Ownership, title transfer and etc

Question 1

Estate in severalty

Answer 1

ONE person owns the property

Question 2

Tenancy in common

Answer 2

co-ownership where each person is entitled to possession of whole. ownership is inherited and doesn’t pass to other owners

Question 3

Joint tenancy

Answer 3

Co-ownership where there is equal interest that requires unity of time, title, interest, and possession.
Joint tenancy includes the right of survivorship, which means that the surviving co-owner(s) will own the property if a joint tenant dies. Survivorship takes precedence over someone named in a will, as well as heirs named by laws of descent and distribution.

Question 4

Trust deed

Answer 4

The trustor is the person who creates the trust.

The trustee is the person who manages the trust and ensures the terms of the trust are carried out.

The beneficiary receives income or proceeds from the trust.

The trust is created when the trustor conveys property to the trustee with instructions for holding and managing it
on behalf of the beneficiaries.

Question 5

Living trust

Answer 5

Living trusts are created when the property owner is still alive, often (but not always) for the benefit of minor children.
Living trusts avoid probate

Question 6

Testamentary trust

Answer 6

created according to the instructions in a deceased person’s will. These do NOT avoid probate.

Question 7

Freehold estate

Answer 7

A freehold estate is interest in real property where the owner’s possession of the property is of indeterminate duration.

Question 8

Fee simple absolute

Answer 8

Fee simple absolute is often referred to as just “fee simple.” It’s the most complete form of ownership and includes the
entire bundle of rights in real property.

Fee simple absolute estates may be limited by private restrictions, such as zoning laws or homeowner association
covenants.

Fee simple estates must pass through the probate process before legal distribution to heirs.
Survivorship and inherited rights vary according to state and local laws, and by how the title is held.
Some states offer dower and curtesy rights to widows and widowers, while others offer elective shares to spouses of the
deceased.

Question 9

Fee simple defeasible estate

Answer 9

the property holder owns the property with all legal rights, but subject to a condition. If the condition is breached, the property may go back to the original owner.

Question 10

fee simple determinable estate

Answer 10

one that ends automatically when the stated event or condition occurs. The original owner retains a possibility of reversion. Property is retained “while,” “during,” or “so long as” the condition occurs; this is the language most often seen in the deed.

Question 11

fee simple subject to a condition subsequent

Answer 11

created when an estate is given on the condition that the owner
does or doesn’t take a specific action. The grantor has the right of reentry if the condition is violated. The estate doesn’t automatically revert to the original owner; it may require legal action on the part of the original owner.

Question 12

Life estate

Answer 12

A life estate is a type of freehold estate in which ownership is limited to someone’s lifetime. The future owner is
established with the life estate

Question 13

Types of life estate

Answer 13

Pur autre vie: A life estate based on the life of someone other than the holder of the life estate/life tenant.

Ordinary: A life estate based on the lifespan of the older of the life estate/life tenant.

Remainder: Ownership will pass to a remainderman instead of the party

Question 14

Bundle of rights

Answer 14

Owning property also means owning the right to use the physical components of land, such as the surface, sub-surface,
and air rights.

Question 15

Right of possession

Answer 15

the title holder may possess (be on) the property.

Question 16

Right of control

Answer 16

owner control use of property

Question 17

Right of exclusion

Answer 17

owner decide who may or may not access the property

Question 18

Right of enjoyment

Answer 18

owner may use property in any legal matter

Question 19

Right of disposition

Answer 19

right to sell or convey the property

Question 20

Leasehold estates

Answer 20

A leasehold estate is possessory interest in a property that has a specified end date.

Question 21

Estate for years

Answer 21

An estate for years is a lease that ends on a specific date.

Question 22

Period estate

Answer 22

A period estate is a lease that’s automatically renewed at the end of its term. An example is a month-to-month lease.

Question 23

Estate at will

Answer 23

lease without an established ending that can be terminated by either party.

Question 24

estate at sufferance

Answer 24

one in which a holdover tenant didn’t leave when the lease expired.

Question 25

Lessor and lessee

Answer 25

lessor is owner/landlord lessee is tenant

Question 26

Triple net lease

Answer 26

tenant pay all property charges

Question 27

Net lease

Answer 27

tenant pay some or all of nets

Question 27

Percent lease

Answer 27

the tenant pays a base rent plus an additional charge that is a percentage of the tenant's gross sales after the tenant reaches a break-even point. To calculate the break-even point, divide the monthly base rent by the percentage established by the landlord.

Question 28

Loft leases

Answer 28

ental of floor space for wide open loft spaces. The tenant may divide the space but can't make structural changes

Question 29

general lien

Answer 29

affect real and personal property judgement lien, federal tax lien, state tax lien, decedent's debt

Question 30

general lien

Answer 30

affect real and personal property judgement lien, federal tax lien, state tax lien, decedent's debt

Question 31

specific lien

Answer 31

affect specific real property attached by agreement or law mortgage lien, real property tax liens, mechanic's liens, special assessment liens, vendor and vendee liens, and HOA liens.

Question 31

specific lien

Answer 31

affect specific real property attached by agreement or law mortgage lien, real property tax liens, mechanic's liens, special assessment liens, vendor and vendee liens, and HOA liens.

Question 32

involuntary lien

Answer 32

without property owner's consent

Question 33

attachment lien

Answer 33

the courts place an encumbrance on the property of a defendant in a lawsuit for monetary damages

Question 34

HOA lien

Answer 34

Many states give HOA liens a statutory super lien status, meaning that HOA liens take priority over all other types.

Question 35

What happen after foreclosure sale

Answer 35

After a foreclosure sale, all liens and sale expenses are covered first. Any extra funds are given to the former owner. If there aren't enough funds to satisfy all of the liens, then the former owner may owe a debt to the lien holders.

Question 36

Mineral rights

Answer 36

the rights to drill or dig for minerals on the property (aka sub-surface rights).

Question 37

Air rights

Answer 37

right to use air in sky above property

Question 38

Riparian rights

Answer 38

moving water, such as a river or stream. Riparian rights are classified into categories based on the type of water: navigable and non-navigable.

Question 39

littoral rights

Answer 39

static water, such as a pond, lake, or ocean. Owners with littoral rights don't have the right to divert or contain static water, but to use and enjoy it.

Question 40

Prior appropriation right

Answer 40

the first party to physically take water from a source and put it to beneficial household, agricultural, or industrial use will continue to have claim to the water.

Question 41

Accretion

Answer 41

process by which water carries rock, sand, and soil and causes land build-up.

Question 42

Erosion

Answer 42

gradual loss of land due to a natural force.

Question 43

Avulsion

Answer 43

a sudden loss of land by a sudden, large-scale change in water flow.

Question 44

Reliction

Answer 44

gradual receding of water, uncovering new land.

Question 45

Deed

Answer 45

written and signed legal instrument of conveyance. It's document that legally convey title to real property from old owner to new owner. Title officially change hand when grantor deliver deed to grantee and grantee accepts it.

Question 46

Elements of a valid deed

Answer 46

A specifically named and identified legally competent grantor (possesses mental capacity and is of legal age). The grantor's name must be exactly the same throughout the deed. A specifically named grantee who can be identified based on the name in the deed. Act of conveyance (the granting clause such as "…does hereby bargain, grant, deed, and convey…") which signifies the grantors intent to convey the property. Named consideration, such as "for one dollar" or "for good and valuable consideration;" the consideration indicates that the grantor received something of value in exchange for the title. Legal description Limitations or subject to clauses. This clause describes any interest that the grantor has reserved. It also describes deed restrictions and encumbrances that "run with the land." Habendum clause, which defines the type of interest and rights the grantee will have. Not every deed needs the habendum clause, but if the interest is less than fee simple, this is generally where it is described. Grantor's signature The signed deed must be delivered to and accepted by the grantee. Deeds are acknowledged in order to be suitable for recording. Acknowledgement

Question 47

General warranty (type of deed)

Answer 47

also called a full covenant and warranty deed) offers the greatest warranty to buyers. The seller will defend all claims against the property's title.

Question 48

special warranty deed

Answer 48

the seller warrants only those claims that stem from when he owned the property

Question 49

Quitclaim deed

Answer 49

no warranties to the grantee. It only releases any of the grantor's property rights to the grantee. The quitclaim deed is typically used to clear up a simple cloud on title.

Question 50

Covenants

Answer 50

other word for promises usually under general warranty deed

Question 51

Covenant of seisin

Answer 51

The grantor holds title to the property.

Question 52

referee's deed

Answer 52

foreclosures property only has convenient of seisin

Question 53

Covenant of right to convey

Answer 53

The grantor has the legal capacity to convey title and has legal title to the property.

Question 54

Covenant against encumbrances

Answer 54

The grantor assures the grantee that no encumbrances exist other than those identified in public records or the deed itself.

Question 55

Covenant of quiet enjoyment:

Answer 55

The grantor assures that the grantee's use and enjoyment of the property won't be burdened because of a title defect.

Question 56

Covenant of further assurance

Answer 56

The grantor promises to provide any additional assurances that the grantee reasonably requires and will do whatever necessary (within his power) to correct any title defects.

Question 57

Covenant of warranty or warranty forever

Answer 57

the grantor will warrant and defend | the title against the lawful claims of others.

Question 58

bargain and sale deal

Answer 58

used in tax sale or foreclosure sale. no expressed warranty against encumbrances. but imply warranty that grantor has title and right to convey.

Question 59

Voluntary alienation

Answer 59

transfer of property ownership with owner's consent.

Question 60

Dedication by deed

Answer 60

owner give land to government without any consideration (money) for public use.

Question 61

Devise

Answer 61

real property conveyed through a will

Question 62

Involuntary alienation

Answer 62

transfer of property ownership without owner's consent.

Question 63

Adverse possession

Answer 63

individual claims ownership of a property by using it as their own for an extended period of time. In TX, 10 years

Question 64

Escheat

Answer 64

The state can take property after a person dies intestate and neither heirs nor creditors exist.

Question 65

eminent domain

Answer 65

government take private land for public use

Question 66

constructive notice

Answer 66

the record is publicly available to anyone who does a records search

Question 67

actual notice

Answer 67

the parties have personal knowledge of the particular event

Question 68

title commitment

Answer 68

a promise to insure the | property as long as certain conditions are met.

Question 69

title abstract

Answer 69

summary of the property's title history. Attorneys and title companies that prepare abstracts research public records as well as other information to identify the title history.

Question 70

chain of title

Answer 70

path of property ownership from its first owner to the current owner. The chain begins with the current owner and works backwards.

Question 71

marketable title

Answer 71

one that is free of | encumbrance

Question 72

cloud on title

Answer 72

any encumbrance, such as a lien or inheritance claim, that prevents the seller from providing clear, marketable title.

Question 73

how to remove complex clouds on a title?

Answer 73

quiet title suit, in which the property owner goes to court to attempt to remove (quiet) any claims to the property so that the title can be conveyed.