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Sales Associate Pre-Licensing > Chapter 9: Title, Deeds, & Ownership Restrictions > Flashcards

Chapter 9: Title, Deeds, & Ownership Restrictions Flashcards

1
Q

Title to Real Property

Define title

A

Ownership; when a party owns property he/she has legal title; it is a ownership interest enforceable by law

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2
Q

Title to Real Property

Define equitable title

A

The right to gain ownership interest in the future; in grants a financial or “equitable” interest

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3
Q

Notice of Ownership

What are the two methods to provide evidence of ownership?

A & C

A

Actual and Constructive notice

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4
Q

Notice of Ownership

Ownership provide by physical possession describes what type of notice

A

Actual

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5
Q

Notice of Ownership

Ownership achieved by recording documents in public records aka legal notice describes what type of notice

A

Constructive

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6
Q

Protecting Title

Title in fee simple free from litigation and defect is said to be ___________, ___________, or ______ ______

A

Marketable, merchantable, or clear title

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7
Q

Abstracts

A _______ of ______ is created by a search of the public records that results in a timeline of recorded documents that links all past owners of land from root to present day

A

Chain of title

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8
Q

Methods of Acquiring Title

Transferring ownership from one party to another is called _____________ of ________.

A

Alienation of title

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9
Q

Methods of Acquiring Title/Transfer by Voluntary Alienation

List the two types of voluntary alienation

A

Deed (sold or conveyed as gift)

Will (transfer upon the death of individual who left a will aka testate)

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10
Q

Methods of Acquiring Title/Transfer by Involuntary Alienation

List the four types of involuntary alienation

DEEA

A

Descent and distribution
Escheat
Eminent domain
Adverse possession

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11
Q

Methods of Acquiring Title/Transfer by Involuntary Alienation

Transfer of title to legal heirs upon the death of an individual who dies intestate (without a will) describes which involuntary alienation?

A

Descent and distribution

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12
Q

Methods of Acquiring Title/Transfer by Involuntary Alienation

The reversion of property to the estate if someone dies intestate and has no heirs describes which involuntary alienation?

A

Escheat

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13
Q

Methods of Acquiring Title/Transfer by Involuntary Alienation

The government’s right to take private property, through process called condemnation, for public benefit describes which involuntary alienation?

A

Eminent domain

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14
Q

Methods of Acquiring Title/Transfer by Involuntary Alienation

Legal principles where an owner may lose title to another who has taken control of the property who claim ownership and enters into open, adverse, hostile and exclusive possess of the property for 7 continuous years describes which involuntary alienation?

A

Adverse possession

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15
Q

Deeds/Transferring Title

How is alienation of title accomplished?

A

By executing a deed

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16
Q

Deeds/Transferring Title

What are the requirements of a valid deed?

A
  1. Must be in writing
  2. Parties must be named
  3. Grantor must have legal capacity (age/right) to grant ownership
  4. Consideration must be described (sales price not required)
  5. Granting clause (words of conveyance) must be included
  6. Habendum clause must define quality of ownership interest (rights) conveyed
  7. Legal description
  8. Must be signed by grantor, witnessed by 2 people (grantee not required to sign)
  9. Voluntarily delivered AND accepted
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17
Q

Deeds/Transferring Title

True or False

Deeds must be acknowledged (notarized) and recorded in order to be valid.

A

False

Deeds DO NOT have to be acknowledged (notarized) OR recorded in order to be valid.

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18
Q

Clauses in Deeds

The three clauses in deeds include the _________ ________, ___________ __________, and the __________ ________.

A

Premises (granting) clause, habendum clause, and the reddendum clause

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19
Q

Clauses in Deeds

Also known as the granting clause, it is the only legally necessary clause required in a deed.

A

Premises or granting clause

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20
Q

Clauses in Deeds

This clause names the parties, contains word of conveyance, states a consideration, includes date of transfer, and provides legal description

A

Premises or granting clause

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21
Q

Clauses in Deeds

Also called the to-have-and-to-hold clause and specifies the legal rights being conveyed; it describes the portion of the bundle of rights being conveyed such as “fee simple forever” or “in a life estate”

A

Habendum clause

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22
Q

Clauses in Deeds

Used to “R”eserve a right in the title, not the land, such as a “R”emainder estate

A

Reddendum clause

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23
Q

Warrants or Covenants in Deeds

What is a warrant or covenant in a deed?

A

Clauses containing promises made by grantor (giver) to grantee (receiver)

24
Q

Warrants or Covenants in Deeds

Name the 5 warrants/covenants that may appear in a deed.

SAE QE WF FA

A

Warrant of seisin

Warrant against encumbrances

Warrant of quiet enjoyment

Covenant of warranty forever

Warrant of further assurance

25
Q

Warrants or Covenants in Deeds

Which warrant/covenant assures grantee the grantor has legal right to convey property?

A

Seisin

26
Q

Warrants or Covenants in Deeds

Which warrant/covenant assures grantee there are no encumbrances (obligation or liability) against the property other than those disclosed in deed?

A

Against encumbrances

27
Q

Warrants or Covenants in Deeds

Which warrant/covenant assures grantee they will not suffer hostile claims against ownership?

A

Quiet enjoyment

28
Q

Warrants or Covenants in Deeds

Which warrant/covenant assures grantee they will enjoy possession and uninterrupted use of property?

A

Covenant of warranty forever

29
Q

Warrants or Covenants in Deeds

Which warrant/covenant assures grantee they may take whatever action necessary to protect and defend title now and in the future

A

Further assurance

30
Q

Types of Deeds

List the 4 different types of deeds

Q-SW-GW-BS

A
  1. Quitclaim
  2. Special warranty
  3. General warranty
  4. Bargain and sale
31
Q

Types of Deeds

True or False

A quitclaim deed contains no warrants of any kind

A

True

32
Q

Types of Deeds

Which type of deed is used to cure defects or clouds in titles and frequently used in divorces?

A

Quitclaim

33
Q

Types of Deeds

In which deed does the grantor make no promise to defend title if problems arise later?

A

Bargain and sale

34
Q

Types of Deeds

In the ________ _______ deed the grantor grants, bargains, and sells the property, but offers protection to grantee only for claims made by grantor?

A

Special warranty

35
Q

Types of Deeds

The grantor promises to defend title against any and all claims; it is the most common and provides the best protection to grantee.

A

General warranty aka warranty deed

36
Q

Curing Defect s in Title

What does it mean to cure a defect?

A

The elimination or resolution of a problem

37
Q

Curing Defect s in Title

List the 3 ways defect in titles may be cured.

QD - STQ - MARTA

A
  1. Quitclaim deed
  2. Suit to quiet title
  3. Marketable Record Title to Real Property Act
38
Q

Government Limitations on Private Property Ownership

The government is said to have sovereign powers. It allows the government to limit or control actions of citizens when necessary to protect _______, _______, and ________ of the public.

A

health, safety, and welfare

39
Q

Government Limitations on Private Property Ownership

Lit the 4 basic governmental powers regarding limitations on private property ownership.

PP - ED - E-T

A
  1. Police power
  2. Eminent domain
  3. Escheat
  4. Taxation
40
Q

Government Limitations on Private Property Ownership

Which government power allows the state to acquire ownership of property when the owner die intestate and no lawful heir can be found.

A

Escheat

41
Q

Government Limitations on Private Property Ownership

what does eminent domain allow?

A

Local, state, or federal g-ment, railroads, public utilities, and public housing authorities to obtain ownership to pvt property.

42
Q

Government Limitations on Private Property Ownership

When may the g-ment use eminent domain to take pvt property?

A

Use must be for public use, i.e. build highways, schools, railroads, or public projects

43
Q

Government Limitations on Private Property Ownership

True or False

Under eminent domain an owner may negotiate with the condemning authority, reach an acceptable sales price or refuse to sell.

A

False

Under eminent domain an owner may negotiate with the condemning authority, reach an acceptable sales price BUT CANNOT refuse to sell.

44
Q

Government Limitations on Private Property Ownership

This allows the g-ment to restrict the use of land to protect the health, safety, and welfare of citizens. It includes zoning and building and health codes

A

Police power

45
Q

Leases

List the 6 different types of leases.

A
  1. Gross
  2. Ground
  3. Net
  4. Percentage
  5. Lease-option
  6. Sale-leaseback
46
Q

Leases

This lease is defined as a lease in which tenant agrees to pay fixed rental amount while landlord pays expenses such as real estate tax, insurance, maintenance.

A

Gross

47
Q

Leases

Under this type of long-term lease the tenant is permitted to develop the property during lease period; all expenses (taxes, maintenance, insurance etc.) are paid by tenant; at the end of the lease all structures and improvements revert to property owner

A

Ground

48
Q

Leases

This lease is defined as a lease in which tenant pays fixed rent PLUS all or portion of operating costs such as real estate taxes, maintenance etc

A

Net

49
Q

Leases

This lease is defined as a lease in which tenant pays monthly base rent PLUS percentage of annual or monthly gross sales

A

Percentage

50
Q

Leases

This lease contains an option to but property within a period of time under specified conditions

A

Lease-option

51
Q

Leases

This lease occurs when a property owner sells property to investor who immediately lease the property back to original seller who then becomes tenant; it free the equity the seller had in the property effectively providing 100% financing

A

Sale-leaseback

52
Q

Superior Liens

List superior liens in order of priority

A
  1. Real estate property tax
  2. Special assessment
  3. Federal estate tax
53
Q

Junior Liens

List junior liens in order of priority

A
  1. Mortgage
  2. Vendor
  3. Judgment
  4. Construction
  5. Federal income tax
  6. State corporate income tax
54
Q

Broker’s Right to Record Documents Affecting Title

True or False

A broker cannot attempt to collect unpaid commission by filing a lien on any residential property that has been subject to his/her employment except under two exceptions: property owner may approve such filing in a listing agreement/sales contract or a broker may record judgment rendered by Florida court in the amount claimed

A

True

55
Q

Broker’s Right to Record Documents Affecting Title

How many days does a broker have to record a lien notice in the county/counties where a property is located after a nonresidential transaction?

A

30 days after commission earned

Sales Associate Pre-Licensing (17 decks)

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