Encumberances & Transfer Of Ownership Flashcards
An easement that is not appurtenant to any one parcel
Easement in gross
Permission to use a property which may be revoked at any time
License
The unauthorized placement of permanent improvements that intrude on adjacent property owned by another
Encroachment
Status provided to a homeowner’s principal residence that protects the home against judgments up to specified amounts
Homestead
A gift of personal property by will
Bequest
Dying without leaving a will
Intestate
Process by which there is an addition or reduction to property by the efforts of natural forces
Accession
Gradual buildup of alluvium by natural causes on property bordering a river, lake, or ocean
Accretion
Occurs when land that has been covered by water is exposed by receding of the water
Relicition
The act of transferring ownership, title, or interest
Alienate
The person receiving the property, or to whom it is being conveyed
Grantee
The person conveying or transferring the property
Grantor
A document in real estate
Instrument
It is a court proceeding to clear a cloud in the title of real property
Quiet title action
Notice that indicates pending litigation affecting title in a property
Lis Pender’s
Define encumbrance
Anything that affects or limits the fee simple title to or value of property
The form of encumbrance that makes specific property the security for the payment of a debt or obligation is called a:
Lien
A recorded abstract of a judgment is classified as a(n)__________lien.
Involuntary
Recording a lis pendens:
Clouds the title AND affects marketability
The owner of an apartment building does not declare the income from the rental units. The IRS filed a government tax lien, which would be a :
General lien
The personal, revocable,unassignable permission to use the property of another without a possessory interest in it is called a(n):
License
Because it is revocable, it is a license
Rogerl, who owns a ranch, gave Sam who owns no property, a non-revocable right to cross his ranch to fish in the stream. Sam has a(n):
Easement in gross
Private restrictions on land can be created by deed:
Or written agreement
Alienation of title to real property most nearly means to:
Convey or transfer title and possession
To be binding on a buyer and a seller, a deed to transfer real property must be:
Delivered and accepted
A grant deed is considered executed when it is:
Delivered by the grantor
Effective delivery of a deed depends on:
The intention of the grantor
Dana sold a property to Kim, who did not record the deed but did occupy the premises. Dana then sold the same property to Lee, who did not inspect the property but did record the deed. After the second sale, who would have legal title to the property?
The title would remain with Kim
An owner of a parcel of real property gave his neighbor a deed conveying an easement for ingress and egress. The easement was not specifically located in the deed. Under the circumstances, the neighbor’s right to use the easement is:
Enforceable because the location of the easement does not need to be specified
Which of the following actions is a quiet title action?
Court action to remove a cloud on a title
Liens are either:
Voluntary
Involuntary
Specific
General
Money debts that an owner agrees to pay (in reference to a type of lien):
Voluntary Lien
Money obligations that create a burden on a property by government taxes or legal action because of unpaid bills (in reference to a type of lien):
Involuntary Lien
Liens against just one property:
Specific lien
Example: property taxes assessed against real property automatically become a specific lien on only that property on July 1 on RSG year.
Liens on all the properties of the owner, not just one. Federal or state income taxes and judgement liens can become a _____________lien on all your real property.
General lien
A written instrument that makes real property collateral for a loan is a (n)______ deed.
Trust deed
A trust deed is a security device-voluntary and specific. Trust deeds and mortgages are security devices that make property security for the debt.
Trust deeds and mortgages are personal property as well as examples of voluntary liens. A lien is created by recording.
A lien that secures real property for the payment of a promissory note (debt) is a :
Mortgage (security device - voluntary, specific)
Mortgages are rarely employed in financing CA homes but are widely used in other states. In CA, many people use the term mortgage to mean a property loan, but usually are talking about trust deeds
The recording of a notice with the county recorder’s office warning all persons that a lawsuit is pending concerning a particular property.
Lis Pendens (“Lawsuit is Pending”)
A property is not marketable until the lis pendens is removed.
A court order to sell property to satisfy a judgment is a:
Writ of execution
The forced sale of a debtor’s property to satisfy a judgment under a writ of execution is called a:
Sheriff’s Sale.
If a person refuses to pay off a judgment the sheriff’s Sale is the next step.
Proceeds from a sheriff’s Sale are distributed in the following order:
Taxes and assessment liens
Mechanic’s liens and any previously recorded judgments
First trust deed
Second trust deed and any subsequent liens
A court order to stop doing something is an:
Injunction
Non-financial encumbrances that limit the physical use of a property are:
Easements Building restrictions Zoning Encroachments Leases
True or False:
An easement is not a lien.
True
An interest in another’s land that is also considered to be a right is called an:
Easement
Easements are of two types:
Easements appurtenant
Easements in gross
True or False:
All liens are encumbrances but not all encumbrances are liens.
True
A voluntary lien placed over more than one property, and usually has a release clause for one or more of the parcels:
Blanket encumbrance
A right, limited to a specific use, that one party has in the land of another :
Easement
Anything that affects or limits the fee simple title to, or value of, property, mortgages or easements:
Encumbrance
The process by which real or personal property is seized by the court for the purpose of assuring payment :
Attachment
A form of encumbrance that usually makes specific property security for the payment of a debt:
Lien
Discharge of a mortgage or trust deed from the records upon payment of the debt. Make sure you receive a Deed of Reconveyance to prove that you paid off the deed of trust.
Satisfaction
A promise to do or not to do a particular thing
Covenants
A limiting restriction stating that upon the happening or not happening of some stated event, the estate shall be changed in some manner.
Conditions
A legal document by which a borrower pleases certain real property as collateral for the repayment of a loan. In addition to the buyer and seller, there is a third party to the transaction known as a trustee.
Trust Deed
A lien usually a trust deed in CA, covering more than one property of the borrower/
Blanket encumbrance
An easement for the benefit of the owner of an adjacent parcel of land.
Easement appurtenant
A writ to carry out a court order, usually arising from a judgment:
A writ of execution
A property that is burdened by an easement :
Servient tenement
A document using property to secure the payment of debt is called a:
Lien
A non-possessory interest in real property that is held by someone who is not the owner.
Encumbrance
Anything that burdens or affects the title or the use of the property is referred to as an:
Encumbrance
A property is _______________when it is burdened with legal obligations against the title.
Encumbered
True or False.
Most buyers purchase encumbered property.
True
Encumbrances fall into two categories:
Those that affect title and those that affect the use of the property. These two categories of encumbrances are:
Financial encumbrances
And non-financial encumbrances
An obligation to pay a financial encumbrance that may be voluntary or involuntary is referred to as a:
Lien
True or False.
A voluntary lien does not have to be recorded.
True
True or False.
A mechanics lien must be verified and recorded.
True
