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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
One who makes a will, must be of sound mind and legal age
Testor
26
A gift of REAL property by will
Devise
27
Person who receives property by will
Devisee
28
Gift of PERSONAL property by will
Bequest
29
Modification of, or addition to an already existing will
Codicil
30
Written in testors own handwriting but not witnessed or acknowledged
Holographic Will
31
Oral will
Nuncupative will
32
Written instrument whereby a property owner conveys title to another; signals the end of one ownership and the beginning of another
Deed
33
Requirements to create valid, legal deed:
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
- May restrict alienation/conveyance | - Are warrants or unconditional promises in contracts
Covenants in Deeds
35
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
Covenant of Seisin
36
How would a covenant of seisin be broken or in breach?
1. Held by a 3rd party | 2. If grantor did not hold the full extend of title that he claimed to be conveying
37
Arises from grantors assurance that the grantee shall enjoy possession of property in peace and without disturbance by hostile claimant
Covenant of Quiet Enjoyment
38
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
Covenant against Encumberances
39
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
TRUE
40
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
Covenant of Warranty
41
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
Covenant of Further Assistance
42
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
Covenant against grantors act
43
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
Premise Clause Grants title and identities parties and property
44
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
Habendum Clause
45
Which clauses contains the statement "in witness whereof the parties to these present have hereunto set their hands and seals"? Dates and signatures
Testimonium Clause
46
What are the 5 types of Deeds?
1. General Warranty 2. Special Warranty 3. Bargain and Sale 4. Quitclaim 5. Correction
47
A conveyance by which the grantor fully warrants and guarantees clear title to RE being sold. This offers GREATEST PROTECTION to grantee
General Warranty Deed
48
What is the most common type of deed?
General Warranty Deed
49
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.
Special Warranty Deed
50
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.
Bargain and Sale Deed
51
What type of deed is usually used in foreclosure or tax liens?
Bargain and Sale Deed
52
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
Quitclaim Deed
53
Any type of deed used to correct a mistake in a prior deed. Usually a fairly minor mistake
Correction Deed
54
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
Trust Deed/Deed of Trust
55
Type of deed used in sale of a minor, executed on behalf of a person who lacks legal capacity to convey title
Guardian Deed
56
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
Deed in Partition
57
Deed used to convey title to real estate from US Govt to individual
Patent Deed
58
True or False: Private restrictions can restrict the grantees conveyance of the property
FALSE- cannot restrict
59
A deed in which the grantor protects the grantee only against claims that arise during the time the grantor owned the property.
Special Warranty Deed
60
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?
Nothing- when option expires, property automatically released
61
True or False: If a deed restriction prohibits a use permitted by zoning, then the deed restriction controls "more restrictive of the 2"
True

REAL ESTATE (14 decks)

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