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Real Estate > Chapter2- Encumbrances & Trasfer Of Ownership > Flashcards

Chapter2- Encumbrances & Trasfer Of Ownership Flashcards

1
Q

Encumbrance

A

IS a lien, clam, charge, or lability against property,may create a cloud on the title.

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2
Q

Lien

A

Creates a legal obligation to pay.

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3
Q

Restriction

A

Is a limitation placed on the use of property

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4
Q

Deed restrictions

A

And covenants are created in the deed at the time of sale or in the general plan of a subdivision by the developer.

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5
Q

Easement

A

Is the right to enter or use someone else’s land of a specified purpose.

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6
Q

Easement appurtenant

A

Creates an egress and ingress , attaches to the land

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7
Q

Easement in gross

A

Oil and gas pipelines and public utilities also have easements that are not appurtenant to any one parcel.

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8
Q

Express grant

A

The servient tenement, or the giver of the easement , grants the easement by deed or express agreement.

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9
Q

Express reservation

A

The seller of a parcel who owns adjoining land, reserves an easement or right of way over the former property.

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10
Q

Necessity

A

An easement by necessity is created when a single parcel is partitioned leaving one or more parcels completely landlocked with no access to a street.

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11
Q

Prescription

A

An easement by prescription may be created by continuous, uninterrupted use, by a single party or a number of parties, for statutory period.

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12
Q

Terminating an easement

A
  • failure off purpose
  • abandonment
  • merger
    *express release
    FAME
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13
Q

Failure of purpose

A

An easement at be terminated if the purpose for crating the easement no longer exists.

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14
Q

Abandonment

A

The obvious and intentional surrender of the easement

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15
Q

Merger

A

If the same person of the dominant and servient tenements,

The easement is terminated.

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16
Q

Express release

A

The owner of the dominant tenement is the only one who can release an easement. A usual way would be to sign a quitclaim deed.

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17
Q

Encroachment

A

Placing a permanent improvement ( fence, wall, driveway, or roof) so that it extends over the lot one into adjoining property owned by another.

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18
Q

How title to real estate is acquired or conveyed

A
  • will
  • descent
  • natural forces
  • adverse possession
  • transfer by deed
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19
Q

Will

A

Disposes of property after death

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20
Q

Witnessed will

A

Usually prepared by an attorney and signed by the maker (testator) and two witness.

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21
Q

Holographic will

A

Written in the makers own handwriting, dated, and signed by the maker.

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22
Q

Codicil

A

The maker may change a will

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23
Q

Devise

A

Gift of real property by will

24
Q

Bequest or legacy

A

Gift of money or personal property by will

25
Q

Intestate

A

Means dying without a will

26
Q

Testator

A

Is a person who makes a will and is said to die testate

27
Q

Probate

A

Is a legal process to prove a will is valid

28
Q

Decent (succession)

A

Is the legal transfer of a person’s interest in real and personal property under the laws of descent and distribution.

29
Q

Intestate succession

A

When a person inherits property as a result of someone dying without a will

30
Q

Accession

A

Is a process by which there is an addition to property by the efforts of man or natural forces

31
Q

Alluvium

A

The gradual build up of soil

32
Q

Accretion

A

By natural causes on property bordering a river, lake, or ocean

33
Q

Erosion

A

Is the gradual wearing away of land by natural processes.

34
Q

Avulsion

A

The sudden washing or tearing away of land by water action

35
Q

Adverse possession

A

One can acquire title to property by actual occupation,which is notorious, hostile, and continuous for the statutory period.

36
Q

Deed

A

Is a legal instrument used to transfer an interest in real property

37
Q

Grantor

A

Is the person conveying the property

38
Q

Grantee

A

Is the person receiving the property

39
Q

Elements of a valid deed

A
  • legally competent grantor
  • legal description
  • consideration
  • words of conveyance
  • name grantee
  • signed by the grantor, delivered to and accepted by the grantee
40
Q

Habendum clause

A

Begins with the words to have and to hold and defines or limits the ownership interest of the grantee

41
Q

Types of deeds

A
  • general warranty deed
  • special warranty deed
  • bargain and sale deed
  • grant deed
  • quitclaim deed
42
Q

General warranty deed

A
  • covenant of seizen
  • covenant against encumbrances
  • covenant of quiet enjoyment
  • covenant of further assurance
  • covenant of warranty forever
43
Q

Special warranty deed

A 
*grantor only warrants the title to the property during the time of the grantors ownership
#used in foreclosed sales by Leander's 
#used in sales in which the relocation company has taken title 
#used in estate sales
44
Q

Bargain and sale deed

A

(Deed without warranty)is simply a deed that does not contain any covenant of warranty but does imply ownership by the grantor.

45
Q

Grant deed

A
  • grantor has not already conveyed title

* estate is free encumbrances than those disclosed by the grantor

46
Q

Quitclaim deed

A

The grantor only conveys the right,title, and interest of the grantor

  • no warranties or covenants to the grantee
  • release deed
  • used to clear a cloud on a title
  • used to release any interest the grantor has or may have
47
Q

Public grant

A

Is the transfer of title by the government to a private individual

48
Q

Land patent

A

Is the document used by the government to show the original transfer title to land to an individual

49
Q

Involuntary alienation/Operation of law

A
  • foreclosure
  • bankruptcy
  • quiet title action
  • partition action
  • execution of sale
  • escheat
  • eminent domain
  • condemnation
50
Q

Foreclosure

A

Is the legal process used by a lender to seize property of a homeowner for breach of a deed of trust or mortgage

51
Q

Bankruptcy

A

Is the court proceeding to relieve a person’s or company’s financial insolvency

52
Q

Quiet title action

A

Is a court proceeding to clear a cloud on the title of real property

53
Q

Partition action

A

Is a court proceeding to settle a dispute between co-owners (joint tenancy or tenants in common) about dividing their interests in real property

54
Q

Execution sale

A

Is a forced sale of property under a court order with the proceeds used to satisfy a money judgement

55
Q

Escheat

A

Is a legal process in which real and personal property under reverts to the state because the deceased owner left no will and has no legal heirs the state must wait a number of years before trying to claim the property

56
Q

Eminent domain

A

is the power of the government to take private property for the public use after paying just compensation to the owner

57
Q

Condemnation

A

Is the process by which the government acquires private property for public use, under its right of eminent domain

Real Estate (4 decks)

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