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Unit 12: Transfer of Title > Key Terms > Flashcards

Key Terms Flashcards

1
Q

The right to ownership or actual ownership of land

A

Title

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2
Q

___ represents the owner’s bundle of rights

A

Title

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3
Q

The evidence of ownership of land

A

Title

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4
Q

The document by which the owner transfers the title to real estate to another

A

Deed

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5
Q

A written instrument that, when executed and delivered, conveys title to or an interest in real estate

A

Deed

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6
Q

The deed must be ___ to give public notice of new ownership

A

Recorded

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7
Q

Transfer of real estate by sale or gift

A

Voluntary

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8
Q

Transfer or real estate by operation of law

A

Involuntary

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9
Q

Legal term for voluntary transfer of title, such as by gift or sale

A

Voluntary alienation

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10
Q

The owner who transfers the title

A

Grantor

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11
Q

The person who acquires the title

A

Grantee

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12
Q

A deed is executed only by the ___.

A

Grantor

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13
Q

Words of conveyance, together with any words of limitation

A

Granting Clause

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14
Q

If more than 1 grantee is involved in a deed, the ___ should specify their rights in the property.

A

Granting Clause

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15
Q

Words of conveyance

A

Granting clause

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16
Q

Clause stating the grantor’s intention to convey the property

A

Granting clause

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17
Q

The words “convey and warrant” creates a(n) ___ deed.

A

Warranty

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18
Q

the words “remise, release, alienate, and convey” creates a(n) ___ deed.

A

special warranty

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19
Q

The words “grant, bargain, and sell” creates a(n) ___ deed.

A

bargain and sale

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20
Q

The words “remise, release, and quitclaim” creates a(n) ___ deed.

A

Quitclaim

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21
Q

In Illinois, who can sign for a grantor, and must act under a power of attorney?

A

Attorney in fact

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22
Q

The specific written authority to execute and sign one or more legal instruments for another person

A

Power of attorney

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23
Q

A formal declaration made before a notary public, that the person who signs a written document does so voluntarily and that her signature is genuine.

A

Acknowledgment

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24
Q

A third party who delivers the deed to the grantee on behalf of the grantor as soon as certain requirements have been satisfied (2 names)

A

Settlement agent or Escrow agent

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25
Q

The only person who can sign a deed to corporate real estate

A

Authorized officer

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26
Q

Deed providing the greatest protection

A

General warranty

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27
Q

A deed in which the grantor fully warrants good clear title to the premises

A

General warranty deed

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28
Q

Type of deed used in most real estate deed transfers

A

General warranty

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29
Q

Grantor warrants that she owns the property and has the right to convey title to it

A

Covenant of seisin

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30
Q

Another word for possession

A

Seisin

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31
Q

Grantee may recover damages up to full purchase price if this covenant is broken

A

Covenant of seisin

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32
Q

Grantor warrants that the property is free from liens or encumbrances, except for any specifically stated in the deed

A

Covenant against encumbrances

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33
Q

Generally includes mortgages, mechanics’ liens, and easements.

A

Encumbrances

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34
Q

If this covenant is breached, grantee may sue for the cost of removing the encumbrances

A

Covenant against encumbrances

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35
Q

The grantor guarantees that the grantee’s title will be good against third parties who might bring court actions to establish superior title to the property.

A

Covenant of quiet enjoyment

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36
Q

Under the covenant of quiet enjoyment, if the grantee’s title is found to be inferior in a court of law, who is liable for damages?

A

The grantor

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37
Q

The grantor promises to obtain and deliver any instrument needed to make the title good.

A

Covenant of further assurance

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38
Q

The grantor promises to compensate the grantee for the loss sustained if the title fails at any time in the future

A

Covenant of warranty forever

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39
Q

What are the 2 basic warranties in a special warranty deed?

A

1) Warranty that grantor received title
2) Warranty that property was not encumbered during the time grantor held title, except as otherwise noted in the deed

40
Q

A deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of her tenure and ownership of the property and not against defects existing before that time

A

Special warranty deed

41
Q

Generally contains the words “Grantor remises, releases, alienates, and conveys”

A

Granting clause

42
Q

Deed that contains no express warranties against encumbrances, but implies that the grantor holds title and possession of the property

A

Bargain and sale deed

43
Q

A deed that carries no warranties against liens or other encumbrances but implies that the grantor has the right to convey title, and that the grantor may add warranties to the deed at his discretion

A

Bargain and sale deed

44
Q

In Illinois, who holds a fee simple estate in a bargain and sale deed?

A

Grantor

45
Q

In Illinois, a bargain and sale deed states that the title is free from ___ made by the grantor except those listed.

A

Encumbrances

46
Q

In Illinois, a bargain and sale deed states that the grantor warrants ___.

A

Quiet enjoyment

47
Q

Under the Illinois Conveyances act, the words in the granting clase “Grant, bargain, and sell” creates a(n) ___ deed.

A

Bargain and sale

48
Q

Deed that provides the least protection to the grantee

A

Quitclaim

49
Q

A conveyance by which the grantor transfers whatever interest she has in real estate, without warranties or obligations

A

Quitclaim deed

50
Q

A(n) ___ deed is frequently used to cure a defect called a cloud on the title.

A

Quitclaim

51
Q

A quitclaim deed only carries ___.

A

the grantor’s interest

52
Q

Deed that conveys in fee all the grantor’s existing legal and equitable rights held at the time of delivery

A

Quitclaim deed

53
Q

The means by which a trustor conveys real estate to a trustee for the benefit of a beneficiary

A

Deed in trust

54
Q

An instrument that grants a trustee under a land trust full power to sell, mortgage, and subdivide a parcel of real estate.

A

Deed in trust

55
Q

Under a deed in trust, the ___ controls the trustee’s use of its powers under the provisions of the trust agreement.

A

Beneficiary

56
Q

A deed executed by a trustee

A

Trustee’s deed

57
Q

Deed that is used when a trustee conveys real estate held in the trust to the beneficiary

A

Trustee’s deed

58
Q

The trustee’s deed must state that the ___ is executing the instrument in accordance with the powers and authority granted by the trust instrument

A

Trustee

59
Q

Deeds that are established by state statute and are used to convey title to property that is transferred by court order or by will.

A

Deed executed pursuant to court order

60
Q

When must transfer tax be paid in Illinois?

A

Prior to recording of the deed

61
Q

Tax stamps required to be affixed to a deed by state and/or local law

A

Transfer tax

62
Q

Transfer tax is paid by purchasing ___ from the county recorder or city offices

A

Tax stamps

63
Q

Tax stamps are affixed to the ___.

A

Deed

64
Q

The amount of consideration used for determining transfer taxes must be shown on the ___ form in Illinois.

A

Real Estate Transfer Declaration form

65
Q

Form used in Illinois that provides for the inclusion of the property description, manner of conveyance, and type of financing used

A

Real Estate Transfer Declaration Form

66
Q

In Illinois, a completed ___ must accompany every deed presented to the recorder fro recording.

A

declaration form

67
Q

Title to property may be transferred without the owner’s consent by ___.

A

Involuntary alienation

68
Q

Involuntary transfers are usually carried out by…

A

operation of law

69
Q

The act of transferring property to another through eminent domain or adverse possession

A

Involuntary alienation

70
Q

Adverse possession is a means of ___ transfer

A

involuntary

71
Q

Squatter’s rights

A

Adverse possession

72
Q

A person who dies ___ has prepared a will indicating how the person’s property should be handled.

A

Testate

73
Q

Dying without a will

A

Intestate

74
Q

If a person dies intestate, real estate and personal property pass to their heir’s according to the state’s ___.

A

Statute of descent and distribution

75
Q

Dying with a will

A

Testate

76
Q

Instrument made by an owner to convey title to real or personal property after the owner’s death

A

Will

77
Q

A will is a(n) ___ instrument

A

Testamentary

78
Q

When does a will take affect?

A

After death

79
Q

The person who makes a will

A

Testator

80
Q

Only property owned by the ___ at the time of death may be transferred by will.

A

Testator

81
Q

The gift of real property by will

A

Devise

82
Q

A person who receives property by will

A

Devisee

83
Q

The gift of personal property by will

A

Bequest

84
Q

Also called legacy

A

Bequest

85
Q

A person who receives personal property by will

A

Beneficiary

86
Q

Also called a legatee

A

Beneficiary

87
Q

Illinois law that governs intestate distribution

A

Illinois Law of Descent and Distribution

88
Q

The purpose of ___ is to see that assets are distributed correctly.

A

Probate

89
Q

Assets distributed through ___ are those that do not otherwise distribute themselves.

A

Probate

90
Q

The person who has possession of the will

A

Executor

91
Q

A personal representative appointed by the court to administer affairs of the estate after a person dies intestate

A

Administrator

92
Q

Whether or not a will is involved, the ___ or ___ is responsible for having the estate’s assets appraised and for ensuring that all the decendent’s debts are satisfied.

A

Executor or administrator

93
Q

Whether or not a will is involved, the ___ or ___ is responsible for paying federal estate taxes and state inheritance taxes out of the assets

A

Executor or administrator

94
Q

The specific words of ___ in the granting clause are critical in determining the form of deed

A

conveyance

95
Q

The specific words of conveyance in the ___ are critical to determining the type of deed

A

Granting clause

Unit 12: Transfer of Title (3 decks)

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