Chapter 5: Real Property Ownership Flashcards
Abstract of Title
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)
Acknowledgment
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
Actual Notice
Giving oral or written notice, presenting a deed, giving verbal notice or physically moving into a property
Adverse Possession
A method of acquiring title by possession under open, notorious, exclusive, and hostile conditions for seven or more years
Assignment
A transfer to another of any property, real or personal, or of any rights or estates in said property
Chain of title
The chronological order of conveyancing of a parcel of land, from the original owner to the present owner
Committee’s Deed
Utilized when the grantor is mentally incompetent
Constructive Notice
Notice given by publishing in a newspaper, public records, or other method
Deed
Any one of many conveyance or financing instruments, but generally a conveyance instrument given to pass title to property upon sale
Deed Restriction
Limitations on the use of property placed in a deed by the grantor which bind all future owners
Easement
The legal right that a party has to use another’s property
Eminent Domain
The legal right that government and quasi-government agencies have to take property from individuals for public use
Encroachment
A physical intrusion or trespass that can be detected by an up-to-date survey
Escheat
When a person dies intestate (without a will) and with no heirs, all real and personal property transfers to the state of Florida
Further Assurance
The grantor agrees to obtain and deliver any legal documents or instruments that might be required to clear title in the future
General Warranty Deed
The most common type of conveyance instrument with full covenant and warranty
Grantee
The person or party receiving the deed
Granting Clause
Words of conveyance found in the premises clause
Grantor
The person or party giving the deed
Gross Lease
A lease in which a tenant pays a specified rent payment and the landlord pays any operating expenses required for maintenance
Ground Lease
A lease on the land only
Guardian’s Deed
Utilized when the grantor is under 18 years of age
Habendum
Deed clause that states which the type of estate is being conveyed (e.g. fee simple)
Intestate
When a person dies without a will
Lien
An encumbrance against a property for money, either voluntary or involuntary
Marketable Record Title Act
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
Net Lease
A lease in which the tenant pays a specified rent plus a portion of typical landlord costs
Percentage Lease
A lease in which a tenant pays a specified rent to the landlord plus a percentage of the income the property generates
Personal Representative’s Deed
Utilized when the grantor is deceased
Police Power
Legislated power given to governments to protect the public’s health, safety, or welfare (zoning ordinances and building codes)
Quiet Enjoyment
The grantor guarantees the grantee peaceful possession undisturbed by other claims of title
Quitclaim Deed
The grantor deeds property to the grantee, but provides no warranty of title or promise of ownership. Used to cure defects in title.
Seisen
A statement of ownership or title to real property
Sublease
A tenant that transfers less than the entire leasehold estate
Testate
A person that dies with a will
Title
The evidence one has of ownership to real property
Variable Lease
The tenant pays rent based on a pre-determined index
What is it called when recording a deed in the public records achieves:
Constructive notice
If a person dies with no heirs or beneficiaries, their estate will pass to the state of Florida through the process of:
Escheat
The words “to have and to hold in fee simple” would most likely be contained in which section of a deed?
Habendum clause
Which type of deed offers the greatest protection for a buyer?
General warranty deed
If the government wishes to seize private land for the purpose of widening an existing road, they can acquire the land through:
Eminent domain
Real estate tax liens become effective on:
January 1st of the tax year
Which of the following is an example of a voluntary lien?
A Construction lien B Mortgage lien C Special Assessment lien D Judgment lien
B Mortgage lien
Which type of lease provides that the tenant will pay a fixed rent, plus the property’s costs?
Net lease
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
IRS lien
Rights to real property can be voluntarily conveyed through the use of:
A deed
The words of conveyance in a deed are contained in the:
Granting clause
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
C Deed Restriction
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:
Police powers
The type of title insurance that is non-transferable and typically has a face amount equal to the purchase price is the:
Owner’s policy
Which type of statutory deed is used primarily to clear defects to title?
Quitclaim deed
If a person dies with a valid will in effect, that person has died:
Testate
Which of the following is a non-governmental limitation on title:
A Zoning B Planning C Condemnation D Deed restriction
Deed restriction
