Chapter 6 Flashcards
The legal document that transfers title from one person to another is known as?
A deed
What is a deed?
The legal document that transfers title from one person to another.
When are deeds valid?
When they are delivered and accepted
Who is the grantor, seller or buyer?
The seller
Who is the grantee, the buyer or seller ?
Buyer
The title is the legal rights, title is not a document. True or false?
True
Who signs a deed? The grantor or the grantee?
The grantor
Does the buyer receive the deed at the closing?
No, it gets mailed after a few weeks.
When does probate happen?
After a person dies
What is it called when a person dies without leaving a valid will?
Interstate
If a person dies interstate the property reverts to the state. This is called?
Escheat
What does probate mean?
Proving one’s will after they die
What does interstate mean?
A person dying without leaving a valid will
If a person dies interstate, what happens?
The property reverts to the state through escheat
If you don’ leave a will, or any natural heirs for your property to go to, who takes the property? What is this called?
The state, escheat
Does probate cost money?
Yes it can
Agreement to transfer possession of a property for a specific amount of time is what type of agreement?
Lease agreement
What is a lease agreement?
Agreement to transfer possession of a property for a specific amount of time.
The tenant pays not only rent, but also some or all property charges is what?
Net lease
The tenant pays everything except for mortgage charges is what type of lease?
Triple net lease
What lease causes the landlord to bear all charges?
Gross lease
Is a gross lease commercial or residential?
Residential
If I pay you rent, and pay you a percentage of what I’m actually making after a certain amount, what kind of lease is this?
Percentage lease
Most rents are in a “blank” lease basis.
Gross
If a tenant pays a fixed rent plus a certain share of the tenants income, what kind of lease is this?
Percentage lease
What is a percentage lease?
Tenant pays a fixed rent plus a certain share of the tenant’s income.
What are the four types of leasehold estates?
Estate for years, tenancy at will, tenancy at sufferance, periodic estate
Which leasehold estate is this: has a start and stop date (weeks, months, years)
Estate for years
Which leasehold estate is this: the tenant can leave at will and there’s no definite period of time
Tenancy at will
Which leasehold estate is this: estate from period to period (weeks, month, years) and there’s indefinite period of time
Periodic estate
If a tenant continues to stay after their right has expired, like a holdover tenant, what type of leasehold estate is this?
Tenancy at sufferance
What is tenancy at will?
The tenant can leave at will and there’s no definite period of time
What is tenancy at sufferance?
When a tenant continues to stay after their rights expired. Holdover tenant.
What is an estate for years?
Has a start and stop time
Can you have an estate for years with a 4 month time period?
Yes, as long as there is a solid beginning and an end date, then it is an estate for years.
What is a periodic estate?
It’s an estate from period to period
Does periodic estate have a stop date?
No, the period is indefinite.
Which leasehold estate has a stop date?
A. Estate for years
B. Periodic estate
C. Tenancy at will
D. Tenancy at sufferance
E. A and B
F. B and D
A
Can a periodic estate have a time period of weeks, months and years?
Yes
Which leasehold estate just gets renewed?
A. Periodic estate
B. Estate for years
C. Tenancy at will
D. Tenancy at sufferance
A. Periodic estate
What leasehold estate is a holdover tenant an example of?
Tenancy at sufferance
If a tenant stops paying a landlord, it can take 8 months to a year to get them out. If someone pays the landlord rent, they have rights to the space. What would that be called?
Tenancy at sufferance (think about it like a landlord is suffering)
A deed is valid when it is
Delivered and accepted
If a deed is signed, does that mean it’s accepted?
No
Who must sign the deed?
The seller
A lease is
An agreement to transfer possession of property for a specified period of time
A man agrees to rent his house to his uncle from January 15 2021 to June 15 2021. What type of tenancy is this called?
Estate for years
John paid Dan $2000 for the right, if he chooses, To lease a barber shop within 72 days at a specified annual rental. What agreement is this?
Option
Does a grantee, the buyer, need to sign a deed?
No, just the seller
What needs to happen for a whale to be valid? (probate)
their will must be proved in court
Who delivers and excepts a deed at closing?
The county clerk
The legal way of saying that you have property ownership is called what?
Title
What does it mean to have title?
What is the legal way of saying that you have property ownership
Is title a document?
No
Is title a document or a concept?
A concept
The concept that says you have the rights to use property that you have property ownership to.
Title
“If he chooses” = option agreement. True or false?
True
Tenant pays everything except for mortgage charges is what kind of lease?
Triple net lease
The tenant pays not only rent, but also some were all property charges is what kind of lease?
Net lease
And what kind of Lease does the landlord bear all property charges?
Gross lease
The tenant pays a fixed rent plus a certain share of the tenants income in which kind of lease?
Percentage lease
When someone dies leaving now will unknown natural heirs who does this property go to?
The state of New York
When a couple bought a farm from the wife’s parents, they received only a quick claim deed. This is most likely because of what?
A quitclaim is usually the type often used for in-family transaction
Which deed is often used for in family transactions?
Quitclaim deed
Someone who dies without leaving a will is said to have died as what?
Interstate
Title to property transfers at the moment a deed is
A. Signed
B. Delivered and accepted
C. Recorded
D. Acknowledged 
Delivered and accepted
Consideration in a deed refers to
A. The habendeum clause
B. The payment of transfer tax stamps
C. Gentle handling of the document
D. Something of value given by each party
D, something of value given by each party
Something of value given by each party and a deed is called what?
Consideration
What is it called to describe the act of when the government transfers land to a private person?
A grant
What is a grant?
The act of when the government transfers land to a private person
A notary acknowledgment of the signature on a deed is necessary
A. For the deed to be recorded
B. For the deed to be valid
C. Before a transfer tax can be paid
A, for the deed to be RECORDED
The elevations gathered from datum’s are further supplemented by reference points called?
Benchmarks
The developer of a subdivision turning property over to the local government for road and sidewalks is through what process?
Dedication (you’re dedicated something to the government )
Which deed provides the grantee (buyer) with the least protection?
Quitclaim deeds
A quitclaim dread has the least protection because?
It provides no guarantees, and is commonly used for simple transfers within a family and for property transferred during divorce settlements
Which deed is usually used for divorce settlements?
Quitclaim deeds
Which deed can best be described as “a deed of release” or “sign off”.
Quitclaim deed
Can anyone be appointed as an attorney-in-fact?
Yes, they don’t need to be an attorney, they just need to be appointed to this position in a transaction
True or false: for a deed to be valid, it must contain an adequate legal description of the real estate conveyance.
True
Delivery of the deed is by the grantor, who is the acceptance by?
Grantee
A declaration made by a person who is signing a document before an authorized public officer is what?
Acknowledgment
A transfer of land by a government body to a private individual.
Grant
How is a grant accomplished? Is it through a deed?
No, it’s accomplished using a land patent
What will document the transfer of land ownership from the federal government to individuals.
Land patents
Which deed is often used for dedication (a developer who turns over the road and sidewalks in a new subdivision to the local government)
Quitclaim deed
Something of value given in an exchange for the transfer of real property
Consideration
To be valid, all deeds must contain a clause acknowledging the grantors receipt of what ?
Consideration
Both grantee and grantors must be identified by what?
Address
To effect a valid conveyance in terms of a lease and grantor, a person must be?
A competent party and 18 years or older
Landowners are entitled to any additional soil added to their property by lakes, rivers, or streams. What is this called?
Alluvion
Gradual addition of land due to natural causes is called ?
Accretion
The right of ownership to the gradual addition of new land due to natural causes is called?
Accession
What is the difference between accession and accretion?
Accession is the gradual addition of new land due to natural causes, and accretion is the ownership of it.
The sudden tearing away of land from tidal waves or earthquake is lost to the landowner by the process of?
Avulsion
the act of converting real estate ownership or title
Alienation
The transfer of real property from one party to another
Alienation
What are the two types of alienation?
Voluntary alienation and involuntary alienation
A transfer at the owners will (a sale)
Voluntary alienation
A transfer against the will of the owner (judgment, foreclosure)
Involuntary alienation
What kind of alienation would a foreclosure be?
Involuntary alienation
A written instrument showing that an owner of real estate intentionally conveys right, title, or interest in a parcel of real estate to another
A deed
The instrument used to convey real property from one person to another
Deed
How is personal property conveyed?
A bill of sale
True or false: sometimes a deed transfers only a part of the owners interest
True
Do all deeds need to be in writing?
Yes, according to the statue of frauds
The legal concept that, to be enforceable, all deeds for the partial or full transfer of an interest in real property must always be in writing,
Statute of frauds
Are Oral agreements concerning transfers of real property enforceable?
No
A deed is always executed by who?
The grantor (seller)
Seisin means what?
Ownership and control
Does a deed need legal description of the land being conveyed in order to be valid?
Yes it does
What are the 3 ways that land can be described?
Metes and bounds
Preparation and use of a survey
Rectangular government survey system
What is another term used to describe the rectangular survey system?
The government survey method
When was the rectangular survey system established, and by who?
Congress, 1785
What does the rectangular survey system describe?
Western lands acquired by the government
A system based on intersecting lines (principal meridians and base lines)
Rectangular survey system
Which method to describe land is most common?
Metes and bounds
Uses the boundaries and measurements of the land in question
Metes and bounds
What is described by “distance and direction”.
Metes and bounds
A metes and bounds description always ends at the point where it began (pob) true or false?
True
Where does metes and bounds start and end?
At the definite point called place
Ends at the point where it began (pob)
Which land description is this: monuments are fixed objects used to establish boundaries.
Metes and bounds
What may be required for conveying all or a portion of a given tract of land, placing a mortgage loan, showing the location of new construction, locating roads, and determining legal descriptions?
Surveys
What would be used to unconver any encroachments encumbering the subject property?
Survey
A lack of asserting your rights (ex: if your neighbor encroaches on your property and you don’t do anything about it within the statutory period of time) may lead to a loss of those rights via a lawsuit called what?
A suit to quiet title
If you make a claim to a suit to quiet title, it may include what?
Doctrine of laches
