CHp 5- Title & Transfer

Question 1

Special Warranty Deed

Answer 1

Covers the grantors ownership period only

Question 2

Quitclaim Deed

Answer 2

Covers nothing and usually used to clear title rather than convey

Question 3

Quiet Title Suit

Answer 3

Lienor must prove validity of interest if not proven the cloud is removed

Question 4

Person rep deed

Answer 4

Convey a decedent’s estate

Question 5

Guardian’s deed

Answer 5

transfer property of minors or mentally incompetent

Question 6

Sherifif’s deed

Answer 6

Foreclosed property sold at public auction

Question 7

Deed of Trust

Answer 7

Collateral for a loan - Reconveyance deed is used to convey back

Question 8

Deed in trust

Answer 8

convey to the trustee of a land trust DO NOT CONFUSE W? MASTER DEED

Question 9

Master Deed

Answer 9

Conveys land to a condo developer

Question 10

Partition Deed

Answer 10

co-owned property w/ court order from a partition suit

Question 11

Patent Deed

Answer 11

Gove’t prop to private parties

Question 12

Exemptions from transfer tax

Answer 12

immediate family, less than a certain amount, between gov’t or non profits, trust deed or reconveyance and tax deed

Question 13

Testator

Answer 13

Make of a will

Question 14

Devisor

Answer 14

Maker of a will

Question 15

Testate

Answer 15

Died with a valid will

Question 16

Not having a valid will

Answer 16

Intestate

Question 17

4 types of wills

Answer 17

witnessed, holographic, approved or nuncupative

Question 18

Escheat

Answer 18

Property goes to state

Question 19

Types of involuntary Title Transfer

Answer 19

1) Laws of descent
2) Abandonment
3) Foreclosure
4) Eminent Domain

Question 20

KY Adverse Possession time staturory time period

Answer 20

15 yrs

Question 21

Estoppel

Answer 21

prevents claims inconsistent with previous statements or acts

Question 22

Chain of Title

Answer 22

succession of owners

Question 23

Abstract of Title

Answer 23

written, chrono summary of public records. Title search is needed to produce an abstract.

Question 24

Does KY use the Torrens system

Answer 24

NO

Question 25

COnditions for involuntary transfer by adverse possession

Answer 25

claim of right

possession w/out concealment

possession for a stuatory time (15 YRS)

payment of taxes (possibly)

Question 26

4 principal forms of title evidence

Answer 26

torrens

title insurance policy

attorneys opinion of abstract

title certificate

Question 27

What doc shows legal alienation of a prop

Answer 27

deed

Question 28

If 2 parties claim severalty what doc do courts settle with

Answer 28

Bill of Sale

Question 29

Doctrine prevents grantor from reclaiming property

Answer 29

Estoppel

Question 30

Devise

Answer 30

property transferred by a will

Question 31

Property transferred by will

Answer 31

Devise

Question 32

Property may escheat to the state or cunty if…

Answer 32

it’s abdandoned for time by law