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REAL ESTATE > Chapter 9 > Flashcards

Chapter 9 Flashcards

1
Q

Any type of transfer of ownership of real property

A

Alienation

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2
Q

Voluntary Alienation

A

Deed or Will

Dedication or Public Grant

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3
Q

Involuntary Alientation

A

Adverse Possession or Inestate succession

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4
Q

Written instrument used to transfer title voluntarily from one to another. Most common method of acquiring title to real property

A

Deed of Conveyance

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5
Q

proof that establishes that the owner of an existing property has legally signed over the ownership of the property to another.

A

Deed of Conveyance

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6
Q 
Free transfer (no compensation) of privately owned land to a governing body with stipulation it be used for public purpose
EX: subdivision development must dedicate land for roads
A

Dedication

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7
Q

A transfer of title from government to an individual

A

Public Grant

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8
Q

What are the types of involuntary alienation?

A
  1. Descent and distribution
  2. Adverse possession
  3. Unintentional dedication of land for public use
  4. Accession
  5. Estoppel
  6. Foreclosure
  7. Eminent Domain
  8. Escheat
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9
Q

Acquisition of an estate by inheritance when an heir succeeds to the property by operation of law. property is distributed to heirs

A

Descent and distribution

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10
Q

What is it called when a person dies with no will?

A

Died intestate

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11
Q

Acquisition of title to real property owned by someone else, by means of open, notorious, hostile and continuous possession for a statutory period of time “Legal theft of property”

A

Adverse possession

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12
Q

Acquisition of additional land and/or improvements

A

Title by Accession

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13
Q

Action of a stream or river that takes soil from one owners property

A

Erosion

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14
Q

Adds soil to another property

A

Accretion

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15
Q

Soil deposits known as:

A

Alluvion

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16
Q

Legal principal whereby a person may obtain title to real property over apparant over, because apparent owner has failed to act in such a manner as to put everyone on notice as his right in the property.

Didnt give notice to the world

A

Title by Estoppel

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17
Q

Due to unpaid debts and also results in the transfer of ownership of real property without owners consent. Forced sale to satisfy a debt

A

Foreclosure

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18
Q

When a land escheats to the state, it is considered a form of what?

A

Involuntary alienation

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19
Q

The heirs that take title pursuant to a will

A

Testate Succession

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20
Q

Existence of valid will

A

Testate

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21
Q

Each state has laws dealing with decent and distribution of real/personal property belonging to those with die without a will. Determines who and what percentage

A

Intestate succession

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22
Q

Formal and legal process by which a court reviews the distribution of a deceased persons estate. Still subject to this with or without a will

A

Probate

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23
Q

Person named in will who executes or carries out the wishes of the testator

A

Executor

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24
Q

Person appointed by the court to carry out the terms of the will in event there is no executor, or oversee distribution of assets

A

Administrator

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25
Q

One who makes a will, must be of sound mind and legal age

A

Testor

26
Q

A gift of REAL property by will

A

Devise

27
Q

Person who receives property by will

A

Devisee

28
Q

Gift of PERSONAL property by will

A

Bequest

29
Q

Modification of, or addition to an already existing will

A

Codicil

30
Q

Written in testors own handwriting but not witnessed or acknowledged

A

Holographic Will

31
Q

Oral will

A

Nuncupative will

32
Q

Written instrument whereby a property owner conveys title to another; signals the end of one ownership and the beginning of another

A

Deed

33
Q

Requirements to create valid, legal deed:

A
  1. Grantor
  2. Grantee
  3. Consideration
  4. Words of Conveyance
  5. Legal Description
  6. Reservations, exceptions and restrictions
  7. Signature of grantor
  8. Delivery and acceptance
34
Q
  • May restrict alienation/conveyance

- Are warrants or unconditional promises in contracts

A

Covenants in Deeds

35
Q

An assurance (promise) by the grantor to the grantee that grantor has the estate of title in the quantity and quality that grantors claims to convey

A

Covenant of Seisin

36
Q

How would a covenant of seisin be broken or in breach?

A
  1. Held by a 3rd party

2. If grantor did not hold the full extend of title that he claimed to be conveying

37
Q

Arises from grantors assurance that the grantee shall enjoy possession of property in peace and without disturbance by hostile claimant

A

Covenant of Quiet Enjoyment

38
Q

Grantor guarantees that there are no encumbrances against the property except those already disclosed, if so should be listed in the deed with property description

A

Covenant against Encumberances

39
Q

True or False: If an encumbrance is not visible or listed in the deed, the grantor will be liable for the grantees expenses to correct the problem or liable for damages

A

TRUE

40
Q

Forever assures the grantee of possession and continuance of the title transferred to the grantee. Promises the grantee that the grantor will bear the expense of defending the title against 3rd party claims

A

Covenant of Warranty

41
Q

Grantor promises to do such further acts as might be required in the future to guarantee or perfect the title of the grantee. This is breached when grantor refuses to take required action or pay expenses

A

Covenant of Further Assistance

42
Q

Used in Special Warranty deeds in which the grantor is a fiduciary. The grantor promises that he has done nothing to injure or adversely affect the title which he has been the personal representative of the estate and has had control of the property

A

Covenant against grantors act

43
Q

Which clause in deeds is the “Granting Clause” Contains the words of conveyance, states the names of the parties involved, extent of ownership, recites consideration, and legally describes property

A

Premise Clause

Grants title and identities parties and property

44
Q

Which clause is “to have and to hold”- follows the granting clause and indicates the type of estate or interest the deed is conveying (fee simple, life estate, etc). Identifies estate granted

A

Habendum Clause

45
Q

Which clauses contains the statement “in witness whereof the parties to these present have hereunto set their hands and seals”? Dates and signatures

A

Testimonium Clause

46
Q

What are the 5 types of Deeds?

A
  1. General Warranty
  2. Special Warranty
  3. Bargain and Sale
  4. Quitclaim
  5. Correction
47
Q

A conveyance by which the grantor fully warrants and guarantees clear title to RE being sold. This offers GREATEST PROTECTION to grantee

A

General Warranty Deed

48
Q

What is the most common type of deed?

A

General Warranty Deed

49
Q

A conveyance by which the grantor guarentees the title he is conveying only against defects arising during the tenure of his ownership, not against previous defects in title.

A

Special Warranty Deed

50
Q

Conveyance by which the grantor conveys property but does not agree to warrant/defend title in anyway. Seller does not need to clear title, and offers no protection to buyer.

A

Bargain and Sale Deed

51
Q

What type of deed is usually used in foreclosure or tax liens?

A

Bargain and Sale Deed

52
Q

Conveyance by which the grantor transfers and releases any interest he might have in the property and offers LEAST amount of protecttion for buyer of home

A

Quitclaim Deed

53
Q

Any type of deed used to correct a mistake in a prior deed. Usually a fairly minor mistake

A

Correction Deed

54
Q

A type of deed used to convey title to a 3rd party trustee to be held as security for a debt. Used instead of a mortgage

A

Trust Deed/Deed of Trust

55
Q

Type of deed used in sale of a minor, executed on behalf of a person who lacks legal capacity to convey title

A

Guardian Deed

56
Q

Deed used/issued by a court when property is sold at a partition sale for purpose of dividing a joint tenancy or Tenant in Common ownership

A

Deed in Partition

57
Q

Deed used to convey title to real estate from US Govt to individual

A

Patent Deed

58
Q

True or False: Private restrictions can restrict the grantees conveyance of the property

A

FALSE- cannot restrict

59
Q

A deed in which the grantor protects the grantee only against claims that arise during the time the grantor owned the property.

A

Special Warranty Deed

60
Q

If an option to purchase RE expires on 7/15 without the optionee excercising his option, what must the owner do to release the property from option?

A

Nothing- when option expires, property automatically released

61
Q

True or False: If a deed restriction prohibits a use permitted by zoning, then the deed restriction controls “more restrictive of the 2”

A

True

REAL ESTATE (14 decks)

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