Key Terms - Chapter 4

Question 1

acknowledgement

Answer 1

the grantor must appear before a public officer, such as a notary public, and state that the signing of the deed and was a voluntary act

Question 2

adverse possession

Answer 2

a method of acquiring title to real property by conforming to statutory requirement

Question 3

beneficiary

Answer 3

the recipient of a gift of personal property by will

Question 4

bequest

Answer 4

a gift of personal property by will

Question 5

bounds

Answer 5

direction from point to point

Question 6

chain of title

Answer 6

refers to successive conveyances of title to a piece of land

Question 7

cloud on a title

Answer 7

when someone has a possible claim against a title

Question 8

color of title

Answer 8

exists when someone has a document (such as a will, a deed, or a divorce decree) that appears to give him or her title to the property but actually does not

Question 9

condemnation

Answer 9

the process to take the property through eminent domain

Question 10

Conner Act

Answer 10

certain real estate documents are not valid against third parties until recorded, creating the need of protection

the first to record wins, NC is a “race state”

Question 11

constructive notice

Answer 11

all the world is bound by knowledge of the existence of the conveyance of title

Question 12

covenant against encumbrances

Answer 12

the grantor is assuring the grantee that there are no encumbrances against the title except those of record

Question 13

covenant of quiet enjoyment

Answer 13

an assurance by the grantor to the grantee that the grantee shall have a quiet possession and enjoyment of the property being conveyed and that the grantee will not be disturbed in the use and enjoyment of the property because of a defect in the title being conveyed

Question 14

covenant of right to convey

Answer 14

the grantor provides an assurance to the grantee that the grantor has legal capacity to convey the title and also has the title to convey

Question 15

covenant of seisin

Answer 15

provides an assurance to the grantees that the grantors hold the title that they specify in the deed that they are conveying

Question 16

covenant of warranty

Answer 16

provides that the grantor will warrant and defend the title to the grantee against the lawful claims of all persons

Question 17

deed

Answer 17

a written instrument that transfers an interest in real property when delivered to and voluntarily accepted by the grantee

Question 18

descent

Answer 18

when a person dies intestate the property is distributed by descent according to laws called intestate succession statutes

Question 19

devise

Answer 19

a gift of real property by will

Question 20

devisee

Answer 20

the recipient of real property by will

Question 21

eminent domain

Answer 21

a governments right to purchase property for the benefit of the general public

Question 22

excise tax

Answer 22

a tax the grantor pays based on the purchase price

$1 per any part of $500 of sales price

Question 23

executor

Answer 23

a person appointed in a will to carry out the provisions of that will

Question 24

executrix

Answer 24

a person appointed in a will to carry out the provisions of that will

Question 25

foreclosure

Answer 25

conducted without the consent of the property owner who incurred the debt that resulted in a lien

Question 26

government rectangular survey system

Answer 26

the land description method used throughout the United States but not within North Carolina or any of the original 13 colonies

Question 27

grantee

Answer 27

receives the property

Question 28

grantor

Answer 28

conveys or gives the title

Question 29

intestate

Answer 29

to die without a will

Question 30

judicial deed

Answer 30

executed by the official authorized by the court to conduct the sale and transfer the title.

Question 31

legal description

Answer 31

Any method that enables a surveyor or civil engineer to locate property with certainty metes and bounds government rectangular survey system description by reference

Question 32

lien foreclosure sale

Answer 32

the transfer of real property against the owner's wishes

Question 33

Marketable Title Act

Answer 33

aims to extinguish old defects in the title by providing that if a chain of title can be established for 30 years without conflicts, claims outside this chain are extinguished

Question 34

meridian

Answer 34

north south lines in the rectangular survey system

Question 35

plat

Answer 35

a property map

Question 36

point of beginning

Answer 36

should be a point that is reasonably easy to locate and tied to a reference point that is well established

Question 37

section

Answer 37

1 square mile in rectangular survey system = 640 acres

Question 38

special warranty deed

Answer 38

the warranty is limited to claims against the title arising out of the period of ownership of the grantor

Question 39

Statute of Frauds

Answer 39

a law in affect in all states requiring that every deed must be written to be valid

Question 40

suit to quiet title

Answer 40

must satisfy the court that they have fulfilled the requirements of the adverse possession statute in the particular state

Question 41

testate

Answer 41

when a person dies and leaves a valid will

Question 42

testator

Answer 42

a deceased person with a will

Question 43

testatrix

Answer 43

a deceased person with a will

Question 44

title examination

Answer 44

concerned only with recorded documents on the public record

Question 45

title insurance

Answer 45

an indemnity contract that protects the purchaser or mortgage against loss resulting from a defect in title that is covered in the policy and is in existence when the policy becomes effective

Question 46

township

Answer 46

6 x 6 mile square in rectangular survey system

Question 47

will

Answer 47

legal instrument designed to dispose of a decedent's property according to their wishes

Question 48

words of conveyance

Answer 48

words demonstrating that it is the grantor's intention to transfer the title to the named grantee