Rael Estate Test Unit 6

Question 1

acknowledgment

Answer 1

a formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document

Question 2

adverse possession

Answer 2

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

Question 3

administrator

Answer 3

a court-selected person who assists with the settlement of an estate of a person who died without leaving a will

Question 4

alienation

Answer 4

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

Question 5

bargain and sale deed

Answer 5

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

Question 6

codicil

Answer 6

a supplement or an addition to a will, executed with the same formalities as a will, which normally does not revoke the entire will

Question 7

cloud on the title

Answer 7

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

Question 8

covenant

Answer 8

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

Question 9

covenant of quiet enjoyment

Answer 9

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

Question 10

deed

Answer 10

a written instrument that, when executed and delivered, conveys title to or an interest in real estate

Question 11

deed in trust

Answer 11

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

Question 12

descent

Answer 12

acquisition of an estate by inheritance in which an heir succeeds to the property by operation of law

Question 13

devise

Answer 13

a transfer of real property by will. the descendent is the devisor, and the recipient is the devisee

Question 14

dower

Answer 14

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

Question 15

evidence of title

Answer 15

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

Question 16

exception

Answer 16

the exclusion of a part of the property conveyed

Question 17

executor

Answer 17

an appointed person who carries out the directions of a will

Question 18

granting clause

Answer 18

words in a deed of conveyance that state the grantor’s intention to convey the property at the present time

Question 19

grantor

Answer 19

the owner transferring title to or an interest in real property to a grantee

Question 20

grantee

Answer 20

a person who receives a transfer of real property from a grantor

Question 21

habendum clause

Answer 21

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

Question 22

holographic will

Answer 22

a will that is written, dated, and signed in the testator’s handwriting

Question 23

general warranty deed

Answer 23

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

Question 24

intestate

Answer 24

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

Question 25

legacy

Answer 25

a disposition of money or personal property by will

Question 26

minor

Answer 26

a person who has not reached the age of majority and, therefore, does not have legal capacity to transfer title to real property

Question 27

notarization

Answer 27

certification by a notary or other authorized official of the validity of a signature on a document

Question 28

nuncupative will

Answer 28

an oral will declared by the testator in his final illness, made before witnesses and afterward reduced to writing; not permitted by all states

Question 29

probate

Answer 29

a legal process by which a court determined who will inherit a decedent’s property and what the estate’s assets are

Question 30

power of attorney

Answer 30

a written instrument authorizing a person, the attorney-in-fact, to act as agent for another person to the extent indicated in the instrument

Question 31

quitclaim deed

Answer 31

a conveyance that transfers whatever interest the grantor has in the specified real estate, without warranties or obligations

Question 32

reconveyance deed

Answer 32

a deed used by a trustee under a deed of trust to return title to the trustor

Question 33

reservation

Answer 33

something that is retained by the seller ( a life estate or an access easement)

Question 34

satisfaction

Answer 34

the amount of money paid to a seller for the product sold

Question 35

short sale

Answer 35

sale of property in which the sales price is less than the remaining indebtedness

Question 36

special warranty deed

Answer 36

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”

Question 37

statute of frauds

Answer 37

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

Question 38

“subject to”

Answer 38

a clause in a contract specifying exceptions or contingencies of a purchase

Question 39

testate

Answer 39

having made and left a valid will

Question 40

testator

Answer 40

a person who has made a valid will

Question 41

title

Answer 41

1) the right to ownership or the ownership of land
2) the evidence of ownership of land

Question 42

transfer tax

Answer 42

tax stamps required to be affixed to a deed by state and/or local law

Question 43

trust deed

Answer 43

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

Question 44

trustee’s deed

Answer 44

a deed executed by a trustee conveying land held in a trust

Question 45

will

Answer 45

a written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator