Chapter 5

Question 1

A deed that simply states that the grantor has title to the property and the right to convey it but does not contain any express covenants or warranties to the title’s validity

Answer 1

Bargain and Sale Deed

Question 2

Ownership history of a specific property

Answer 2

Chain of Title

Question 3

Anything that incurs legal detriment or the forgoing of a legal benefit

Answer 3

Consideration

Question 4

An assurance made by the grantor that no liens or encumbrances other than those of public record exist against the property

Answer 4

Covenant Against Encumbrances

Question 5

An assurance made by the grantor that the grantor will execute any future documents needed to perfect the grantee’s title

Answer 5

Covenant of Further Assurances

Question 6

An assurance made by the grantor that he or she is in full possession of the interest being conveyed by a deed and thus has the right to convey it

Answer 6

Covenant of Seisin

Question 7

A written document that evidences ownership

Answer 7

Deed

Question 8

A fee charged by the public records authority to record a document in the records system

Answer 8

Documentary Stamp Tax

Question 9

Process of placing one’s signature on a legal document

Answer 9

Executed

Question 10

A type of deed that transfers ownership of property to the grantee

Answer 10

Grant Deed

Question 11

The party who receives a freehold estate in real property from a grantor

Answer 11

Grantee

Question 12

The party who transfers a freehold estate in real property to a grantee

Answer 12

Grantor

Question 13

An index of grantors who have given interest in real estate to another and people who have received such an interest (grantees)

Answer 13

Grantor and Grantee Indexes

Question 14

A title in real estate that a reputable title insurance company is willing to insure. An insurable title most frequently is one without major defect

Answer 14

Insurable Title

Question 15

Specific language that uniquely identifies a parcel of real estate

Answer 15

Legal Description

Question 16

A title free and clear of all past, present, and future claims that would cause a reasonable purchaser to reject such a title

Answer 16

Marketable Title

Question 17

A deed used to transfer any interest a grantor may or may not have in a property, without implying that the grantor has a valid interest to convey

Answer 17

Quitclaim Deed

Question 18

Similar to a general warranty deed, except the covenants and warranties apply only to events that occurred during the grantor’s period of ownership

Answer 18

Special Warranty Deed

Question 19

The legal right of ownership

Answer 19

Title

Question 20

A written history of a property’s chain of title

Answer 20

Title Abstract

Question 21

An insurance policy that protects property owners and lenders against undiscovered defects in a property’s chain of title

Answer 21

Title Insurance

Question 22

An attorney’s opinion of the quality of title for a specific property

Answer 22

Title Opinion

Question 23

A property for which there are no defects

Answer 23

Title Perfect of Record

Question 24

The process of verifying the quality of title

Answer 24

Title Search

Question 25

A system of land registration used by a few states as an alternative to grantor/grantee indexes

Answer 25

Torrens System

Question 26

A deed that transfers title from a grantor to a grantee and obligates the grantor to certain promises specified in the document or by reference to statute

Answer 26

Warranty Deed

Question 27

A warranty deed that omits some or all of the promises typically made by the grantor to the grantee

Answer 27

Warranty Deed Without Covenants

Question 28

An assurance made by the grantor to always defend the title conveyed to the grantee

Answer 28

Warranty Forever