Principles - Chapter 4 Transfers and Deeds

Question 1

5 ways property may be tranferred

Answer 1

will
succession
accession
occupancy
transfer

Question 2

Instrument used to direct who will receive property upon death

Answer 2

Will
Testator:  male person drawing up will
Testatix: female person drawing up will
Executor/ix: carries out provisions of will
Devisee:  person receiving

Question 3

Probate Court

Answer 3

A dept of superior court

Question 4

Probate Sale

Answer 4

must be 90% of appraised value

Bids must be in excess or original bid by 10% of first 10k and 5% of bid in excess of 10k

Question 5

Probate Period

Answer 5

4 month notice to creditors

Question 6

Witnessed Will

Answer 6

witnessed by 2 or more witnesses

Question 7

Holographic Will

Answer 7

handwritten will

frequently result in lawsuits if not clear

Question 8

Statutory Will

Answer 8

fill in blank form

Question 9

Intestate (no Will)

Answer 9

Statute of Succession provides disposition

Question 10

Escheat

Answer 10

death without heirs. After 5 years, becomes property of the state

Question 11

Accession

Answer 11

addition to property by man or natural forces
accretion/alluvium
reliction-covered land now exposed

Question 12

Accretion (alluvium)

Answer 12

process of gradual additional of land bordering stream river lake or ocean from natural causes

Question 13

Annexation

Answer 13

acquisition of improvement or fixtures to another land wherby title passes to land owner

Question 14

Adverse Possession

Answer 14

acquiring title by continued possession and payment of taxes for continuous 5 year period

Question 15

Prescription: Easement by prescription

Answer 15

continuous use for 5 years but no tax payment

Use of another’s property as an easement

Question 16

Quiet title action

Answer 16

Quickclaim

Question 17

5 requirement of title by Adverse possession

Answer 17

1. actual occupancy-open and notorious
2. hostile to true owners title
3. under claim or right or color of title
4. possession must be continuous 5 years
5. possessor must have paid taxes

Question 18

Notice of Consent

Answer 18

signs placed at entrance or along boundaries every 200 feet

Question 19

Abandoment

Answer 19

voluntary surrender of possession of real property

Question 20

Voluntary transfers - 4 types

Answer 20

1. public grant
2. private grant
3. public dedication
4. gifts

Question 21

Public Grant

Answer 21

from govt to private party

patent=conveyance of title to govt land

Question 22

Private Grant

Answer 22

person to person via deed

deed=written instrument

Question 23

Public Dedication

Answer 23

private to gov’t

ex: donation of land for public park

Question 24

Gifts

Answer 24

gift via deed

Question 25

Involuntary transfers

Answer 25

transferred without owners consent or desire

Question 26

5 most common involutary transfers

Answer 26

1. eminent domain 2. partition action 3. foreclosure sale 4. execution sale 5. bankruptcy

Question 27

Eminent domain

Answer 27

taking of property by state or fed govt for public use at fair market rate must be used for public and must receive just compensation ex: highway To do this: suit for condmnation

Question 28

Partition Action

Answer 28

``` co-ownership (one partner wants divsion) concurrent tenancy (tenancy in common/joint) ```

Question 29

Foreclosure Sale

Answer 29

creditor/lein holder requests sale to satisfy debt | ex: mechanics lein

Question 30

Execution Sale

Answer 30

forced by court action to satisfy judgment | writ of execution obtained by plantiff

Question 31

Bankruptcy

Answer 31

title vested in a court appointed trustee to sell property to pay claims of creditors

Question 32

Requirements of Deed

Answer 32

1. deed must be in writing 2. parties described 3. mentally cabable 4. property described 5. conveyance described (terms) 6. deed singed by grantor 7. delivery and acceptance of deed

Question 33

Deeds DO NOT require

Answer 33

1. date 2. consideration $$ 3. contain "legal" description 4. have compentent grantee (receiver) may be minor or felon 5. signed by grantee (receiver) 6. be acknowledged (only required if recorded) 7. be recorded (insurance requires recording)

Question 34

Types of Deeds

Answer 34

1. Grant Deed 2. Quitclaim Deed 3. Warranty Deed 4. Trust Deed & Deeds of reconveyance 5. Commissioners Deed 6. Sheriffs Deed 7. Gift Deed

Question 35

Grant Deed

Answer 35

most common 1. implies grantor has not already conveyed title to any other person 2. the estate is free from encumbrances other than those disclosed

Question 36

Quitclaim Deed

Answer 36

relinquishes any right or claim to property carries no implied warranties used to clear cloud on title

Question 37

Warranty Deed

Answer 37

rarely used in CA because of implied warranties

Question 38

Trust Deed/Deeds of reconveyance

Answer 38

security/collateral for real estate loans

Question 39

Commissioners Deed

Answer 39

judicial foreclsure-given by court appointed official after sale to foreclosure of deed of trust

Question 40

Sheriff's Deed

Answer 40

no warranties | given to purchaser of property sold to satisfy judgement rendered by court against prop owner

Question 41

Gift Deed

Answer 41

Deed used to make a gift of property to grantee consideration is love/affection invalid or set aside if given to defraud creditors

Question 42

Recording

Answer 42

protect future marketability of title and interest of new owner must have: acknowledgement (freely signed); name/address for future tax payments; show basis for computing transfer tax; names of all parties involved and adequate legal description

Question 43

Other Conveying Instruments

Answer 43

Installment Sale-payments Bill of Sale-pass title of personal property tangible (furniture) Assignments-pass title of intangible (stocks)