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Real Estate > Transferring Ownership > Flashcards

Transferring Ownership Flashcards

1
Q

title (who has title)

A

The way in which a property is held. This is evidence of transfer of ownership, as contained in county records.

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2
Q

Title (longer explanation)

A

Title examination is the most significant confirmation in real estate transactions. As the negotiation progresses, several procedures must take place. The negotiation is quite slower than most other transactions because a land and house purchase is such an enormous responsibility.

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3
Q

deed

A

The instrument (the form)used to convey the title from one owner to another. The title company draws it up as a document.

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4
Q

grantor

A

The person who is conveying the property.

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5
Q

grantee

A

The person who is receiving property from the grantor.

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6
Q

general or full
warranty deed

A

A deed that includes a warranty from the seller that you receive the entire bundle of rights that accompany ownership of the property.

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7
Q

quit claim deed

A

A deed that does not convey the bundle of rights. It grants any interest or ownership that the seller may have had in the property. It does not guarantee that the seller has any ownership rights.

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8
Q

judicial deed

A

A deed in which a property is being conveyed at the behest of the court; the court has ordered that the property be sold. For example, a sheriff’s deed is issued in conjunction with a judicial foreclosure so that the sheriff can sell the property.

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9
Q

special purpose deeds

A

One of many types of deeds with a specific purpose. Some examples: A trustee’s deed is used when a non- judicial foreclosure leads to a trustee selling the property. A personal representative’s deed is issued when the personal representative of a deceased person is determined and he or she seeks to sell the associated property.

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10
Q

connect with an escrow officer

A

Get to know an escrow officer so that you can get good advice about anything unusual that may come up in your first transactions, before you are familiar with how they typically work.

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11
Q

deed of trust

A

A deed used in the case of a mortgage. The lender receives a deed of trust; while this does not give them the rights to the property, it does give them the right to foreclose on the property if the homeowner defaults on payments.

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12
Q

deed of conveyance

A

A deed returned by lenders to the homeowner when the mortgage is paid off which returns the rights given in the deed of trust back to the homeowner.

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13
Q

The word “Title” means:
A: The Right To Land
B: Ownership Of Land
C: Evidence Of Ownership
D: All Of The Above

A

D: All Of The Above

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14
Q

What is a deed?
A: The Right To Or Ownership Of Land
B: The Owner’s Bundle Of Rights
C: Evidence Of Ownership Of Real Property
D: All Of The Above

A

D: All Of The Above

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15
Q

Which type of deed transfers full ownership rights from the seller to the buyer?
A: General Warranty Deed
B: Special Purpose Deed
C: Quit Claim Deed
D: Special Warranty Deed

A

A: General Warranty Deed

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16
Q

A Grantee receives the greatest protection from which of the following types of deeds?
A: Quit Claim Deed
B: Special Warranty Deed
C: General Warranty Deed
D: Special Purpose Deed

A

C: General Warranty Deed

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17
Q

The type of deed that provides the least protection to the grantee is the:
A: Quit Claim Deed
B: Special Warranty Deed
C: General Warranty Deed
D: Special Purpose Deed

A

A: Quit Claim Deed

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18
Q

The type of deed that provides no warranty as to title defects prior to the grantor’s ownership is a(n):
A: Quit Claim Deed
B: Special Warranty Deed
C: General Warranty Deed
D: Special Purpose Deed

A

B: Special Warranty Deed

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19
Q

This type of deed carries no warranties or representations. It gives only the interest that was foreclosed. This is called a:
A: Quit Claim Deed
B: Special Warranty Deed
C: General Warranty Deed
D: Sheriff’s Deed

A

D: Sheriff’s Deed

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20
Q

A Deed of Trust is used when the buyer:
A: Takes Out A Mortgage
B: Experiences A Foreclosure
C: Pays Off Their Home Entirely
D: Sells Their Property

A

A: Takes Out A Mortgage

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21
Q

essential elements
of a deed

A

Any habendum clauses must be on the deed. The deed requires the grantor’s signature and a notary acknowledgment. The county recorders require a mailing address in order to record the document. The deed is not valid unless it is delivered to the party; in Utah this is usually accomplished by recording.

-habendum clauses
-grantors signature/notary acknowledegement
-mailing adress

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22
Q

consideration

A

Both parties are giving something to the transaction; one person is giving something in return for something else

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23
Q

non-disclosure state

A

Utah is a non-disclosure state, which means that the sales prices of pieces of property are not publicly published.

For that reason, a common phrase on deeds in Utah is “Ten dollars and other good and valuable consideration”. Historically, a deed cost ten dollars to record at the county recorder’s office, so it’s a hard cost in the transaction that everyone knows. That is enough consideration on the document to make it a legal form.

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24
Q

granting clause

A

“I hereby convey and warrant…”
“ This clause or similar in the deed states the purpose of the document.”
Such a phrase is required.

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25
Q

legal description

A

The way in which a property is described
by law; this is not the address.

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26
Q

habendum clause

A

An exception or addition to the rights in a deed. A common one is the exception of mineral rights or inclusion of an interest in common areas. Another common stipulation is that the rights are subject to an easement.

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27
Q

important
signatures

A

The grantor’s signature needs to be on the
deed.

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28
Q

The essential elements of a deed include:
A: Delivery
B: In Writing
C: Habendum Clause
D: All Of The Above

A

D: All Of The Above

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29
Q

Utah is a “Non-Disclosure State.” This means that:
A: Sellers Are Not Required To Make Full Disclosure
B: Agents Are Not Required To Make Full Disclosure
C: The Sales Price Is Not A Matter Of Public Record
D: The Contract Concessions Are Not Disclosed

A

C: The Sales Price Is Not A Matter Of Public Record

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30
Q

The Habendum Clause begins with:
A: “To Have And To Hold”
B: “Assigns Forever”
C: “I Hereby Do Convey And Warrant”
D: “Convey And Warrant”

A

A: “To Have And To Hold”

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31
Q

Whose signature MUST be on the deed in order for the deed to be valid?
A: Grantor
B: Grantee
C: Escrow Officer
D: Notary Public

A

A: Grantor

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32
Q

In the state of Utah, “Delivery” is accomplished by:
A: Hand Delivery At Closing
B: Recording
C: US Mail Priority Mail
D: Federal Express Overnight Delivery

A

B: Recording

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33
Q

A Grantor must:
A: Be At Least 18 Years Of Age
B: Be Legally Competent
C: Make Certain Their Name Is Spelled Correctly On The Deed
D: All Of The Above

A

D: All Of The Above

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34
Q

A Grantor is:
A: The Seller Of A Property Such As A House
B: Be Legally Competent
C: Is A Legal Instrument
D: All Of The Above

A

A: The Seller Of A Property Such As A House

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35
Q

void

A

A contract that was never valid. Something within it renders it illegal or unlawful.

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36
Q

voidable

A

A contract that could be rendered invalid, depending on the circumstances.

37
Q

A contract that never was valid is:
A: Void
B: Voidable
C: Valid
D: None Of The Above

A

A: Void

38
Q

A contract that could be rendered invalid, depending on the circumstances is often referred to as:
A: Voidable
B: Void
C: Non-Negotiable Contract
D: None Of The Above

A

A: Voidable

39
Q

devise

A

The act of leaving real estate to someone by the terms of a will. A person who owned the property had a will, and they determined who they wanted their property to go to.

The term “devise” is properly restricted to real property, and is not applicable to testamentary dispositions of personal property. Personal property are referred to “bequests” or “legacies.” But this distinction will not be allowed in law- to defeat the purpose of a testator; and all of these terms may be construed interchangeably or applied indifferently to either real or personal property.

40
Q

devisor

A

A person who makes a will.
Devisor: An individual who devises real property in a will

41
Q

descent

A

Acquisition of ownership of an estate by inheritance.

42
Q

testate

A

The condition in which a person dies with a
will.

43
Q

intestate

A

The condition in which a person dies
without any will.

44
Q

will

A

A document in which a person lists assets (whether real property or personal property) and who should get each asset
upon their death.

45
Q

nuncupative will

A

An oral, or deathbed, will. This is only allowed in a few states, and it needs to be witnessed by at least two people.

46
Q

holographic will

A

A handwritten will. It must be witnessed to
be valid.

47
Q

living will

A

A will stipulating what should be done with one’s assets when one is not deceased but is incapacitated. This also spells out what should be done in terms of life support and organ
donation.

48
Q

Living Trust

A

A living trust is a legal document, that becomes valid when you execute the documents and your property transferred into it. The individual as the trustee and grantor manages the assets while they are alive and upon death the assets are transferred to the trustee of their choice.

49
Q

codicil

A

A change to an existing will. It needs to follow the rules and regulations to be valid.

50
Q

probate

A

The process of determining who should receive the assets of a deceased person. The person’s intentions are considered in this process.

Probate- Establishing validity (proving) of a will.
* Not all assets need to be probated * Probate does take a long period of time and it can be a huge financial burden

51
Q

escheat

A

The process in which the property of a person who dies without any heirs to claim it is taken by the state.

52
Q

testator

A

A male person who passed away with a will.
Testator - is a person who has written and executed a last will and testament that is in effect at the time of his/her death. It is any “person who makes a will.”

53
Q

testatrix

A

A female person who passed away with a
will.

54
Q

trust

A

An entity created to hold property. These are often created to avoid having to go to probate.

55
Q

trustor

A

The person who pledges assets to a trust.

56
Q

trustee

A

The person who manages the assets within a trust according to the trustor’s wishes and the best interests of the beneficiaries.

57
Q

revocable trust

A

A trust in which the trustor has the power to take back the trust.

Revocable trust “is simply a type of trust that can be changed at any time. In other words, if you have second thoughts about a provision in the trust or change your mind about who should be a beneficiary or trustee of the trust, then you can modify the terms of the trust through what is called a trust amendment” (Garber, 2018)

58
Q

irrevocable trust

A

A trust in which the trustor is not able to take back the trust once it has been formed.

“An irrevocable trust is simply a type of trust that can’t be changed after the agreement has been signed, or a revocable trust that by its design becomes irrevocable after the Trust maker dies or after some other specific point in time” (Garber, 2018)

59
Q

Real property given to another person by will is called a(n):
A: Testate
B: Intestate
C: Devise
D: Legacy

A

C: Devise

60
Q

Alan died without a will. This is called a(n):
A: Testate
B: Intestate
C: Devise
D: Legacy

A

B: Intestate

61
Q

A hand signed will is called a(n):
A: Holographic Will
B: Bequest
C: Legacy
D: Noncupative Will

A

A: Holographic Will

62
Q

Henry has died but has left a will. Before his heirs can receive the inheritance, Henry’s will needs to go through a legal process called a(n):
A: Probate
B: Escheat
C: Bequest
D: Devise

A

A: Probate

63
Q

A male person who has left a valid will is called a(n):
A: Testator
B: Testatrix
C: Executor
D: Executrix

A

A: Testator

64
Q

executor

A

A male person assigned to be in charge of
an estate.

65
Q

executrix

A

A female person assigned to be in charge of an estate.

66
Q

alienation

A

The transfer of real property from one
person to another.

67
Q

voluntary alienation

A

The voluntary transfer of ownership of property, such as when the owner sells it.

68
Q

involuntary
alienation

A

The involuntary transfer of ownership of property.

Ex. Eminent domain and foreclosure

69
Q

eminent domain

A

An entity, typically the government, with the ability to condemn property for the public good.

70
Q

condemnation

A

An occurrence in which a local, state, or federal government seizes private property and compensates the owner. The owner is typically compensated at fair market value.

71
Q

adverse possession

A

The use of property without the owner’s permission over the course of a certain number of years. (In Utah, this is seven years.) The use must be open and notorious, continuous, hostile, and exclusive. Paying taxes on the property often serves as evidence of use.

72
Q

assurance of the
quality of title

A

When a client gives a warranty deed to a buyer, they are guaranteeing the bundle of rights to the buyer. The level of commitment to title insurance that the title company provides can give insight into the quality level of the title.

73
Q

covenant of seisin

A

One of the rights that accompany a general warranty deed. The grantor warrants that he has the rightful ownership and the right to convey property.

74
Q

covenant against
encumbrances

A

One of the rights that accompany a general warranty deed. The grantor warrants that there are no emcumbrances against the title.

75
Q

covenant of quiet
enjoyment

A

One of the rights that accompany a general warranty deed. The grantor warrants that the grantee will have unimpaired use and
unrestricted enjoyment of the property.

76
Q

covenant of further
assurance

A

One of the rights that accompany a general warranty deed. The grantor warrants that he or she will take action to perfect the
grantee’s title if it is found defective.

77
Q

covenant of
warranty forever

A

One of the rights that accompany a general warranty deed. The grantor warrants that he or she will defend the buyer against anyone who claims a superior title to the property.

78
Q

A male appointed person who carries out the direction of a will is called a(n)
A: Testator
B: Testatrix
C: Executor
D: Executrix

A

C: Executor

79
Q

Requirements for a valid deed conveyance are governed by which of the following:
A: Federal Law
B: State Law
C: Country Ordinances
D: City Ordinances

A

B: State Law

80
Q

Sally Sunshine inherited a $9 Million estate in Newport Beach from her deceased uncle at age 16. She has decided to sell the property and move to Hollywood to pursue her acting career. If Sally signs a deed conveying her interest in the property, this would be:
A: Void
B: Voidable
C: Invalid
D: Valid

A

B: Voidable

81
Q

Requirements for a valid deed include:
A: Competent Grantor
B: Definite Grantee
C: Signed By The Grantor
D: Signed By The Grantee

A

C: Signed By The Grantor

82
Q

A deed that is not recorded is considered:
A: Void
B: Voidable
C: Invalid
D: A Quiet Title Action

A

A: Void

83
Q

Lydia leaves $10,000 to her grandson in her will. This money is regarded as a(n):
A: Legacy
B: Devise
C: Dower
D: Probate

A

A: Legacy

84
Q

An amendment to a will is also referred to as a(n):
A: Devise
B: Bequest
C: Codicil
D: Dower

A

C: Codicil

85
Q

There are five basic covenants in a(n):
A: Quit Claim Deed
B: Special Warranty Deed
C: General Warranty Deed
D: Bargain And Sale Deed

A

C: General Warranty Deed

86
Q

General Warranty Deed covenants

A

-covenant of seisin
-covenant against encumbrances
-covenant of quiet enjoyment
-covenant of further assurance
-covenant of warranty forever

87
Q

The covenant in which the grantor warrants that he has the rightful ownership and the right to convey property is the covenant of:
A: Seisin
B: Quiet Enjoyment
C: Further Assurance
D: Warranty Forever

A

A: Seisin

88
Q

A female person who has left a valid will is called a(n):
A: Agent
B: Testatrix
C: Executor
D: Executrix

A

B: Testatrix

89
Q

The person who receives real property by will is called a(n):
A: Testator
B: Devisee
C: Executor
D: Devisor

A

B: Devisee

Real Estate (52 decks)

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