Deeds

Question 1

Devise

Answer 1

Conveyance of real property in a will

Question 2

Bequest or legacy

Answer 2

Conveyance of personal property in a will

Question 3

Testate

Answer 3

A person who dies, leaving a will

Question 4

Intestate

Answer 4

A person who dies leaving no will

Question 5

Escheat

Answer 5

When a person dies without a will, and without airs, so the property passes to the state

Question 6

A sheriff deed

Answer 6

Comes from judicial or forced foreclosure

Question 7

Trustees deed

Answer 7

Comes from non-judicial or agreed-upon foreclosure

Question 8

Nuncupative will

Answer 8

A death bed will, requires three witnesses that are not beneficiaries of the will

Question 9

Holographic will

Answer 9

Handwritten will it is written entirely in the hand writing of the testator I need not be witnessed it should be dated and can pass both real and personal property

Question 10

Codicil

Answer 10

Change or addition to an existing will. Follows same rules as original will.

Question 11

Living will

Answer 11

Allows the testator to donate body organs to science. Give instructions relative to the use of life support systems, etc..

Question 12

Trust

Answer 12

Legal entity, like a business, it’s created on paper. Arrangement that we have made how Property is held.

Question 13

Living trust

Answer 13

We have enacted it, and put it into affect during the life of the trustor, the person that actually created it. 

Question 14

A revocable trust

Answer 14

Can be changed by the trustor at any time

Question 15

Irrevocable trust

Answer 15

Once this trust is set up the trust or loses the right to change it

Question 16

Testamentary Trust

Answer 16

Takes effect after death does not allow one to avoid probate. How assets are to be managed

Question 17

Habendum clause

Answer 17

In real estate contracts, the habendum clause refers to the transfer of ownership of a property and any accompanying restrictions. Because the clause begins with the phrase, “To have and to hold,” the habendum clause is sometimes called the “to have and to hold clause.

Question 18

Possession

Answer 18

The right to occupy and possess the propert

Question 19

Use or control

Answer 19

How you can use the property

Question 20

Quiet enjoyment

Answer 20

The right of the owner or lessee to use the property without defect in title

Question 21

Disposition

Answer 21

The right to keep or sell or lease the property.

Question 22

Fee simple

Answer 22

This is the most complete form of ownership. Fee estate, fee simple absolute.