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Real Estate > Chapter 5 > Flashcards

Chapter 5 Flashcards

1
Q

The sales prices of property are not publicly published

A

Non-disclosure state

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2
Q

An entity created to hold property

A

Trust

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3
Q

The person who manages the assets within a trust, according to the trust stores wishes and the best interest of the beneficiaries

A

Trustee

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4
Q

The person who pledges assets to a trust

A

Trustor

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5
Q

A contract that was never valid

A

Void

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6
Q

When a client gives a warranty deed to a buyer, they guarantee the bundle of rights to the buyer

A

Assurance of the quality of title

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7
Q

The transfer of real property from one person to another

A

Alienation

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8
Q

A document in which a person list assets and who should get each asset up upon their death

A

A will

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9
Q

A contract that could be rendered invalid, depending on the circumstances

A

Voidable

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10
Q

A male person who passed away with a will

A

Testator

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11
Q

The way in which a property is held

A

Title

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12
Q

A female person who passed away with a will

A

Testatrix

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13
Q

The moment which property or ownership in goods passes from the seller to the buyer is significantly important because it has several legal implications

A

Transferring ownership

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14
Q

A handwritten well it must be witnessed to be valid

A

Holographic will

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15
Q

An exception or addition to the rights in a deed

A

Habendum clause

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16
Q

A deed that includes a warranty from the settler that you received the entire bundle of rights that a company ownership of the property

A

General or full warranty deed

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17
Q

An oral or deathbed will needs to be witnessed by two people

A

Nuncupative will

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18
Q

I will stipulating what should be done with one’s assets when one is not deceased, but it’s incapacitated

A

Living will

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19
Q

A deed which the grantor warrants the title against defects in cleared title occurring only during their ownership of the property

A

Special warranty deed

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20
Q

A deed with specific purpose

A

Special purpose, deeds

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21
Q

A trust in which the trustor has the power to take back the trust

A

Revocable trust

22
Q

A deed that does not convey the bundle of rights

A

Quick claim deed

23
Q

The process of determining who should receive the assets of a deceased person

A

Probate

24
Q

The person dies with a will

A

Testate

25
Q

A trust in which the truster is not able to take back the trust once it has been formed

A

Irrevocable trust

26
Q

The conditions in which a person dies without any will

A

Intestate

27
Q

A deed which a property is being conveyed at the behalf of the court, the court has older that the property be sold

A

Judicial deed

28
Q

Any gift from the estate of a person who has passed away

A

Legacy

29
Q

The most common type of will typically attorney drafted

A

Formal written will

30
Q

A female person assigned to be in charge of an estate

A

Executrix

31
Q

A male person assigned to be in charge of an estate

A

Executor

32
Q

A male person assigned to be in charge of an estate

A

Executor

33
Q

Used in the case of a mortgage, doesn’t give them rights to the property

A

Deed of trust

34
Q

Acquisition of ownership of an estate by inheritance

A

Decent

35
Q

The act of lead real estate to someone by the terms of a will

A

Devise,

36
Q

A person who makes a will

A

Devisor

37
Q

A deed returned by lenders to the homeowner when a mortgage is paid off, which then returns rights to the homeowner

A

Deed of conveyance

38
Q

The voluntary transfer of ownership of properties, such as when the owner sells it

A

Voluntary alienation

39
Q

A change to an existing will it needs to follow the rules and regulations to be valid?

A

Codicil

40
Q

The grantor signature needs to be on the deed

A

Important signatures

41
Q

The transfer of ownership of property eminent domain and foreclosures are examples of this

A

Involuntary alienation

42
Q

The way in which of property is described by law and by legal terms

A

Legal description

43
Q

“ I hear by convey and warrant…
This clause are similar in the deed, states the purpose of the document

A

Granting clause

44
Q

The grant warns that she will defend the buyer against anyone who claims a superior title to the property

A

Covenant of warranty forever

45
Q

Whenever the rights that accompany, a general warranty deed
The grantor warrants that he has the rightful ownership in the right to convey property

A

Covenant of seisin

46
Q

One of the rights that a company, a general warranty deed, grantor warrants that the grantee will have an impaired use unrestricted

A

Covenant of quiet enjoyment

47
Q

One of the rights that accompany, a general warranty deed, grantor warrants that he or she will take action to protect the grand title if it is found defective

A

Covenant of further assurance make

48
Q

An occurrence in which a local, state or federal government seizes private property and compensate the owner

A

Condemnation

49
Q

Both parties are given something to the transaction

A

Consideration

50
Q

One of the rights that accompany, a general warranty deed, the grantor warns that there are no encumbrances against the title

A

Covenant against encumbrances

Real Estate (34 decks)

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