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NC Real Estate Pre-Licensing > Section 4 - Transfer of Title to Real Property > Flashcards

Section 4 - Transfer of Title to Real Property Flashcards

1
Q

Legal description

A

Method of identifying property in written words that allows for unambiguous interpretation of a property’s boundaries and location

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2
Q

Informal reference

A

Like street address, not for legal purposes

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3
Q

Survey

A

Blueprint or map showing measurements, boundaries and area of property

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4
Q

Metes and bounds

A

Using points of reference and directional indicators, for legal purpose

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5
Q

Lot and Block

A

Legal description using lot and block numbers–recorded subdivision plat

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6
Q

Rectangular government survey system

A

Describes land in reference to principal meridians and baselines

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7
Q

Monument System

A

Using natural or man-made permanent land marks in conjunction with metes and bounds

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8
Q

Point of Beginning

A

Beginning point of metes and bounds description

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9
Q

Plat map

A

Shows location in context to adjoining lots, roads and landmarks. Includes lot, street and block

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10
Q

Township

A

A square that is 6 miles by 6 miles (36 square miles) makes up government survey system.

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11
Q

Sections

A

A portion of township is 1 square mile (640 acres), 36 make up a township

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12
Q

Principal meridian

A

Imaginary line that runs north and south and crosses a baseline at a specific point (rectangular survey system)

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13
Q

Baseline

A

Imaginary line that runs East West and crosses principal meridian at a certain point (rectangular)

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14
Q

Deed

A

Legal document conveying title or interest in real estate. Establishes legal ownership

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15
Q

Grantor

A

The giver of the deed (usually seller)

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16
Q

Grentee

A

Recipient of deed (usually the buyer)

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17
Q

Covenants

A

An agreement or promise made between parties

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18
Q

General warranty deed

A

Gives most protection to buyer, carries all possible covenants AKA full covenant/warranty deeds

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19
Q

Special warranty deed

A

Grantor only guarantees title against defects arising during grantor’s ownership, not prior AKA Limited Warranty Deed/Bargain and Sale

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20
Q

Quitclaim Deed

A

Offers no warranties, only releases prior owners claims to property

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21
Q

Executor’s deed

A

Conveys real property from descendant’s estate to a buyer

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22
Q

Sheriff’s deed

A

No covenants or warranties, but implies ownership (bankruptcies and foreclosures)

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23
Q

Beneficiary deed

A

Transfers ownership from descendant to beneficiary upon descendant’s death. Recorded prior to death. Avoids probate.

24
Q

Trustee’s deed

A

Executed by a trustee that conveys land held in a trust.

25
Q

Deed of release

A

Deed used when mortgage paid off, removes lien

26
Q

Deed of gift

A

Conveys property without consideration

27
Q

Alienation

A

Transfer of real property away from one party to party

28
Q

Voluntary alienation

A

Loss of real property ownership with owner’s consent (sale)

29
Q

Involuntary alientation

A

Transfer of ownership without consent (foreclosure)

30
Q

Will

A

Written document detailing disposition of assets and other wishes after death, signed by testator

31
Q

Descent

A

Title transference from descendant to heir

32
Q

Escheat

A

State’s power to claim estate of deceased person with no will heirs or creditors

33
Q

Eminent domain

A

Government can take private property for public use

34
Q

Adverse possession

A

A person visibly possesses another’s real property for statutory length of time and claims as own, openly hostile to another’s ownership claim

35
Q

Testate

A

Dying with a will in place

36
Q

Intestate

A

Dying without a will

37
Q

Devisee

A

A person who inherits property from a will

38
Q

Beneficiary

A

Person entitled to benefit of a trust arrangement

39
Q

Devise

A

To leave something to someone in a will

40
Q

Bequest

A

Personal property that is willed

41
Q

Heirs

A

Successors who will inherit the property of another including intestate successors

42
Q

Condemnation

A

Taking of property by eminent domain

43
Q

Constructive notice

A

Public recordation of an event (you could have known if you’d bothered to look it up)

44
Q

Actual notice

A

Express notice given directly to a person

45
Q

Evidence of title

A

Proof of property ownership, usually a deed

46
Q

Marketable title

A

Title reasonably free and clear of encumbrances so average buyer wouldn’t hesitate

47
Q

Title committment

A

Document outlining that Title insurance policy will be issues to buyer provided certain conditions met (liens paid off)

48
Q

Abstract of title

A

Condensed history of a title, summary of all links in chain, other public record matters, legal description of property, summary of every related document in chronological order

49
Q

Title search

A

To determine marketable title and find any deficiencies in title

50
Q

Marketable Title Act (NC)

A

Act providing if a seller can prove an unbroken chain of title for 30 years (marketable)

51
Q

Chain of title

A

Title history/path and proof of ownership through public records search, title encumbrances. Each owner equals a link.

52
Q

Title opinion

A

Attorney’s interpretation of a title search

53
Q

Quiet title

A

Court action to remove a cloud on a title

54
Q

Torrens system

A

Optional/alternative title search, used in a handful of states, only goes back to previous search assuming it was done properly

55
Q

Excise tax

A

Tax applied upon a recordation of a transfer of ownership of real property

NC Real Estate Pre-Licensing (8 decks)

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