Section 9 Review Flashcards

1
Q

Equitable title

A

Rights to own property

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2
Q

Alienation

A

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

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3
Q

Voluntary alienation

A

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

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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 receiving title is the ______.

A

grantee

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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.

A

Intestate

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8
Q

A man who creates a will is ________.

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 called to ______ with the person who inherits the devisee.

A

devise

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11
Q

the person who inherits is the ______.

A

devisee

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12
Q

To will personal property is called to _____ with the person who inherits the beneficiary

A

bequest

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13
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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14
Q

Without a will, property is passed to _____________

A

legal descendants

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15
Q

When there are no known heirs it is passed to the ____ by escheat

A

state

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16
Q

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

A

Condemnation

17
Q

Adverse possession

A

is 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

18
Q

Two types of legal notice when property transfer takes place

A

Actual Notice or Constructive Notice

19
Q

______ do not have to be recorded to be valid.

A

Deeds

20
Q

deeds must be acknowledged by the grantor and _______ To be recorded

A

notarized

21
Q

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

A

lis pendens

22
Q

A Chain of Title

A

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

23
Q

A Title Opinion

A

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

24
Q

Defects of title can be insured against with ______________

A

title insurance.

25
Q

Owner’s policy protects

A

owners and heirs but is not transferred with a sale. Issued based on purchased price and charged once at closing

26
Q

Lender’s policy protects

A

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

27
Q

The deed is divided into what 3 sections

A

the premises section, the operative part and the conclusion

28
Q

The premises section in a deed has ______

A

the date, names, address, consideration, and granting clause.

29
Q

The operative section of a deed has the ______

A

habendum clause, deed restrictions, exceptions and reservations, and appurtenances.

30
Q

The conclusion section of a deed has ______

A

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

31
Q

For a deed to be valid it must:

A

be in writing; name the grantor and grantee; list consideration; have a granting clause; a habendumclause; legal description; signatures of grantorand two witnesses; and delivery and acceptance

32
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, and Quitclaim Deed.

33
Q

General warranty deeds include covenants of:

A

Seisin, Against encumbrances, Further assurance, Quiet enjoyment, and Warranty Forever.

34
Q

Special warranty deeds only include the guarantee that the grantor (executor) has ____________

A

done nothing to encumber the property.

35
Q

Bargain and sale deeds include the covenant of Seisin as the bank owns the property through foreclosure doesn’t include_________

A

any other warranties.

36
Q

Quitclaim deeds are issued to clear a _________ by releasing claims to the title. Has no covenants.

A

cloud on the title

37
Q

Special Purpose Deeds include:

A

Personal Representative Deed, Guardian’s Deed, Committee’s Deed and Tax Deed.

38
Q

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

A

Personal Representative’s

39
Q

Guardian’s deed

A

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