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Unit 12: Transfer of Title > Practice > Flashcards

Practice Flashcards

1
Q

Who typically handles transfer of title?

A

Lawyers and title companies

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2
Q

If challenged in court, who would be able to recover or retain ownership or possession of a parcel of real estate?

A

The person holding the title

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3
Q

___ is a way of referring to ownership, but is not an actual printed document

A

Title

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4
Q

To transfer property during one’s lifetime, the owner must use some form of ___.

A

Deed of conveyance

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5
Q

The statute of frauds requires that all deeds be…

A

in writing

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6
Q

In Illinois, how old must a grantor be?

A

18

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7
Q

In Illinois, a deed executed by a minor is usually ___.

A

Voidable

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8
Q

Real estate owned by someone who is legally incompetent can be conveyed…

A

only with a court’s approval

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9
Q

The grantors name must be ___ and consistently throughout the deed

A

spelled correctly

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10
Q

If a grantor’s name has been changed since title was acquired (such as by marriage), which name should be shown?

A

Both names

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11
Q

If Mary Jones changes her last name after marrying Mr. Smith, how should it be written in the deed?

A

“Mary Smith, formerly Mary Jones”

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12
Q

To be valid, a deed must specifically name a(n) ___.

A

grantee

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13
Q

Who does not sign the deed?

A

Grantee

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14
Q

Phil wanted to convey Napa Ranch to his nephew, James Christian. In the deed, Phil wrote the following words of conveyance: “I, Phil, hereby convey to nephew James Christian all my interests in Napa Ranch.” Why is this deed valid?

A

Because the grantee was specifically named

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15
Q

If a deed has more than one grantee, what clause might state that they will take the title as “joint tenants,” “tenants in common,” or “tenants by the entirety?”

A

Granting clause

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16
Q

In Illinois, the grantee’s ___ is required as an element of a valid deed.

A

present address

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17
Q

In Illinois, if no specific form of ownership is selected for multiple grantees, ___ is assumed.

A

Tenancy in common

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18
Q

In Illinois, one can determine how ownership is held by consulting the ___.

A

Deed language

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19
Q

A valid deed must contain a clause acknowledging that the grantor has received ___, generally stated in dollars.

A

Consideration

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20
Q

To be valid a deed must contain an accurate ___ of the real estate conveyed.

A

Legal description

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21
Q

Land is considered adequately described if…

A

A surveyor can locate the property using the description

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22
Q

A valid deed must specifically note any ___, ___, or ___ that affect the title being conveyed

A

Encumbrances
Reservations
Limitations

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23
Q

Where is power of attorney usually recorded?

A

County where property is located

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24
Q

In Illinois, in addition to the grantor, who else is expected to sign any deed of conveyance to waive homestead rights?

A

Grantor’s spouse

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25
Q

In Illinois, acknowledgement is ___ to the validity of the deed

A

not essential

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26
Q

In Illinois, even though it is not essential, it is still customary that all documents conveying title are ___.

A

Acknowledged / notarized

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27
Q

Recording offices expect deeds to be ___ before they will record them in Illinois.

A

Notarized

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28
Q

Most title insurance companies require ___ for deeds covered by their policies.

A

Acknowledgment / notarization

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29
Q

A title is not considered ___ until the deed is actually delivered to and accepted by the grantee.

A

Transferred

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30
Q

Title must be delivered during the ___ lifetime

A

Grantor’s

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31
Q

Title must be accepted during the ___ lifetime

A

Grantee’s

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32
Q

When is the effective date of the transfer of title from grantor to grantee?

A

The date the deed was delivered

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33
Q

If a deed is delivered in escrow, the date of delivery is generally…

A

The date of deposit with the escrow agent

34
Q

A corporation can convey real estate only by authority granted in its ___ or upon ___.

A

Bylaws
Resolution passed by its board of directors

35
Q

Who should be consulted for all corporate conveyances?

A

Attorney

36
Q

If the grantor’s spouse has failed to sign away dower rights, the grantor must deliver a(n) ___ deed to clear the title

A

Quitclaim

37
Q

If the grantor’s spouse has failed to sign away dower rights, the grantor must deliver a quitclaim deed to clear the title, under which covanent?

A

Covenant of further assurance

38
Q

Illinois law provides that a deed using the words ___ and ___ implies and includes all covenants of general warranty.

A

Convey and warrant

39
Q

The covenants in a general warranty deed extend back to its…

A

origins

40
Q

It is sufficient for a general warranty deed to recite only ___.

A

Nominal consideration

41
Q

In areas where special warranty deeds are more commonly used, the purchase of ___ is viewed as providing adequate protection to the grantee

A

Title insurance

42
Q

If the grantor has no interest in a quitclaim deed, how much does the grantee acquire?

A

nothing

43
Q

A quitclaim deed provides none of the ___ that a warranty deed does.

A

Guarantees

44
Q

If the name of the grantee is misspelled on a warranty deed filed in the public record, a(n) ___ deed with the correct spelling may be executed to the grantee to perfect the title.

A

Quitclaim

45
Q

In Illinois, a(n) ___ deed is used when a grantor inherits property but is not certain that the decendent’s title was valid.

A

Quitclaim

46
Q

Illinois Real Estate Transfer Tax Law imposes a tax on conveying title to real estate in the amount of $___ per $___ or part thereof.

A

$0.50 per $500

47
Q

In addition to the $0.50 per $500 or part thereof state transfer tax in Illinois, there is an additional transfer tax of $___ per $___ or part thereof in all Illinois counties.

A

$0.25 per $500

48
Q

The Illinois portion of tax trnasfer is divided up between 3 funds:
50% to the ___
35% to the ___
15% to the ___

A

50% to the Affordable Housing Fund
35% to the Open Space Lands Acquisition and Development Fund
15% to the Natural Areas Acquisition Fund

49
Q

A parcel of real estate sold for $350,000. The purchaser agreed to assume the seller’s existing mortgage of $128,000 and to pay $222,000 in cash upon receipt of the seller’s deed. The purchase price includes $25,000 of personal property. What amount of county and state stamps must the seller affix to the deed in Illinois?

A

$197,000

50
Q

Who must sign the Real Estate Transfer Declaration form in Illinois?

A

Buyer and seller or their agents

51
Q

In Illinois, real estate conveyed from or between government bodies, charitable, religious, or educational institutions are exempt from ___.

A

Transfer tax

52
Q

When the actual consideration for conveyance is less than $___ in Illinois, the transfer is considered as a gift and is exempt from tax.

A

100

53
Q

In Illinois, if a person dies and leaves no heirs, title to real estate passes to the ___ by state power of ___

A

Passes to the county by power of escheatment

54
Q

If land is needed for public use, it may be taken by the government through which processes?

A

Eminent domain and condemnation

55
Q

Process in which a creditor takes property following nonpayment of a debt secured by real property

A

Foreclosure

56
Q

In Illinois, a woman held property in adverse possession for 5 years. Then her daughter held the same property for 10 years, and then her son held the property for 5 more years. What can the son do if he desires?

A

Claim the property by adverse possession

57
Q

The right of adverse possession is a(n) ___ right

A

Statutory

58
Q

In Illinois, if a property was owned by a married couple in “tenancy by the entirety” or in “joint tenancy”, who automatically becomes the owner after one spouse passes?

A

The surviving spouse

59
Q

In Illinois, if a property was held as a “life estate” by a married couple, what happens when one spouse dies?

A

Property automatically reverts to former owner or passes to a remainderman

60
Q

If one spouse dies in Illinois, and the property was held as either “joint tenancy,” “tenancy by the entirety,” or “life estate, what is not required?

A

Probate

61
Q

In Illinois, if a property was not held in joint tenancy, tenancy by the entirety, or as a life estate, and the owner died testate, who will own the real estate?

A

The devisees

62
Q

What is the difference between a will and deed?

A

Will = after death
Deed = during lifetime

63
Q

For title to pass to devisee(s), state laws require that upon death of a testator, the will must be…

A

Filed with the court and probated

64
Q

Who may make a will in Illinois?

A

Any person 18+ with mental capacity

65
Q

Who cannot witness a will in Illinois?

A

Beneficiaries

66
Q

What happens if a beneficiary witnesses a will in Illinois?

A

Their gifts will likely be voided by the probate court

67
Q

What must be paid before any distribution of a will?

A

Estate taxes and debts

68
Q

Who is designated to present the will for filing with the court?

A

Executor

69
Q

Who is responsible for determining that a will meets the statutory requirements for its form and execution?

A

The court

70
Q

Probate courts distribute assets according to ___ only when no other reasonable alternative exists.

A

Statute

71
Q

What are the 4 ways that title to real estate is transferred?

A

1) voluntary alienation
2) involuntary alienation
3) will
4) descent

72
Q

In transfer of title to real estate, the owner is the ___

A

Grantor

73
Q

In transfer of title to real estate, the purchaser / recipient is the ___.

A

Grantee

74
Q

The deed should be properly ___, ___, and ___ before a notary public to provide evidence of a genuine signature and to facilitate recording

A

Witnessed
Acknowledged
Notarized

75
Q

The deed should be properly witnessed, acknowledged, and notarized before a notary public to provide evidence of a ___ and to facilitate ___.

A

genuine signature
recording

76
Q

The level of guarantee a grantor offers is determined by the form of the ___.

A

Deed

77
Q

A bargain and sale deed implies that the ___ holds title to the property

A

Grantor

78
Q

The ___ of each deed is a key as to its type

A

Granting clause

79
Q

An owner’s title may be transferred with or without their permission by ___ or ___

A

Court action or death

80
Q

In Illinois, a bargain and sale deed includes covenants that make it similar to a(n) ___ deed yet less complete

A

Special warranty

81
Q

Generally, state and county transfer tax stamps are paid for by the ___.

A

Seller

82
Q

Municipal transfer taxes can be paid by….

A

either the buyer or the seller

Unit 12: Transfer of Title (3 decks)

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