Chapter 5: Real Property Ownership

Question 1

Abstract of Title

Answer 1

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)

Question 2

Acknowledgment

Answer 2

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

Question 3

Actual Notice

Answer 3

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

Question 4

Adverse Possession

Answer 4

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

Question 5

Assignment

Answer 5

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

Question 6

Chain of title

Answer 6

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

Question 7

Committee’s Deed

Answer 7

Utilized when the grantor is mentally incompetent

Question 8

Constructive Notice

Answer 8

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

Question 9

Deed

Answer 9

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

Question 10

Deed Restriction

Answer 10

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

Question 11

Easement

Answer 11

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

Question 12

Eminent Domain

Answer 12

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

Question 13

Encroachment

Answer 13

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

Question 14

Escheat

Answer 14

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

Question 15

Further Assurance

Answer 15

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

Question 16

General Warranty Deed

Answer 16

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

Question 17

Grantee

Answer 17

The person or party receiving the deed

Question 18

Granting Clause

Answer 18

Words of conveyance found in the premises clause

Question 19

Grantor

Answer 19

The person or party giving the deed

Question 20

Gross Lease

Answer 20

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

Question 21

Ground Lease

Answer 21

A lease on the land only

Question 22

Guardian’s Deed

Answer 22

Utilized when the grantor is under 18 years of age

Question 23

Habendum

Answer 23

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

Question 24

Intestate

Answer 24

When a person dies without a will

Question 25

Lien

Answer 25

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

Question 26

Marketable Record Title Act

Answer 26

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

Question 27

Net Lease

Answer 27

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

Question 28

Percentage Lease

Answer 28

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

Question 29

Personal Representative’s Deed

Answer 29

Utilized when the grantor is deceased

Question 30

Police Power

Answer 30

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

Question 31

Quiet Enjoyment

Answer 31

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

Question 32

Quitclaim Deed

Answer 32

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

Question 33

Seisen

Answer 33

A statement of ownership or title to real property

Question 34

Sublease

Answer 34

A tenant that transfers less than the entire leasehold estate

Question 35

Testate

Answer 35

A person that dies with a will

Question 36

Title

Answer 36

The evidence one has of ownership to real property

Question 37

Variable Lease

Answer 37

The tenant pays rent based on a pre-determined index

Question 38

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

Answer 38

Constructive notice

Question 39

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

Answer 39

Escheat

Question 40

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

Answer 40

Habendum clause

Question 41

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

Answer 41

General warranty deed

Question 42

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

Answer 42

Eminent domain

Question 43

Real estate tax liens become effective on:

Answer 43

January 1st of the tax year

Question 44

Which of the following is an example of a voluntary lien? A Construction lien B Mortgage lien C Special Assessment lien D Judgment lien

Answer 44

B Mortgage lien

Question 45

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

Answer 45

Net lease

Question 46

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

Answer 46

IRS lien

Question 47

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

Answer 47

A deed

Question 48

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

Answer 48

Granting clause

Question 49

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

Answer 49

C Deed Restriction

Question 50

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:

Answer 50

Police powers

Question 51

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

Answer 51

Owner's policy

Question 52

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

Answer 52

Quitclaim deed

Question 53

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

Answer 53

Testate

Question 54

Which of the following is a non-governmental limitation on title: A Zoning B Planning C Condemnation D Deed restriction

Answer 54

Deed restriction