Chapter 6 Flashcards
abstract of
title
Summary of the legal
documents and records
related to a property’s title
actual
notice
Direct knowledge of a fact or
situation.
adverse
possession
Acquiring ownership of
property by openly and
continuously using it without
the owner’s permission for a
specified period
alienation
transfer of ownership
rights to property
chain
of title
Chronological list of property
ownership records.
constructive
notice
Legal presumption that
someone should know about
something because it’s been
recorded or publicly
available.
conveyance
The legal process of
transferring property
ownership from one person
to another
deed of
conveyance
Legal document transferring
ownership of real estate.
delivery and
acceptance
The exchange of the deed
from seller to buyer, and the
buyer’s acknowledgment of
receiving it, finalizing the
property transfer
descent and
distribution
Legal process of distributing
property when someone dies
without a will.
devise
The gift of real property
through a will
documentary
stamp tax
State tax on documents
related to property transfers
equitable
title
The right to enjoy the benefits
of ownership, even if legal
title is held by someone else.
escheat
Reversion of property to the
state when someone dies
without heirs or a will.
estoppel
Legal principle preventing
someone from denying or
contradicting a fact they
previously acknowledged.
intestate
When someone dies without
a valid will.
legal
title
Official ownership
recognized by the law
probate
Legal process of validating a
will and distributing a
deceased person’s estate
testate
When someone dies leaving
a valid will
testator
Person who makes a will
title
Ownership rights to a
property
title
certificate
legal document issued by a
government authority
confirming ownership of a
property and detailing any
encumbrances or
restrictions
title
evidence
Documentation or
information used to prove
ownership of real property
title
record
Official documentation of a
property’s ownership history
torrens
system
A method of land registration
where ownership and
encumbrances are recorded
on a certificate of title issued
by a government authority.
will
Legal document stating how
a person wants their property
to be distributed after their
death
With the exception of a Torrens certificate, the best evidence of marketable title is
title insurance
The Torrens System differs from other title recording systems in that
title is conveyed only when conveyance is registered on the title certificate
Constructive notice of ownership of a parcel of real estate is primarily demonstrated through
title records
For a deed to convey title, it is necessary for the deed to be
accepted by the grantee
The only required clause in a deed of conveyance is one that
states the grantor’s intention, names the parties, describes the property, and indicates a consideration
If an owner of real property dies without leaving a will and with no legal heirs, what will generally happen to the property?
It will revert to the state or county by escheat
A break in the chain of title to a property results in
a clouded title
The type of deed that offers the grantee the fullest protection against claims to the title is the
general warranty deed
contains the fullest possible assurances of good title and protection for the grantee
The general warranty deed, or warranty deed for short
A lender’s title insurance policy generally protects
the lender against the possibility that the lender’s lien cannot be enforced
Just prior to passing away, a person tells two witnesses that she would like her estate to pass to her husband. One witness records the statement and signs his name. This is an example of
an unenforceable nuncupative will
Title can be voluntarily transferred by
grant, deed, and will
A municipality wants to build a water treatment facility, and requires some privately owned land to do so. What procedure enables the municipality to buy the property, even against the owner’s wishes?
Eminent domain
A person wishes to convey any and all interests in a property to another without making any assurances as to encumbrances, liens, or any other title defects on the property. This party would most likely use which of the following types of deed?
A quitclaim deed
transfers real and potential interests in a property, whether an interest is known to exist or not. The grantor makes no claim to any interest in the property being conveyed and offers no warrants to protect the grantee
A quitclaim deed
An owner transfers title to a property to a buyer in exchange for a consideration. This is an example of
voluntary alienation
What is true of a nuncupative will?
Generally, it is not valid for the transfer of real property
Which of the following best describes the concept of “legal title” to real estate?”
Ownership of the bundle of rights to real estate
