Transfer Of Property Flashcards
Most common way to transfer title?
Grant deed
Primary purpose of a grant deed?
Convey title from grantor to grantee
Where is the grant deed recorded in county?
Where the property is situated
What is true about a grant deed?
Does not have to be recorded
A constructive notice is given by which actions?
Possession or recording
A grant deed must be?
Delivered and accepted
A deed is executed when?
Signed by grantor
What is the opposite of alienation?
Acquisition
What’s the term when you want to alienate?
Convey
How do you remove a cloud and get perfect title?
Quiet title action or quitclaim deed
Et ux means?
And wife
Escrow is authorized to do what with a loan
Call for funding of loan
Escrow law is found in?
Financial code
When a house is sold, Parties use escrow to?
Make sure terms are met
Seller delivers deed to?
Escrow
What does escrow call impounding account items?
Recurring costs
Escrow credits the seller with?
Prepaid taxes
Escrow debits the buyer for?
Purchase price
What is the most concern in a title insurance?
Documents that appear within a chain of title
What is an abstract of title?
Written summary of documents in a chain of title
Preliminary title report shows who
Seller/owner as trustor
What does the standard policy (CLTA) in a title insurance do?
Protects against forgery and improper delivery, no survey
What does the extended policy (ALTA) in a title insurance do?
Covers improvements on adjoining land. They do a survey
What type of title insurance policy covers everything?
None
Most buyers obtain which title insurance policy?
Standard policy
For an extra fee, the extended title insurance policy covers?
Survey issues, water rights
If two people bought the same house, who takes priority of the house?
Whoever took possession or recorded first
Single woman married
Cloud on title
Quitclaim deed conveys rights of?
Grantor
Which deed includes no warranties or covenants?
Quitclaim deed
An instrument that transfer possession but not ownership?
Sublease
During a two termite report, the escrow company would?
Get written instructions
Abstract of title addresses?
Marketability
What is accretion?
When an owner acquires land by natural causes
What is eminent domain?
Government takes property for public use
Two requirements of eminent domain?
Necessary public use, just compensation
How can an owner sue the city?
Inverse condemnation
What is an intestate succession?
Owner dies with no will but has heirs
What can you do if you are concerned about final inspection?
Get a formal survey
What is adverse possession?
Acquire title if you lived 5 years and paid property taxes
What happens in a probate proceeding?
Commission set by court
In a tax sale, buyer receives?
Tax deed
What does the FIRPTA (foreign investment in real property tax act) do?
Buyers withholds 15% of sales price and sends to IRS
Documentary transfer tax is based on?
Consideration given
When do Real property taxes become a lien?
Jan 1 before fiscal tax year
When is the fiscal tax year in California?
July 1 to June 30
When is the fiscal tax year in California?
July 1 to June 30
Ad valorem means?
According to value
When is Property reassessed?
When sold
What can you do when a property is over-assessed?
Assessment appeals board
When is the second installment of property taxes due?
Feb 1, April 10
What happens when a property is sold to state with delinquent taxes?
5 years to stay and redeem
Tax delinquent property not redeemed is deeded to?
The county
With federal income tax, the basis is?
The cost
To arrive at adjusted cost basis do not
Do not add mortgage payments
What deductions can you make on a personal residence?
Mortgage interest, property taxes
On income property, capital expenditures are added to
Added to cost basis and depreciation
In a sales leaseback what do you deduct
Deduct 100% of future rent paid
Four unities of joint tenancy? (T-TIP)
Time, title, interest, possession (T-Tip)
Single joint tenant cannot will because of which right
Right of survivorship
Surviving joint tenant owns property free of
Free of unsecured debt
Tenancy in common can hold what type of interest and cannot do what with it? When can tenancy in common happen and how can it be equal?
Hold unequal interest
Can will interest
Come on different times
Must have right of possession to be equal
Deed in name of husband and wife is called?
Community property
Which document do you get if you purchase property from the government?
Receive patent
First installment of property taxes due?
November 1 and December 10
Mello Roos assessment funds public improvements and services except?
Commercial strip mall
When mello roos assessment is encumbering a property, who is responsible to disclose to buyer?
Seller
Owning real property in severalty means
Individual
