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Alaska Real Estate Exam > Conveyances and Recording > Flashcards

Conveyances and Recording Flashcards

1
Q

acceptance

A

the act of which a grantee receives the deed and title passes

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2
Q

adverse possession

A

actual, visable, hostile, notorious, exclusive and continuous possession of property under claims of title. (10 years - squatters rights)

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3
Q

bargain and sale deed

A

a deed that carries with no warranties against liens but does imply the grantor has title

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4
Q

deed

A

written instrument that when executed (signed and delivered) transfers title to real estate

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5
Q

deed in trust

A

conveys title to a trustee to create a land trust (save taxes)

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6
Q

delivery

A

before transfer can take effect actual or implied deliver of a deed must take effect

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7
Q

descent

A

inheritance according to the law if you do not have a will

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8
Q

escheat

A

if you die without a will with out heirs property reverts to the state

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9
Q

general warranty deed

A

grantor fully warrants the sale with 5 covenants - good clear title - highest and best

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10
Q

grantee

A

person receiving title

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11
Q

granting clause

A

words in the deed that tells the type of deed that it is

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12
Q

grantor

A

the person who is transferring title (seller)

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13
Q

habendum clause

A

the words “to have and to hold” type of ownership grantor is conveying

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14
Q

intestate

A

die without a will

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15
Q

involuntary alienation

A

transfer of property without your permission (foreclosure)

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16
Q

Market approach (valuation)

A

the value is established based on recent sales of comparable, nearby properties. Based on these the appraiser forms and opinion of value.

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17
Q

Market approach (valuation)

A

If there have been no recent sales for the market approach, the cost aproach (sometimes called the depreciated replacement cost) looks at how much it would cost to replace the land and existing structures, after factoring in depreciation.

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18
Q

Income approach (valuation)

A

considers the investment value of the property, that is how much one would pay at the moment of valuation in light of the property’s income.

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19
Q

marketable title

A

seller owns property and has the right to sell it

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20
Q

minor

A

has not reached the age of majority and can not legally contract

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21
Q

probate

A

the court determine who inherits your property

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22
Q

quitclaim deed

A

transfers interest in property with no warranties

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23
Q

reconveyance deed

A

transfers title back t the grantor ofter payoff

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24
Q

recording

A

making a document public record

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25
Q

special warranty deed

A

guarantees only defects during grantors ownership

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26
Q

testate

A

having made a valid will

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27
Q

tastator

A

someone who made a valid will

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28
Q

title

A

the right to and evidence of ownership in real estate

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29
Q

transfer tax

A

(ak does not have) tax stamps that must be attached to the deed on conveyance upon transfer

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30
Q

trust deed

A

creates a mortgage type lean against a property to protect a loan

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31
Q

trustees deed

A

transfers property with your permission (usually with a deed)

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32
Q

will

A

a written document that when properly witnessed transfers title after your death

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33
Q

abstract of title

A

condensed history of all the transfers

34
Q

actual notice

A

express information of a fact

35
Q

ALTA Policy

A

a title insurance policy that confirms to the American Land Title Association uniform standards (the lender’s title policy)

36
Q

attorney’s opinion of title

A

an abstract that has been examined by an attorney and deemed valid

37
Q

bulk transfer

A

selling a major part of a business in its entirety (w/ alll innards)

38
Q

caveat emptor

A

let the buyer beware (before 1991 no one represented buyers)

39
Q

certificate of title

A

an opinion of title by an attorney

40
Q

chain of title

A

the succession of conveyances on a property

41
Q

constructive notice

A

notice given to the world by recording

42
Q

evidence of title

A

proof of ownership - Only 4 ways

Abstract / Attorney Opinion / Certificate of Title / Title Insurance

43
Q

Financing statement

A

puts the security interest in chattels in a commercial sale, required by UCC

44
Q

marketable title

A

seller owns the property and has the right to sell it

45
Q

recording

A

making a document public record

46
Q

security agreement

A

puts security agreement on chattles with a full description of the chattels - Inventory, one step further than the financing statement

47
Q

subrogation

A

substituting one creditor for another in the order of repayment (sometimes they do not want to be paid off first )

48
Q

suit to quiet title

A

a legal action to clear a cloud on a title

49
Q

torrens system

A

evidencing title by registration with a public registrar of title (mortgage liens only valid when original)

50
Q

Uniform Commercial Code

A

codification of laws to make commercial purchases similar throughout the US

51
Q

ad valorem tax

A

real estate tax takes 1st priority

52
Q

assessment roll

A

spreading the taxes over taxing body, everyone pays their fair share

53
Q

attachment

A

taking property into legal custody after winning in court

54
Q

bail bond

A

a voluntary specific lean to guarantee a court appearance

55
Q

corporation franchise tax

A

tax on a corporations assets to allow them to operate within a states

56
Q

equalization factor

A

a number set by a local taxing authority to make taxes similar from one area to another

57
Q

equitable lien

A

a lien from a court case based on fairness

58
Q

estate taxes

A

federal taxes on a deceased persons assets

59
Q

general lien

A

a lien against all property both real estate and personal

60
Q

inheritance taxes

A

state taxes on a deceased persons assets

61
Q

IRS tax lien

A

a general lien on all of your property for non payment o IRS taxes

62
Q

involuntary lien

A

a lien imposed without your permission

63
Q

judgment lien

A

lien placed after a formal decision by a court

64
Q

lien

A

a right given to a creditor to have your debt paid by the sale of your property

65
Q

mechanics lien

A

lien in favor of a contractor or supplier for labor or maintenance on your property (starts from the contract date)

66
Q

mill

A

one tenth of 1 cent. 15 cents is 1.5%

67
Q

mortgage lien

A

a lien in favor of the lender for security of the loan

68
Q

priority

A

the order of repayment of loans

69
Q

redemption

A

buying back property after forclosure

70
Q

redemption period

A

a time allowed by state to redeem property after foreclosure (typically 1 year)

71
Q

special assessment

A

a tax or levy against a property for some public improvements

72
Q

specific lien

A

lien effecting only 1 property

73
Q

statutory lein

A

a lien imposed by law (ex. tax lien)

74
Q

subordination agreement

A

an agreement between lien holders to change the priority of the lein

75
Q

surety bail bond

A

insurance policy to guarantee a court appearance

76
Q

tax foreclosure

A

legal procedure to sell property for taxes

77
Q

tax lien

A

lien against your property for non payment of taxes. Does not need to be recorded.

78
Q

voluntary lien

A

lien placed with your permission

79
Q

tax sale

A

court ordered sale of real property for delinquency

80
Q

lis pendens

A

written notice that a lawsuit has been filed concerning real estate

Alaska Real Estate Exam (4 decks)

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