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Real Estate > Chapter 4: Transfers > Flashcards

Chapter 4: Transfers Flashcards

1
Q

What is involuntary alienation?

A

a transfer of title without the owner’s consent

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2
Q

What are the 3 types of involuntary transfers of the title?

A

Transfer by natural causes, transfer by operation by law, transfer by court action

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3
Q

What is accession?

A

When wind and water cause land to grow/shrink. acquisition of title given to new land

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4
Q

what is accretion?

A

the gradual build up of land through the action of wind and water (alluvion/alluvium)

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5
Q

What is reliction and dereliction?

A

increase in land when water recedes

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6
Q

What is erosion?

A

gradual wearing away of soil

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7
Q

What is avulsion?

A

sudden change in land mass due to a flood, earthquake, hurricane

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8
Q

What is condemnation?

A

Government can take real property. without the owner’s consent by eminent domain

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9
Q

What is intestate?

A

when property owner dies without leaving last will. decedent died in-estate

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10
Q

What does community property consist of?

A

Each spouse automatically owns 1/2 of all property

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11
Q

What is adverse possession?

A

When one person, w/o, permission occupies another person’s land for the required amount of time

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12
Q

What must happen in order for court to award “squatter” possession of the claimant’s property? (6 things)

A

Actual, hostile, open, notorious, exclusive, continuous

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13
Q

What is color of title?

A

Anything in writing that suggests some plausible appearance of ownership no matter how imperfect

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14
Q

What is a quiet title action in adverse possession?

A

once a claimant has met all requirements for adverse possession, a judgment will award title to claimant.

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15
Q

What does forfeiture of title consist of?

A

failure to abide by conditions by owner can result in ownership automatically reverting to original grantor

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16
Q

What are 5 examples of operation by law?

A

condemnation, in-estate succession, community property, adverse possession and forfeiture of title

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17
Q

What are 4 examples of transfers by court action?

A

partition sale, foreclosure sale, quiet title action, forfeiture of title

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18
Q

What is a partition sale?

A

When joint tenants or tenants in common cant agree on how to split interests

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19
Q

What is a foreclosure sale?

A

Court ordered process to satisfy debts of owner

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20
Q

What is voluntary alienation?

A

transfer of title with owner’s consent

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21
Q

What are 4 voluntary transfers of the title?

A

Transfer by government patent/public grant, by will, by gift and transfer by sale

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22
Q

What is a patent?

A

When government conveys land to private individuals

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23
Q

What is a testor?

A

a person who makes a will

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24
Q

What is a devise?

A

real property

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25
What is a devisee?
heir receiving real property
26
What is legacy? or bequest
personal property
27
What is an executor?
person to carry out the provision of the will
28
What is a testate?
a person who dies with a will
29
What is a genuine assent?
the person making the will is doing so freely and not because of fraud, misrepresentation
30
What is attestaion?
a process where 2 witnesses sign the will to establish its validity.
31
What is a holographic will?
a will handwritten- GA does not recognize
32
What is a nuncupative will?
Oral will. only valid for personal property
33
What is a voluntary deed? (gift deed)
when property is a gift to a relative
34
What are 8 things that make deed valid?
Must be in writing, grantor must be named& legally competent, grantee must be named, consideration, legal description, granting clause, signature of the grantors, delivery& acceptance
35
What is a guardian's deed?
a court-appointed guardian on behalf of a legally incompetent grantor (minor, drunk, insane)
36
What is a granting clause? (words of conveyance)
It must clearly express the grantor's intent to convey the title now and not in the future
37
What is an attorney in fact and what are they used for?
in a grantor's absence, the grantor's signature may be signed by this authorized agent
38
When is the title to real estate accepted?
when the properly executed deed is delivered and accepted by the grantee or grantee's agent during the grantor's life
39
What is a habendum clause?
"to have and to hold" clause, described the quantity and duration of the estate being granted
40
What are the 5 types of covenants of the title?
Covenant of seisin, against encumbrances, quiet enjoyment, warranty forever and covenant of further or future assurances
41
What is convenant of seisin?
the promise that the grantor actually owns the property and has the right to convey
42
what is covenant against encumbrances?
the promise that there are no encumbrances except ones listed in deed
43
What is convenant of quiet enjoyment?
the promise that the grantee won't suffer interference from others claiming to have a superior claim to the title
44
what is convenant of warranty forever?
the promise that the grantor is to compensate the grantee for any loss suffered in defending the title against anyone asserting a rightful claim to property from any time in the past
45
what is a convenant of further or future assurances?
obligates the grantor to produce documents that might be needed to perfect the title
46
what are the 4 types of deeds?
warranty deeds, grant deed, bargain and sale deed, quitclaim deed
47
What is a warranty deed?
guarantees good title to the property
48
what is a general warranty deed?
offers to most comprehensive title protection from when the grantor's time of ownership and before it
49
what is a special warranty deed?
only protects defects rising during grantor's ownership time period
50
what ia a grant deed?
Only protects deed against two conenvants (conenvants of seisen & encumbrances)
51
What is a bargain and sale deed?
this deed promises the title is being conveyed but contains no warranties (doctrine of after-acquired title usually applies)
52
what is a doctrine of the after-acquired title?
provides that the grantee will obtain the title even if the grantor does not actually possess title at the time of conveyance
53
what is a quitclaim deed?
often used to remove a cloud on the title. The deed conveys any interest in the property the grantor may have
54
what are the 5 special purpose deeds?
gift deeds, deed of trust, deed of reformation, court-ordered deeds, deeds executed by court-appointed representatives
55
A is a gift deed.
a conveyance of love and affection without valuable consideration. (a quitclaim deed is often used for this purpose)
56
what is a deed of trust?
when a loan is made, the owner deeds property to a trustee to hold the title as security until the loan is repaid (deed of reconveyance is signed by the trustee to give back title to borrower)
57
what is a deed of reformation?
used for correcting a mistake in another deed
58
what is included in a court-appointed deed?
used when an officer of the court is directed to convey title. (sheriff's deed aka deed in foreclosure, tax deed , deed in partition)
59
what is included in deeds executed by court-appointed representatives?
a guardian's deed, executor's deed, and administer's deed
60
what is an executor's deed
conveys property of someone who dies leaving a will
61
what is an administrator's deed?
convey property to someone who dies intestate
62
what is a title?
the right to or ownership of land and evidence that ownership is shown by public records
63
What is a tract index?
provides a map in which each parcel of land is given a number
64
what is a grantor-grantee index?
an alphabetical list of all grantors and grantees
65
what are the 5 types of title protection reports?
Chain of title, abstract of title, cloud on the title, quiet title action, certificate of title.
66
What is a chain of title?
a continuous link of documented ownership from original grant to present owner
67
what is the abstract of the title?
a condensed history of the title, including chain of title, liens, judgments, wills
68
What is a cloud on the title?
a title defect that would include any claim, lien, or encumbrance that impairs the title or results in it being unmarketable
69
What is a quiet title action?
court action is undertaken to remove a cloud on the title when it cant be removed by having people with a possible claim
70
What is a certificate of the title?
used in place of the process of preparing an abstract and having attorney examine it

Real Estate (13 decks)

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