grantor-grantee index

A

A public recording system which lists alphabetically all grantors and grantee‘s named in documents recorded for each calendar year. A separate index book is maintained for grantors and grantees so the book and page number of a document can be located by searching under either name

60
Q

Guardian’s Deed

A

A deed executed by a court-appointed guardian to convey title to property owned by minor, insane person, or the aged

61
Q

Habendum Clause

A

A deed provision which defines the extent of ownership rights granted, such as a life estate, a fee simple estate, or an easement. Usually part of the granting clause

62
Q

Holographic Will

A

A will written, dated and signed in the testator’s handwriting which need not be witnessed

63
Q

Intestate

A

To die without a will or having left an invalid well

64
Q

Involuntary Alienation

A

A transfer of title to real property without the owners consent

65
Q

Last Will and Testament

A

A persons written or oral declaration of arrangements to be made for the disposition of real and or personal property owned at the time of death

66
Q

Laws of Descent and Distribution

A

State laws which transfer property to the heirs of a person who dies without leaving a valid will. Also known as laws of succession

67
Q

Legacy

A

A gift of personal property by will. A bequest 

68
Q

Legatee

A

A person who received a gift of personal property by will

69
Q

Legator

A

A person who disposed of personal property

70
Q

Manual Delivery

A

Also called absolute delivery

71
Q

Nuncupative Will

A

And oral will declared by a person in expectation of death and made for the purpose of disposing of personal property. To be valid a nuncupative will must be properly witnessed and reduced to writing

72
Q

Partition Sale

A

A method of involuntarily transferring title to real property. When joint tenants or tenants in common cannot mutually agree to a plan for dividing their co-ownership, the court will issue in order to sell the property with proceeds pay to the owners based on their percentage share of ownership

73
Q

Patent

A

A government document which conveys title to public land to a private individual

74
Q

Probate court

A

A court which determines the validity of a will. If a person dies intestate, the court will determine the rightful heirs and appoint an administrator to distribute property according to the courts decree.

75
Q

Quit Claim Deed

A

A deed without either expressed or implied warranties. It simply conveys whatever interest, right, or title the grantor has in the property, if any

76
Q

Doctrine of Relation Back

A

A legal principle which allows conveyance to be effective as of when the deed was placed in the hands of an escrow agent even if the grantor dies before the closing

77
Q

Release Deed

A

Also known as quitclaim deed, Or Reconveyance Deed

78
Q

Reliction

A

Usable land exposed by the process of dereliction 

79
Q

Reservation

A

A deed provision whereby the grantor retains certain right of use, such as an easement, in the property that is being conveyed

80
Q

Sheriff’s Deed

A

A deed which convey title to the property sold to satisfy either a mortgage lien, judgment lien, or Tax Lien

81
Q

Special Warranty Deed

A

A deed in which the grantor fully warrants good title to the property through the expressed or implied covenants of seizin, covenant against encumbrances, covenant of quiet enjoyment, and the covenant of further assurances. However, the covenants apply only to defects occurring during the grantors period of ownership. Also called a limited warranty deed

82
Q

Tacking

A

The process of combining successive periods of continuous occupation of real property by different adverse possessors in order to establish the required statutory period of continuous possession. Usually living it to blood relatives

83
Q

Tax Deed

A

A deed used to convey title to property sold by the government for nonpayment of taxes

84
Q

Testate

A

To die leaving a valid will

85
Q

Testator

A

A person who executes a will

86
Q

Title

A

The evidence of ownership of real property

87
Q

Title Insurance

A

Insurance which protects either an owner or mortgagee (lender) against losses arising from title defects except whose specifically excluded in the policy.

88
Q

Torrens System

A

A system of title registration which list all ownerships and encumbrances in a court. Title search is made easier since no claim is effective until recorded in this system

89
Q

Trust Deed

A

Also called Deed of Trust

90
Q

Tract Index

A

A public recording system which assigns a map reference number to each parcel of land in the country. By locating a parcel on the map, the reference number will guide a title examiner to a page which lists the book and page numbers of all recorded documents relating to that particular parcel

91
Q

Voluntary Alienation

A

A transfer of title to real property initiated by the owner.

92
Q

Warranty Deed

A

A deed which guarantees good title through the expressed or implied covenant of seizin, covenant against encumbrances, covenant of quiet enjoyment, covenant of warranty forever, and the covenant of further assurances. Depending on the extent of the grantor’s liability, the deed may be either general or special.

GA Real Estate Terms (11 decks)

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