Rael Estate Test Unit 6 Flashcards
acknowledgment
a formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document
adverse possession
the actual, open, notorious, hostile, and continuous possession of another’s land under a claim of title. possession for a statutory period may be a means of acquiring title
administrator
a court-selected person who assists with the settlement of an estate of a person who died without leaving a will
alienation
the act of transferring property to another. alienation may be voluntary, such as by gift or sale, or involuntary, as through eminent domain or adverse possession
bargain and sale deed
a deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. the grantor may add warranties to the deed
codicil
a supplement or an addition to a will, executed with the same formalities as a will, which normally does not revoke the entire will
cloud on the title
any document, claim, unreleased lien, or encumbrance that may impair the title to real property or make the title doubtful; usually revealed by a title search and removed by either a quitclaim deed or suit to quiet title
covenant
a written agreement between two or more parties in which a party or parties pledge to perform or not perform specified acts with regard to property; usually found in such real estate documents as deeds, mortgages, leases, and contracts for deed
covenant of quiet enjoyment
the covenant implied by law by which a landlord guarantees that a tenant may take possession of leased premises and that the landlord will not interfere in the tenant’s possession or use of the property
deed
a written instrument that, when executed and delivered, conveys title to or an interest in real estate
deed in trust
an instrument that grants a trustee under a land trust full power to sell, mortgage, and subdivide a parcel of real estate. the beneficiary controls the trustee’s use of these powers under the provisions of the trust agreement
descent
acquisition of an estate by inheritance in which an heir succeeds to the property by operation of law
devise
a transfer of real property by will. the descendent is the devisor, and the recipient is the devisee
dower
the legal right or interest, recognized in some states, that a wife acquires in the property her husband held or acquired during their marriage. during the husband’s lifetime, the right is only a possibility if an interest; upon his death, it can become an interest in land
evidence of title
proof of ownership of property; commonly a certificate of title, an abstract of title with lawyer’s opinion, title insurance, or a Torrens registration certificate
exception
the exclusion of a part of the property conveyed
executor
an appointed person who carries out the directions of a will
granting clause
words in a deed of conveyance that state the grantor’s intention to convey the property at the present time
grantor
the owner transferring title to or an interest in real property to a grantee
grantee
a person who receives a transfer of real property from a grantor
habendum clause
that part of a deed beginning with the words “to have and to hold,” following the granting clause and defining the extent of ownership the grantor is conveying
holographic will
a will that is written, dated, and signed in the testator’s handwriting
general warranty deed
a deed in which the grantor fully warrants good, clear title to the premises. used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed
intestate
the condition of a property owner who dies without leaving a valid will. title to the property will pass to the decedents heirs, as provided in the state law of descent
legacy
a disposition of money or personal property by will
minor
a person who has not reached the age of majority and, therefore, does not have legal capacity to transfer title to real property
notarization
certification by a notary or other authorized official of the validity of a signature on a document
nuncupative will
an oral will declared by the testator in his final illness, made before witnesses and afterward reduced to writing; not permitted by all states
probate
a legal process by which a court determined who will inherit a decedent’s property and what the estate’s assets are
power of attorney
a written instrument authorizing a person, the attorney-in-fact, to act as agent for another person to the extent indicated in the instrument
quitclaim deed
a conveyance that transfers whatever interest the grantor has in the specified real estate, without warranties or obligations
reconveyance deed
a deed used by a trustee under a deed of trust to return title to the trustor
reservation
something that is retained by the seller ( a life estate or an access easement)
satisfaction
the amount of money paid to a seller for the product sold
short sale
sale of property in which the sales price is less than the remaining indebtedness
special warranty deed
a deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of the grantor’s tenure and ownership of the property and not against defects existing before that time, generally using the language “by, through, or under the grantor but not otherwise”
statute of frauds
that part of a state law that requires certain instruments, such as deeds, real estate sales contracts, and certain leases, to be in writing to be legally enforceable
“subject to”
a clause in a contract specifying exceptions or contingencies of a purchase
testate
having made and left a valid will
testator
a person who has made a valid will
title
1) the right to ownership or the ownership of land
2) the evidence of ownership of land
transfer tax
tax stamps required to be affixed to a deed by state and/or local law
trust deed
an instrument used to create a mortgage lien by which the borrower conveys title to a trustee, who holds it as security for the benefit of the note holder (the lender); also called a deed of trust
trustee’s deed
a deed executed by a trustee conveying land held in a trust
will
a written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator
