TRANSFER TITLE #2 Flashcards
THE RULES OF REAL PROPERTY TRANSFER BY INHERITANCE ARE GOVERNED BY
STATE LAW
when a person dies and leaves a valid will, the death is said to be :
intestate or testate
TESTATE
WHEN a person dies but does NOT leave a valid will, the death is said to be: intestate or testate
Intestage
A person who dies is called the
Decedent (coming from the word deceased)
if a decedent leaves a valid will, he/she is called the
Testator
The gift of real property in a will is known as
a devise
A DECEDENT (Deceased) who conveys real property in a Will is known as the
The Devisor
the deceased that conveys the property
The recipient of real property in a WILL is known as
The devisee
A BEQUEST is a gift of
Personal property in a WILL
A LEGACY is a gift of
PERSONAL property in a WILL
WHEN THERE IS AN INTESTATE DEATH, ThE HEIRS ARE KNOWN AS
DISTRIBUTEES
The distribution of an INTESTATE DECEDENT’S ESTATE is governed by state laws called laws of
succession
Also known as the laws of decent
If no heirs are found in an intestate death, the property
escheats to the state
The “executor” of a will is appointed by the
testator
The ‘administrator’ of an estate is appointed by the
court
The laws of succession are also known as the laws of
Decent
Obtaining title to property by occupying it against the owners will is called
Adverse Possession
If you occupy property for the statutory period and meet the 4 “ECHO” Requirements, you acquire. ____ title
LEGAL
Color of title is some plausible, but not clear cut, claim or indication of ownership
Example: a Deed held by the adverse claimant that was defective in some way
When Legal title is in dispute, either party may bring a court to action to establish title
The court hears both sides and issues a “declaratory Judgement”
The rights of a successor to assume the rights of a prior adverse occupant is known as
TACKING
The name for soil gradually deposited by the action of water is called
Allvion
Reliction is the GAIN of land from receding water
The gradual receding of a lake, sea, or river that exposes dry land is called RELICTION
EROSION
is the gradual loss of land to the action of the water.
