Titles, Deeds & Ownership Restrictions

Question 1

Voluntary Alienation

Answer 1

Transfer of the residency rights or deed of a property between two parties without the use of extraneous legal measures

Question 2

Deed

Answer 2

Conveys the legal title

Question 3

Will

Answer 3

Legal instrument used to convey title to real and personal

Question 4

Involuntary Alienation

Answer 4

“Foreclosure”

Question 5

Descent

Answer 5

Leaves the property of the deceased to legal descendants if they don’t have a will

Question 6

Escheat

Answer 6

Provides for a government, to take the property of an owner; who dies intestate (without a will), and without any known heirs entitled to received the property

Question 7

Adverse Possession

Answer 7

Arises when true owner of record fails to maintain possession and another seizes the property

Question 8

Eminent Domain

Answer 8

Gives government the right to take land from owner though legal process called “Condemnation” as long as for public purpose

Question 9

Actual Notice

Answer 9

Direct knowledge acquired in the course of a transaction

Question 10

Constructive Notice

Answer 10

Accomplished by recording the information in the public records

Question 11

Title insurance

Answer 11

protects lenders and homebuyers from financial loss sustained from defects in a title to a property

Question 12

Owner’s Policy

Answer 12

“Not transferable” issued for total purchase price of the property

Question 13

Lender’s Policy

Answer 13

“Transferable” issued for the unpaid mortgage amount

Question 14

Habendum clause

Answer 14

Limits estate of tenancy being conveyed and is entered before or after restrictions or limitations on the property’s use (To have & hold)

Question 15

Premises section

Answer 15

section of a deed names- “parties to the deed and date of the deed

Question 16

Seisin

Answer 16

A promise that the grantor owns the property and has right to convey title

Question 17

The Covenant against encumbrances

Answer 17

States property is free from liens or other encumbrances, except as noted in the deed

Question 18

Deed Restrictions

Answer 18

Part of the deed and affect a particular property

Question 19

Restrictive Covenants

Answer 19

Recorded along the subdivision plat and usually affect entire subdivisions

Question 20

Easements

Answer 20

Rights to use a portion of a owner’s land (for specific purpose)

Question 21

Easement by prescription

Answer 21

Created by longtime usage, such as 20 years of open uninterrupted use

Question 22

Encroachment

Answer 22

The unauthorized use of another’s property

Question 23

Liens

Answer 23

A right or legal interest given to creditor of a unit of government to have debt satisficed out of some specific property belonging to a debtor