Chapter 9 - Title, Deeds, and Ownership Restrictions

Question 1

What type of notice of ownership is also called legal notice?

Answer 1

Constructive Notice - recording documents in public records (in the Office of the Clerk of the circuit court)

Question 2

To ascertain whether or not title is good and merchantable, the record of ownership must

Answer 2

be traced back for a period of time necessary to assure that no outstanding or unresolved claims exist against the title

Question 3

What is the only clause required in a deed that names the parties, contains the words of conveyed

Answer 3

Premises (granting) Clause

Question 4

Which clause in a deed specifies the legal right being conveyed?

Answer 4

Th Habendum Clause aka to have and to hold clause

Question 5

What is considered to be the best type of deed from the grantor’s standpoint

Answer 5

Quitclaim deed - contains no warrants to any kind from the grantor

Question 6

What allows local, state, and government, railroads, public utilities, and public housing authority to obtain ownership of private property?

Answer 6

Eminent domain

Question 7

A rental lease is typically which type of lease?

Answer 7

Gross Lease - tenant agrees to pay a fixed rental amount and the landlord pays all expenses related to the property such as taxes, insurance, and maintenance costs.