Ownership and Title Transfer Flashcards
Four conditions required for joint tenancy? TIPT
Title
Interest
Possession
Time
Document promising that the title is merchantable
Warranty deed
Deed containing covenants and warranties
Warranty deed
Protection against losses due to undiscovered title defects or encumbrances is best provided by
Title insurance
T/F acknowledgment by a notary is NOT necessary to validate a deed
True
A claim against property that has an effect on merchantable title
Encumbrance
The clause that names the type of estate being granted
Habendum clause
Transfer of property must be accepted by
Grantor and grantee
Documentary stamp tax is a debit to who?
Seller
Minimum notice to terminate a monthly tenancy at will
15 days
Does a grantee have to be competent in order to receive a deed?
No
What type of partnership is formed to engage in on transaction and terminate after
Joint venture
Executors contract is what?
Not been executed
Which law requires that real estate contracts must be in writing
Statute or frauds
Ownership by one person is
Tenancy in severalty
Married couple purchase a home as tenancy _________
In common
In selecting the form of ownership, two people would not consider ?
Amount of land
Characteristics of real estate? DUPE
Disposition
Use
Possession
Exclusion
If the reversionary interest in a life estate is transferred to a third party.. it becomes
Remainder estate
After lease expiration but before renegotiation of lease a tenant is in what ownership ?
Tenancy at sufferance
Estate that features absolute and complete ownership
Fee simple absolute estate
Court ordered claim against an individual results in
Judgement
The rights held by someone who has possessory interest in real estate
ESTATE
Declaration would most likely be used in which type of property
Condominium
The year end financial information from the previous year must be given to the buyers of
A condominium
Max amount per $100 that can be charged for documentary stamp tax
70c
Warranty deed that the grantor owns and has the right to transfer the property
Seizin
Problem solver deed with no covenants or warranty
Quitclaim deed
Purpose of recoding a deed
To give constructive notice
What is issued for the amount of the mortgage loan and can be transferred
Title insurance
Recording a document provides what
Constructive notice
A general warranty deed does not include what kind of warranty
Warranty forever
How much is the state intangible tax in a mortgage of 50,000
$100
How is purchase price entered on contract
Credit seller debit buyer
Property tax proration on closing statement
Debit seller credit buyer
Intangible tax on closing statement
Debit buyer
A buyer entering into a contract to purchase land acquires
Equitable title
Forcing the other party to proceed as stated in the contract is called
Specific performance
Houses built prior to 1978 must provide
Lead based paint disclosure
Purpose of statue of frauds
Avoid oral contracts
Retail Lease where tenant pays rent and percent of income
Percentage lease
A contract for sale signed by a buyer under duress is
Voidable by buyer
Statute of limitations for parole contracts is
4 years
A promise in exchange for performance
Unilateral
An easement may not be terminated by ?
Sale of property
A committee is appointed to administer the affairs of an incompetent grantee is what kind of deed
Committees deed
Seller carries second mortgage from buyer. Closing statement reads
Debit seller credit buyer
Seller goes bankrupt, what happens to the listing
Cancelled
Additional homestead for the legally blind
$500 deducted form assessed value
A life tenant may not?
Transfer by will
James crossed neighbor property for 20 years. Everyone now uses the road. This creates an easement by
Prescription
Deed clause where grantor warrants ownership the Ruhr to dispose of the property
Seizin clause
Death of either party prior to closing or during executory period does what?
Terminates
The sum of total money promises or other items of value given exchange for receipt of something of value is
Consideration
