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Florida Real Estate > Chapter 5: Real Property Ownership > Flashcards

Chapter 5: Real Property Ownership Flashcards

1
Q

Abstract of Title

A

A compilation of the recorded documents relating to a parcel of land, from which an attorney may give an opinion as to the condition of title (a history of title)

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2
Q

Acknowledgment

A

Written declaration by a person signing a document, given before an officer authorized to give an oath (notary public), stating that the signing is the person’s voluntary act

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3
Q

Actual Notice

A

Giving oral or written notice, presenting a deed, giving verbal notice or physically moving into a property

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4
Q

Adverse Possession

A

A method of acquiring title by possession under open, notorious, exclusive, and hostile conditions for seven or more years

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5
Q

Assignment

A

A transfer to another of any property, real or personal, or of any rights or estates in said property

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6
Q

Chain of title

A

The chronological order of conveyancing of a parcel of land, from the original owner to the present owner

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7
Q

Committee’s Deed

A

Utilized when the grantor is mentally incompetent

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8
Q

Constructive Notice

A

Notice given by publishing in a newspaper, public records, or other method

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9
Q

Deed

A

Any one of many conveyance or financing instruments, but generally a conveyance instrument given to pass title to property upon sale

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10
Q

Deed Restriction

A

Limitations on the use of property placed in a deed by the grantor which bind all future owners

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11
Q

Easement

A

The legal right that a party has to use another’s property

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12
Q

Eminent Domain

A

The legal right that government and quasi-government agencies have to take property from individuals for public use

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13
Q

Encroachment

A

A physical intrusion or trespass that can be detected by an up-to-date survey

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14
Q

Escheat

A

When a person dies intestate (without a will) and with no heirs, all real and personal property transfers to the state of Florida

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15
Q

Further Assurance

A

The grantor agrees to obtain and deliver any legal documents or instruments that might be required to clear title in the future

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16
Q

General Warranty Deed

A

The most common type of conveyance instrument with full covenant and warranty

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17
Q

Grantee

A

The person or party receiving the deed

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18
Q

Granting Clause

A

Words of conveyance found in the premises clause

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19
Q

Grantor

A

The person or party giving the deed

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20
Q

Gross Lease

A

A lease in which a tenant pays a specified rent payment and the landlord pays any operating expenses required for maintenance

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21
Q

Ground Lease

A

A lease on the land only

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22
Q

Guardian’s Deed

A

Utilized when the grantor is under 18 years of age

23
Q

Habendum

A

Deed clause that states which the type of estate is being conveyed (e.g. fee simple)

24
Q

Intestate

A

When a person dies without a will

25
Q

Lien

A

An encumbrance against a property for money, either voluntary or involuntary

26
Q

Marketable Record Title Act

A

If a continuous chain of title has existed for at least 30 years, any potential title defect more than 30 years old is considered cured

27
Q

Net Lease

A

A lease in which the tenant pays a specified rent plus a portion of typical landlord costs

28
Q

Percentage Lease

A

A lease in which a tenant pays a specified rent to the landlord plus a percentage of the income the property generates

29
Q

Personal Representative’s Deed

A

Utilized when the grantor is deceased

30
Q

Police Power

A

Legislated power given to governments to protect the public’s health, safety, or welfare (zoning ordinances and building codes)

31
Q

Quiet Enjoyment

A

The grantor guarantees the grantee peaceful possession undisturbed by other claims of title

32
Q

Quitclaim Deed

A

The grantor deeds property to the grantee, but provides no warranty of title or promise of ownership. Used to cure defects in title.

33
Q

Seisen

A

A statement of ownership or title to real property

34
Q

Sublease

A

A tenant that transfers less than the entire leasehold estate

35
Q

Testate

A

A person that dies with a will

36
Q

Title

A

The evidence one has of ownership to real property

37
Q

Variable Lease

A

The tenant pays rent based on a pre-determined index

38
Q

What is it called when recording a deed in the public records achieves:

A

Constructive notice

39
Q

If a person dies with no heirs or beneficiaries, their estate will pass to the state of Florida through the process of:

A

Escheat

40
Q

The words “to have and to hold in fee simple” would most likely be contained in which section of a deed?

A

Habendum clause

41
Q

Which type of deed offers the greatest protection for a buyer?

A

General warranty deed

42
Q

If the government wishes to seize private land for the purpose of widening an existing road, they can acquire the land through:

A

Eminent domain

43
Q

Real estate tax liens become effective on:

A

January 1st of the tax year

44
Q

Which of the following is an example of a voluntary lien?

    A     Construction lien
B	Mortgage lien
C	Special Assessment lien
D	Judgment lien
A

B Mortgage lien

45
Q

Which type of lease provides that the tenant will pay a fixed rent, plus the property’s costs?

A

Net lease

46
Q

All of the following are considered to be a superior lien except:

    A     IRS lien
B	Federal Estate tax lien
C	Special Assessment lien
D	Real Estate tax lien
A

IRS lien

47
Q

Rights to real property can be voluntarily conveyed through the use of:

A

A deed

48
Q

The words of conveyance in a deed are contained in the:

A

Granting clause

49
Q

The Reddendum clause of a deed would typically include which of the following?

    A     Name of the Grantor
B	Legal Description
C	Deed Restriction
D	Notaty Seal
A

C Deed Restriction

50
Q

The government has the right to enact laws and regulations to protect the health, safety, and welfare of the public through the exercise of its:

A

Police powers

51
Q

The type of title insurance that is non-transferable and typically has a face amount equal to the purchase price is the:

A

Owner’s policy

52
Q

Which type of statutory deed is used primarily to clear defects to title?

A

Quitclaim deed

53
Q

If a person dies with a valid will in effect, that person has died:

A

Testate

54
Q

Which of the following is a non-governmental limitation on title:

    A     Zoning
B	Planning
C	Condemnation
D	Deed restriction
A

Deed restriction

Florida Real Estate (21 decks)

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