Title Issues (Estates/Transfers/Titles)

Question 1

What is the synonym of the “estate in severalty”?

Answer 1

Sole Ownership

Question 2

Transfer of interest, equal ownership, unity of ownership, and survivorship are all requirements of what?

Answer 2

Joint tenancy

Question 3

Who is considered a trustee?

Answer 3

A fee owner who holds and manages the estate for the benefit of another party

Question 4

Ownership in severalty is defined as?

Answer 4

A single party owns the fee or life estate (sole ownership)

Question 5

Tenancy in common is the most common form of ownership when the owners aren’t married. It’s also known as what?

Answer 5

Estate in common

Question 6

What does the right of survivorship mean?

Answer 6

If a joint tenant dies, all interests and rights pass to the surviving joint tenants free from any claims of creditors or heirs.

Question 7

If a defective conveyance to the title was found, what would it create?

Answer 7

A clouded title to the property

Question 8

What happens if the chain of title is broken?

Answer 8

There is a cloud on the title

Question 9

Lenders require a seller to deliver what at closing?

Answer 9

A marketable title

Question 10

A utility right of way, a neighbor’s fence encroaching, and a driveway easement through the property are all examples of what?

Answer 10

An encumbrance

Question 11

What statute requires certain documents to be in writing to be enforceable?

Answer 11

The Statute of Frauds

Question 12

Where can the statement of the status of all recorded liens and encumbrances affecting the property can be found?

Answer 12

Abstract of Title

Question 13

What is commonly accepted as the best evidence of marketable title?

Answer 13

Title insurance policy

Question 14

Who should have title insurance?

Answer 14

Both the buyer and the lender need title insurance.

Question 15

Reviewing risks that might not appear in the public record, examining all records of the property’s history, and interpreting the legality of the records are all duties of whom?

Answer 15

Title company

Question 16

Community property:

Answer 16

Property that belongs to both spouses equally.

Question 17

Separate property:

Answer 17

Property, under community property rules, that belongs to one spouse.

(Usually, it is property owned at the time of marriage, the result of an inheritance or gift during the marriage)

Question 18

Clouded title

Answer 18

When there’s a missing link in the chronology of owners, or if there was a defective conveyance, the chain is said to be broken.

Question 19

Ownership In severalty

Answer 19

A single party owns the fee or life estate. Also referred to as sole ownership and tenancy in severalty.

Question 20

Co-ownership

Answer 20

When a parcel is owned by two or more persons or organizations. Co-owners are called co-tenants.

Question 21

Joint tenancy

Answer 21

When two or more people collectively own property as if they were a single person (rights and interests are indivisible and equal)

*A joint tenancy relationship must be created by a written agreement specifying intention to create a joint tenancy.

Question 22

Torrens system

Answer 22

System where title passes only when the conveyance has been duly registered on the title certificate itself.

Question 23

What does ‘Suit to quiet title’ do?

Answer 23

Clears the title record of any unrecorded claims.

Question 24

Lien

Answer 24

An indication of debt secured by the property.

Question 25

Encumbrance

Answer 25

Indication that some other party has some rights or claim to the property.

Question 26

Abstract and opinion

Answer 26

A historical summary of all consecutive grants, conveyances, wills, records, and judicial proceedings that affect the title of a specific property.

Question 27

Knowledge of a fact that a person could (or should) have obtained is defined as:

Answer 27

Constructive Notice