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Florida Real Estate > Section 9 > Flashcards

Section 9 Flashcards

1
Q

gained when a person holds the right to own property

A

equitable title

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2
Q

the act of transferring an interest in real property from one person to another.

A

alienation

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3
Q

transfers property with the owner’s control and consent through a deed or a
will.

A

voluntary alienation

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4
Q

The person transferring title through a will is the

A

grantor of the deed

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5
Q

The person transferring title through a will is the grantor of the deed. The person receiving title is

A

the grantee of the deed

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6
Q

to die with a will in place

A

testate

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7
Q

to die without a will in place

A

intestate

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8
Q

A man who creates a will is called

A

testator

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9
Q

A woman who creates a will is called a

A

testatrix

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10
Q

To will real property is to

A

devise

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11
Q

the person who inherits real property

A

devisee

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12
Q

To will personal property is to

A

bequest

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13
Q

the person who inherits personal property the

A

beneficiary

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14
Q

transfers property without the owner’s control and consent through descent, escheat, eminent domain, and adverse possession

A

Involuntary alienation

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15
Q

Without a will, the property is passed to

A

legal descendants

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16
Q

When there are no known heirs to property, it is passed to the state by

A

escheat

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17
Q

the legal process of the government to take property through the power of eminent domain.

A

condemnation

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18
Q

when someone other than the owner takes control and ownership of a property by hostile means through physical occupation which is open and notorious for at least seven years while paying taxes.

A

Adverse possession

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19
Q

When property transfer takes place, there are two types of legal notice that may be given:

A

Actual Notice

Constructive Notice

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20
Q

Deeds do not have to be recorded to be valid. To be recorded, deeds must be

A

acknowledged by the grantor and notarized

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21
Q

Lenders provide constructive notice of a foreclosure by filing a ___ _______ notice in the county where the property is located.

A

lis pendens

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22
Q

the “linking” of one owner to another as the property has been transferred from one owner to another.

A

chain of title

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23
Q

the written opinion of an attorney as to marketability based on chain of title

A

Title Opinion

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24
Q

can be insured against with title insurance

A

Defects of title

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25
Q

protects owners and heirs but is not transferred with a sale

A

Owner’s Policy

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26
Q

protects the lender and is transferable to new lenders if the mortgage is sold. Issued based on the mortgage and charged once at closing

A

Lender’s Policy

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27
Q

divided into the premises section, the operative part and the conclusion.

A

Deed

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28
Q

The premises section of a deed has the

A 
date
names
address
consideration
granting clause
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29
Q

The operative section of a deed has the

A 
habendum clause
(deed restrictions, exceptions and reservations, appurtenances)
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30
Q

the habendum clause includes

A

deed restrictions
exceptions and reservations
appurtenances

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31
Q

deed is divided into 3 sections, including

A

premises section
operative part
conclusion

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32
Q

The conclusion section of a deed has

A

the delivery and acceptance through the signature of the grantor and two witnesses.

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33
Q

Valid deeds must:

A 
be in writing
name the grantor and grantee
list consideration
have a granting clause
a habendum clause
legal description
signatures of the grantor and two witnesses
delivery and acceptance
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34
Q

A statutory deed has a format specifically defined by state statute and includes

A

General Warranty Deed
Special Warranty Deed
Bargain and Sale Deed
Quitclaim Deed

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35
Q

General warranty deeds include covenants of:

A 
Seisin
Against encumbrances
Further assurance
Quiet enjoyment
Warranty Forever
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36
Q

Only include the guarantee that the grantor (executor) has done nothing to encumber the property.

A

Special warranty deeds

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37
Q

includes the covenant of Seisin as the bank owns the property through foreclosure but includes no other warranties

A

Bargain and sale deeds

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38
Q

issued to clear a cloud on the title by releasing claims to the title. Has no covenants.

A

Quitclaim deeds

39
Q

Special Purpose Deeds include:

A

Personal Representative Deed
Guardian’s Deed
Committee’s Deed
Tax Deed

40
Q

used by someone appointed by will or by court to settle estate of deceased person. Includes Covenant Against Encumbrances.

A

Personal Representative’s Deeds

41
Q

used by a guardian acting on behalf of a minor. Includes Covenant Against
Encumbrances.

A

Guardian’s deed

42
Q

used when the owner is legally incompetent. Includes Covenant Against Encumbrances.

A

Committee’s deed

43
Q

used when property is sold for back taxes. There are no warranties

A

Tax deed

44
Q

Government restrictions include:

A

police power
eminent domain
taxation

45
Q

Private restrictions include:

A

deed restrictions
easements
leases
liens

46
Q

a type of deed restriction that applies to an entire community

A

Restrictive covenants

47
Q

a right to use adjoining property that transfers with the land.

A

appurtenant easement

48
Q

an easement that benefits an individual or company such as a railroad

A

easement in gross

49
Q

created by the open, notorious, uninterrupted, hostile, and adverse use of another’s land for a period of 20 years.

A

easement by prescription

50
Q

created by court order when one property is landlocked

A

easement by necessity

51
Q

created when a property owner has “encroached” onto another parcel for a period of seven years or more.

A

implied easement

52
Q

Long-term leases require signatures of __ witnesses

A

2

53
Q

Real estate licensee must use fill-in-the-blank lease forms approved by the

A

Florida Supreme Court

54
Q

Tenant pays fixed rent and sometimes utilities

A

Gross lease

55
Q

Tenant pays fixed rent plus building expenses including taxes and insurance

A

Net lease

56
Q

Tenant pays base rent plus a percentage based on gross sales.

A

Percentage lease

57
Q

Tenant pays rent based on an index

A

Variable lease

58
Q

Lease on land commonly for as long as 99 years

A

Ground lease

59
Q

when the tenant assigns all leased property for remainder of lease

A

Assignment of a lease

60
Q

only assigning a portion of the property or a portion of time.

A

Sublease

61
Q

voluntary lien created with the consent of the debtor.

A

Mortgage

62
Q

A purchase money mortgage (seller financing) creates a

A

vendor’s lien

63
Q

A contractor has only __ days after the last date of work or delivery of supplies is made to file a
construction lien against the property to establish lien priority over a mortgage

A

90

64
Q

paid before junior liens

A

Superior liens

65
Q

the search through recorded documents to find evidence of title transfer history and mortgages or other liens against the property including judgments and unpaid taxes

A

abstract of title

66
Q

the formal declaration before a notary public declaring that the signing was
voluntary

A

acknowledgment

67
Q

when a party has awareness or direct notification of a specific fact or proceeding
through reading, hearing, or seeing

A

Actual notice

68
Q

when someone other than the owner takes control of a property

A

Adverse possession

69
Q

the actual act of transferring title or an interest in real property from one person to another.

A

alienation

70
Q

a way for one party to be released from obligation to a contract without actually terminating the contract.

A

Assignment

71
Q

the “linking” of one owner to another as the property has been conveyed from one person to the next

A

chain of title

72
Q

Governmental power to take land from an owner through the legal process

A

condemnation

73
Q

an involuntary lien placed against a property for work performed to cover contracted work.

A

construction lien

74
Q

knowledge which, according to law, a person is able to acquire by making normal and reasonable inquiries

A

Constructive Notice

75
Q

the main form of title transfer that the licensee will interface with upon the closing of a sale and purchase agreement.

A

deed

76
Q

created within the deed which limits how an owner can use a property

A

Deed restrictions

77
Q

a right to use a portion of an owner’s land for a specific purpose.

A

Easements

78
Q

the governmental power to take land from an owner through the legal process called condemnation

A

Eminent domain

79
Q

is defined as being an unauthorized use of another’s property

A

encroachment

80
Q

Provides for the property of a person who dies intestate and who has no known heirs to pass to the state.

A

escheat

81
Q

grantor will deliver legal instrument if required to stand behind the transfer

A

Further assurance

82
Q

the most commonly used deed

A

general warranty deed

83
Q

new owner receiving title granting clause.

A

Grantee

84
Q

The person transferring title is the

A

grantor

85
Q

defines the quality of the ownership interest being conveyed

A

habendum clause

86
Q

A person who dies without a will died

A

intestate

87
Q

the right to retain the lawful possession of the property of another until the owner fulfills a legal duty to the person holding the property

A

lien

88
Q

Federal and State Constitutions apply restrictions to protect citizenry for health and safety reasons - Broadest Gov’t. Power.

A

police power

89
Q

peaceful possession undisturbed by claims of title.

A

Quiet enjoyment

90
Q

used when such a person agrees to “remise, release, or quitclaim” any claims on the property in the future.

A

quitclaim deed

91
Q

promises grantor is the true owner and has right to convey title.

A

seisin

92
Q

the term meaning that a person died with a legal will in place

A

testate

93
Q

all rights that can be secured and enjoyed under the law

A

title

94
Q

to defend grantee’s title against all lawful claims.

A

Warranty forever

Florida Real Estate (20 decks)

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