Section 2 - Chapter 12

Question 1

A title is:

Answer 1

a right to ownership or actual ownership of the land

Question 2

A deed is:

Answer 2

the actual document by which owner transfers title

Question 3

grantor vs. grantee

Answer 3

grantor transfers title, grantee is one who acquires it

Question 4

general warranty deed has 5 covenants:

Answer 4

of Seisin (owns property), encumbrances (free from), quiet enjoyment (no 3rd party suits), further assurance (make title good), warranty forever (compensate for future title loss)

Question 5

special warranty deed’s 2 parts:

Answer 5

grantor held title & no encumbrances while holding that title

Question 6

bargain and sale deed:

Answer 6

no express warranties against encumbrances but implies holding title and possession. similar to warranty deed but less complete in warranties. should buy title insurance for protection

Question 7

quitclaim deed is:

Answer 7

least protection, no warranties and generally only conveys the interest the grantor had

Question 8

deed in trust:

Answer 8

conveyance from trustor to trustee

Question 9

trustee’s deed:

Answer 9

converyance from trustee to 3rd party

Question 10

transfer tax:

Answer 10

approximately 75 cents per $500 and paid with tax stamps

Question 11

transfer tax formula:

Answer 11

sales prices LESS value of personal property inculded LESS asumable mortgage X 0.75 cents

Question 12

involuntary alienation:

Answer 12

when title of transfer without consent, such as when someone dies

Question 13

when someone dies and leaves no heirs, title goes to the….

Answer 13

county

Question 14

adverse possession:

Answer 14

“squatter’s rights” - involuntary transfer by way of claimant having uninterrupted and useful use of land for 20 years (or 7 years if title has flaw and taxes are paid)

Question 15

tacking is

Answer 15

adverse possession where you add multiple years together to get to 20 years (like passing down from parent to child)

Question 16

testate is:

Answer 16

dies WITH a will

Question 17

intestate:

Answer 17

dies WITHOUT a will, property passes to heirs according to state’s statues of descent and distribution

Question 18

devise is:

Answer 18

gift of real property by will - “devisee” is person receving

Question 19

legacy or bequest is:

Answer 19

gift of personal property by will, “legatee” or “beneficiary” is receiver

Question 20

probate does:

Answer 20

proves/confirms validity of will, determines prcise assets of decesased person, identifies persons to whom assets are to pass

Question 21

codicil is:

Answer 21

modification, ammendment, etc of previuosly executed will