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Real Estate Principles > Princples 4 > Flashcards

Princples 4 Flashcards

1
Q

The deceased can name the property’s new owners in a document called?

A

Will

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2
Q

Interstate

A

-A person who dies without having made a will.

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3
Q

Intestate succession

A

-Legal determination of property ownership

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4
Q

Will

A

A document made by an owner of property who is legally competent to do so, to pass title to the property to another after death.

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5
Q

Testator

A
  • Property owner

- The person making a will

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6
Q

Devise

A

The transfer of title to real estate by a will

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7
Q

Define Devisor and Devisee

A
  • Devisor= property owner

- Devisee= Person receiving the property by will

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8
Q

Bequest of legacy

A
  • transfer of property by will, particularly personal property
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9
Q

Legatee

A
  • recipient of Personal property by will
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10
Q

Codicil

A

-A document that can add or amend provisions on a will

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11
Q

Community property intestate succession

A
  • 1/2 already belongs to surviving spouse

- Remaining 1/2 goes to surviving spouse after decedent’s liabilities have been paid.

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12
Q

Community property with right of survivorship interstate succession

A

If there is a surviving spouse, surviving spouse takes entire property.

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13
Q

Separate property surviving spouse no child intestate succession

A
  • surviving spouse take 1/2

- surviving parent, brother or sister, or child of deceased brother or sister, or (if none of these) spouse takes 1/2

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14
Q

Separate Property surviving spouse and one child intestate succession

A
  • Surviving spouse takes 1/2

- Child takes 1/2

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15
Q

Separate property surviving spouse and more than one child intestate succession

A
  • surviving spouse takes 1/3

- children divide 2/3 equally

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16
Q

Separate property no surviving spouse or child intestate succession

A

-Property is distributed to next of kin in order prescribed by California law, if no heirs can be located, the property will escheat to the state

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17
Q

What are the two types of wills currently recognized in California

A

Witnessed wills- written document, normally prepared by an attorney and signed by a testator in the presence of at least two witnesses.

Holographic wills- One written by hand, dated, and signed by the testator. Does not need to be witnessed but must be entirely handwritten.

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18
Q

Probate

A

Court process that determines the decedent’s heirs and creditors, pays debts owed by the estate, and transfers title to any remaining property from the decedent to the decedent’s heirs.

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19
Q

Accession

A

Refers to an increase in the property owned.

20
Q

Accretion

A

The process by which land adjacent to a flowing body of water accumulates new soil.

21
Q

Alluvion or alluvium

A

Buildup of new soil

22
Q

Avulsion

A

Land lost through natural force

23
Q

Erosion

A

Process which precipitation wears away the surface of the soil.

24
Q

Reliction

A

Increases the adjacent owner’s property through water receding permanently and uncovering more (new) land.

25
Q

Adverse possession

A
  • Must occupy the land OPENLY and NOTORIOUSLY without hiding from anyone.
  • Must occupy land without permission of owner
  • Must claim title or by color of title
  • Continuous possession for a period of five years
  • Must pay all real property taxes during the five years of possession.
26
Q

Color of title

A

The possession of a document erroneously appearing to convey title to the occupant.

27
Q

Easement

A

The right to use or to travel over someone else’s land.

28
Q

Common-law dedication

A

Occurs when a land owner devotes land to a public use.

29
Q

Lien

A

a right to keep possession of property belonging to another person until a debt owed by that person is discharged.

30
Q

Mortgage

A
  • a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor’s property, with the condition that the conveyance of title becomes void upon the payment of the debt.
  • a loan obtained through the conveyance of property as security.
31
Q

Power of Sale

A

Gives the trustee under a trust deed the ability to sell the property to satisfy the unpaid debt of the debtor defaults.

32
Q

Write of execution

A

Is the court order directing the county sheriff or another officer to satisfy a judgement out of the debtor’s property.

33
Q

Certificate of sale

A

What buyers receive after a personal property is sold at a public auction

34
Q

Sheriff’s deed

A

What the buyers receive after a real property is sold at a public auction.

35
Q

Forfeiture

A

Occurs if a condition subsequent in a deed is breached.

36
Q

Escheat

A

A process, for which if there’s no claimant comes forward within 5 years, title of the property vests in the state.

37
Q

Eminent Domain

A
  • A right of federal and state governments to acquire title or property, if property is for public purpose such as highway construction.
  • Property owner receives compensation based on appraisal, which usually is the property’s fair market value.
38
Q

Condemnation

A

A process that gives notice to property owner that property is being taken.

39
Q

Inverse condemnation

A

A legal action for which property owners may seek money damages because of property that has not been condemned was damaged or its use is affected by a nearby public activity.

40
Q

Deed

A

A document that transfers title to real property

41
Q

Requirements for Valid Deed

A
  • Must be in writing
  • Description of the parties. Full name and marital status should be given.
  • Grantor must be a competent adult
  • Adequate description of the property being conveyed.
  • There must be a granting clause to which words like Grant and Convey must be used.
  • Deed must be signed by the grantor
  • Deed must be delivered to the grantee and accepted by the grantee. Grantor must have the present intention to to convey the property.
42
Q

Quitclaim deed

A
  • conveys any interest the grantor may have in the property at the time the deed is executed.
  • gives up their claim to the property
43
Q

Warrant deed

A

-Expressly warrants that the grantor has good title.

44
Q

Trust deed

A
  • Aka deed of trust

- is used when property serves as security for a debt.

45
Q

Reconveyance deed

A

Executed by the trustee is the means by which the trustee returns title to the trustor when the debt is paid off.

46
Q

Revocable transfer on death (TOD) deed

A
  • Transfers real property on the death of its owner without a probate proceeding, provided it is lawfully created.
  • only available for use on a residence of one to four units, a condominium, or a parcel of agricultural land of 40 acres or less that contains a residence.
47
Q

Void

A

not valid or legally binding.

Real Estate Principles (15 decks)

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