Chapter 9: Title, Deeds, and Owner Restrictions Flashcards
Title = _____
ownership
Title to _____ is the ownership of specified rights to that property that forms an _____.
real property
estate
Physical possession of a property counts as which type of notice of ownership?
actual notice
Recording documents in public record is considered which type of notice of ownership?
constructive notice
true/false: Deeds must be recorded in public record.
false
true/false: To record a deed in public record, it must be acknowledged.
true
Legal priority of actual and constructive notice are _____.
the same
_____ or _____ title to real property is title in fee simple that is free from litigation and defects, enabling an owner t hold it in peace or sell it.
marketable or merchantable
There is no such thing as proof of good title, only _____ to support the claim.
evidence
A search of the public records, linking all past owners of a parcel of land from root of title to present day is called a _____.
chain of title
Abstracting and title insurance companies compile copies of documents from the public records into a _____.
title plant
When an attorney reviews an abstract and renders a written opinion, it’s called an _____.
opinion of title
_____ provides financial protection against losses sustained as the result of a defective title.
Title insurance
Mortgage lenders will insist on a borrower obtaining a _____ title policy before making a loan.
mortgagee (lender’s)
A mortgagor’s title insurance policy _____ transferable.
is not
A mortgagee’s title insurance policy _____ transferable.
is
true/false: There is no Florida law that requires title insurance be obtained.
true
A _____ transfers ownership of property from the government to an individual.
public grant
A _____ is a document that conveys title from one party to another.
deed
A _____ is a document that transfers title upon the death of an individual testate.
will
_____ is a legal principle under which an owner may lose title to a property after 7 years of adverse, hostile, exclusive possession if the possessor pays the taxes.
Adverse possession
_____ is a legal principal under which a property can be lost for failure to provide notice of ownership.
Estoppel
_____ is a system created by law under which title transfers to the legal heirs upon the death of an individual intestate.
Descent and distribution
The government’s right to take private property for public benefit is _____.
eminent domain
Reversion of property to the state if someone dies intestate and with no heirs is called _____.
escheat
true/false: Deeds must be signed by the grantor and grantee.
false - only the grantor
Transferring or conveying title to another is called ________, and is accomplished with a document called a _____.
alienation of title
deed
Title does not transfer until a deed is _____ and _____.
delivered and accepted
a valid deed must meet the following requirements:
- be in writing
- name the parties
- give the ______ of the property
- specify the _____ being conveyed
- include consideration
- be signed by a competent grantor and 2 witnesses
legal description
legal rights
A deed _____ need to be acknowledged in order to be valid.
does not
A deed _____ need to be acknowledged in order to be recorded.
does
The only legally necessary clause (promise) in a deed. It contains the names of the parties, conveyance, consideration, date of transfer, and legal description.
Premises clause
The clause (promise) in a deed which specifies the legal rights being transferred or conveyed.
Habendum clause
The clause in a deed which reserves a right in the title, not in land, such as a remainder estate.
Reddendum clause
The warrant (guarantee) in a deed which is a claim of ownership by the grantor. Assures that the grantee owns and can convey the property.
Warrant of seizin
The warrant (guarantee) in a deed that assures there are no additional encumbrances against the title except for what’s disclosed in the deed.
Warrant against encumbrances
The warrant (guarantee) in a greed that ensures a grantee will not suffer hostile claims against the ownership of the property.
Warrant of quiet enjoyment
The warrant (guarantee) in a deed that assures the grantee will enjoy possession and uninterrupted use of the property.
Warranty forever
The warrant (guarantee) in a deed that is a promise by the grantor to take whatever action is necessary to protect and defend the title now and in the future.
Warrant of further assurances
A general warranty deed includes ______ of the clauses.
all
A grantor who is _____ would be unable or unwilling to fulfill the promises that they made.
insolvent
The differences in the types of deeds is in the ______ that the grantor is willing to make to the grantee.
promises/warrants
A _____ deed contains no warrants of any kind, and is generally used to cure defects of title.
quitclaim deed
A ________ deed contains only one warrant, the warrant of seizin. No promises are made the defend the title later.
bargain and sale deed
A _____ deed offers protection to the grantee only for claims made by the grantor or others representing him (while the grantor owned the property).
special warranty deed
A ______ deed is the most comprehensive and offers the most protection to the grantee. Has the most warrants.
general warranty deed / warranty deed
A _____ deed is used to convey property of a minor.
guardian’s deed
A ______ deed is used to convey property of a mentally incompetent person.
committee’s deed
A ______ deed is used by a developer to convey land from themselves to a condo association.
master deed
A ______ deed is a form of general warranty deed used to convey ownership of a condo.
unit deed
A _________ is used to show ownership in the event of foreclosure.
certificate of title
The four governmental limitations on property ownership are (PETE):
- ______
- ______
- ______
- ______
Police power (building codes and zoning)
Eminent domain
Taxation
Escheat
_____ such as limitations on height, color, architecture, fences, etc. are a type of private limitations on property ownership.
Deed restrictions
A(n) ______ authorizes limited use of another’s property without pay.
easement
An easement _____ runs with the land
appurtenant
An easement that is needed because one parcel is landlocked within another.
Easement by necessity
In an easement by necessity, the party that gave up the right is called the _____ estate, and the party which received the right is called the _____ estate.
serviant
dominant
This type of easement does not run with the land and is used by utilitiy companies. It can be sold or released with a quitclaim deed.
Easement in gross
This type of easement is created in Florida by 20 or more years of uninterrupted, continuous use.
Easement by prescription
An _____ is an unauthorized physical intrusion onto property owned by another such as a fence.
encroachment
A property with a defective title is said to have a _____ on ______.
cloud on title
In a _______, a court renders a decision any resolves any dispute, curing the defect in title.
suit to quiet title
According to the Marketable Record Title to Real Property Act (MARTA), title searches need only go back _____ years to establish a root of title in Florida.
30
A _____ is a financial claim against a property. An encumbrance on the title.
lien
The three superior liens are:
- _____
- _____
- _____
Real estate taxes lien (specific)
Special assessments (specific)
Federal estate taxes (general)
A ______ lien is one that a contractor or builder is entitled to if they have not been paid for labor or materials used to improve the property.
mechanic’s lien (specific)
A seller who finances their property through a purchase money mortgage is entitled to a ______ lien.
vendor’s lien (specific)
A _____ lien can be placed against a property of an individual for nonpayment of income taxes.
federal income tax lien (general)
A ______ is a notice of a pending lawsuit against a property owner that might affect title.
lis pendens
A broker ______ attempt to collect unpaid commission by filing a lien on residential property.
can not
Brokers ______ presumed to have a lien for collection and payment of commission of commercial property.
are
Foreclosure is ______ of a lien.
enforcement
______ terminates the rights of an owner and results in the public sale of a property.
Foreclosure
Junior liens take precedence in a foreclosure ______ superior liens and in order of _____ .
after
date of recording
