Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is accession?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

what is accretion?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is reliction and dereliction?

A

increase in land when water recedes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is erosion?

A

gradual wearing away of soil

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is avulsion?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is condemnation?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is intestate?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What does community property consist of?

A

Each spouse automatically owns 1/2 of all property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is adverse possession?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is color of title?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are 5 examples of operation by law?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are 4 examples of transfers by court action?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is a partition sale?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is a foreclosure sale?

A

Court ordered process to satisfy debts of owner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is voluntary alienation?

A

transfer of title with owner’s consent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is a patent?

A

When government conveys land to private individuals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is a testor?

A

a person who makes a will

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is a devise?

A

real property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What is a devisee?

A

heir receiving real property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What is legacy? or bequest

A

personal property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What is an executor?

A

person to carry out the provision of the will

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

What is a testate?

A

a person who dies with a will

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

What is a genuine assent?

A

the person making the will is doing so freely and not because of fraud, misrepresentation

30
Q

What is attestaion?

A

a process where 2 witnesses sign the will to establish its validity.

31
Q

What is a holographic will?

A

a will handwritten- GA does not recognize

32
Q

What is a nuncupative will?

A

Oral will. only valid for personal property

33
Q

What is a voluntary deed? (gift deed)

A

when property is a gift to a relative

34
Q

What are 8 things that make deed valid?

A

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
Q

What is a guardian’s deed?

A

a court-appointed guardian on behalf of a legally incompetent grantor (minor, drunk, insane)

36
Q

What is a granting clause? (words of conveyance)

A

It must clearly express the grantor’s intent to convey the title now and not in the future

37
Q

What is an attorney in fact and what are they used for?

A

in a grantor’s absence, the grantor’s signature may be signed by this authorized agent

38
Q

When is the title to real estate accepted?

A

when the properly executed deed is delivered and accepted by the grantee or grantee’s agent during the grantor’s life

39
Q

What is a habendum clause?

A

“to have and to hold” clause, described the quantity and duration of the estate being granted

40
Q

What are the 5 types of covenants of the title?

A

Covenant of seisin, against encumbrances, quiet enjoyment, warranty forever and covenant of further or future assurances

41
Q

What is convenant of seisin?

A

the promise that the grantor actually owns the property and has the right to convey

42
Q

what is covenant against encumbrances?

A

the promise that there are no encumbrances except ones listed in deed

43
Q

What is convenant of quiet enjoyment?

A

the promise that the grantee won’t suffer interference from others claiming to have a superior claim to the title

44
Q

what is convenant of warranty forever?

A

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
Q

what is a convenant of further or future assurances?

A

obligates the grantor to produce documents that might be needed to perfect the title

46
Q

what are the 4 types of deeds?

A

warranty deeds, grant deed, bargain and sale deed, quitclaim deed

47
Q

What is a warranty deed?

A

guarantees good title to the property

48
Q

what is a general warranty deed?

A

offers to most comprehensive title protection from when the grantor’s time of ownership and before it

49
Q

what is a special warranty deed?

A

only protects defects rising during grantor’s ownership time period

50
Q

what ia a grant deed?

A

Only protects deed against two conenvants (conenvants of seisen & encumbrances)

51
Q

What is a bargain and sale deed?

A

this deed promises the title is being conveyed but contains no warranties (doctrine of after-acquired title usually applies)

52
Q

what is a doctrine of the after-acquired title?

A

provides that the grantee will obtain the title even if the grantor does not actually possess title at the time of conveyance

53
Q

what is a quitclaim deed?

A

often used to remove a cloud on the title. The deed conveys any interest in the property the grantor may have

54
Q

what are the 5 special purpose deeds?

A

gift deeds, deed of trust, deed of reformation, court-ordered deeds, deeds executed by court-appointed representatives

55
Q

A is a gift deed.

A

a conveyance of love and affection without valuable consideration. (a quitclaim deed is often used for this purpose)

56
Q

what is a deed of trust?

A

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
Q

what is a deed of reformation?

A

used for correcting a mistake in another deed

58
Q

what is included in a court-appointed deed?

A

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
Q

what is included in deeds executed by court-appointed representatives?

A

a guardian’s deed, executor’s deed, and administer’s deed

60
Q

what is an executor’s deed

A

conveys property of someone who dies leaving a will

61
Q

what is an administrator’s deed?

A

convey property to someone who dies intestate

62
Q

what is a title?

A

the right to or ownership of land and evidence that ownership is shown by public records

63
Q

What is a tract index?

A

provides a map in which each parcel of land is given a number

64
Q

what is a grantor-grantee index?

A

an alphabetical list of all grantors and grantees

65
Q

what are the 5 types of title protection reports?

A

Chain of title, abstract of title, cloud on the title, quiet title action, certificate of title.

66
Q

What is a chain of title?

A

a continuous link of documented ownership from original grant to present owner

67
Q

what is the abstract of the title?

A

a condensed history of the title, including chain of title, liens, judgments, wills

68
Q

What is a cloud on the title?

A

a title defect that would include any claim, lien, or encumbrance that impairs the title or results in it being unmarketable

69
Q

What is a quiet title action?

A

court action is undertaken to remove a cloud on the title when it cant be removed by having people with a possible claim

70
Q

What is a certificate of the title?

A

used in place of the process of preparing an abstract and having attorney examine it

Real Estate (13 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions