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Taking and Holding Title > One > Flashcards

One Flashcards

1
Q

___ is the right to our ownership of land, it encompasses all of the bundle of rights an owner possesses.

A

Title

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2
Q

What is a deed?

A

A document used to convey title. It signals the end of one ownership and the beginning of another.

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3
Q

What is the difference between a deed and a bill of sale?

A

A deed is used to transfer real property and a bill of sale is used to transfer personal property.

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4
Q

What are the nine requirements for a valid deed?

A
  1. Grantor
  2. Grantee
  3. Consideration
  4. Granting clause
  5. Habendum clause
  6. Property description
  7. Exceptions and reservations (if any)
  8. Signature of all grantors
  9. Delivery and acceptance
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5
Q

In a deed who is the grantor and who is the grantee?

A

The grantor is the giver, often a seller. The grantee is the receiver, often a buyer.

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6
Q

What are some legal requirements of a grantor?

A

Must be of a legal age and sound mind and must sign the deed.

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7
Q

What three things are not needed for grantee to receive a deed?

A
  1. They do not need to be of legal age.
  2. Not need to sign the deed.
  3. Not need to be identified on the deed.
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8
Q

What is the difference between title and a deed?

A

Title is the right of ownership, a deed is a document used to convey title. (think entitled)

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9
Q

A __ clause are words of conveyance that make it clear you are transferring title.

A

granting

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10
Q

An __ clause defines the extent of ownership in the estate granted.

A

habendum

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11
Q

True or False? A deed needs to be recorded to be valid.

A

False

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12
Q

Name six types of deeds.

A
  1. General Warranty
  2. Special Warranty
  3. Bargain and Sale
  4. Quitclaim
  5. Non voluntary
  6. Quiet Title
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13
Q

Which is the most frequent deed and has the most promises to the grantee?

A

General Warranty Deed

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14
Q

Covenant of __ is the promise that “I’m the owner with the right to sell.”

A

Seisin

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15
Q

In a general warranty, what does it mean to be against encumbrances?

A

No hidden liens or problems with clear title.

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16
Q

__ Forever is covering problems after closing that stem from issue or items that existed prior to delivery of the deed.

A

Warranty

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17
Q

What is a special warranty deed?

A

It has the same promises of a general warranty but it only covers the time the property was owned by the current grantor.

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18
Q

__ and __ deed recites consideration and conveys the grantor’s interest in the property but does not usually include warranties as to the title.

A

Bargain, Sale

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19
Q

What is a quitclaim deed?

A

Is also called a release deed and is often used to clear a cloud on the title or correct an error.

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20
Q

What are the two non voluntary deeds?

A

A tax deed which conveys title on a property taken by the government for nonpayment of taxes and sheriff’s deed which is given by the courts to sale property to satisfy a judgment.

21
Q

What is a quiet title suit?

A

A court action intended to settle the title to a particular property, especially where there is a cloud on the title,.

22
Q

True or false? Unrecorded deeds are valid.

A

True

23
Q

Name the six types of ownership.

A
  1. Severalty
  2. Tenants in Common
  3. Joint Tenants
  4. Tenants by the Entireties
  5. Community Property
  6. Allodial System
24
Q

___ is the ownership by one person or corporation.

A

Severalty

25
Q

____ is ownership by two or more persons who’s interests can be equal or unequal; the percentage must be spelled out for both.

A

Tenants in Common

26
Q

___ is where there is the unity of ownership by two or more persons that include the four unities of PITT.

A

Joint Tenants

27
Q

What are the four unities of joint tenants?

A
  1. Time- takes title at same time
  2. Title- same title on the deed
  3. Interests- have equal interests $$
  4. Possession- undivided interest in whole property
28
Q

___ is if one dies, their interest passes to the remaining joint tenants.

A

Right of Survivorship

29
Q

What is a partition suit?

A

It can be initiated by any partner to end the partnership. The property is then sold and proceeds divided.

30
Q

Can a husband file a partition suit against his wife?

A

No, you cannot sue your spouse to break up the property.

31
Q

If someone in joint tenancy sells interest, unity is broken and it becomes ____.

A

Tenancy in common

32
Q

Tenants by Entireties is a special __ __ for lawfully married husband and wife.

A

Joint Tenancy

33
Q

What happens in a community property state?

A

Property acquired prior to marriage is held separately and any acquired during marriage is owned equally.

34
Q

___ system is private ownership.

A

Allodial

35
Q

What is the difference between a condominium and a cooperative?

A

A condo is ownership of real estate and a co-op is ownership of stock in the cooperative.

36
Q

True or False? In a condominium, the common ground is owned as tenants in common.

A

True

37
Q

The person who leaves a will is the __.

A

Testator

38
Q

What is the difference between testate and intestate?

A

testate- you die with a will

intestate- you die without a will

39
Q

__ is the transfer of real property through a will and __ is the transfer of personal property through a will.

A

Devise, Bequest

40
Q

If you die intestate but with heirs, the courts will create a will for you using __.

A

Descent

41
Q

The __ is the one who carries out the wishes of the testator of the will.

A

executor

42
Q

A ___ title is a clear title reasonably free from risk of litigation over possible defects.

A

marketable

43
Q

Abstract of title is the __ of title.

A

history

44
Q

A __ of title is a statement of opinion by a title company.

A

certificate

45
Q

Title insurance is a form of ___ because the insurance pays off if there is a problem.

A

subrogation

46
Q

A group of individuals organized for the purpose of investing in real estate is a ___.

A

syndicate

47
Q

What are the three ways to syndicate?

A
  1. Real Estate Investment Trust REIT
  2. General Partners
  3. Limited Partners
48
Q

Investments, like the syndicate approach, require the consumer to go to someone with a __ license.

A

securities

Taking and Holding Title (1 decks)

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