Unit 1 Chapter 10 Review Flashcards
List the eight requirements of a deed’s validity.
Delivered and accepted Competent grantor and legitimate grantee Be in writing Contain legal description Contain granting clause Include consideration Signed by grantor Acknowledged
What is the difference between a bargain and sale deed and a general warranty deed?
A bargain and sale deed covenants valid title but may not warrant against encumbrances or promise to defend against claims. A general warranty deed is a bargain and sale deed that includes assurances of valid title, no encumbrances, and willingness to defend against all claims.
Name and briefly explain five of the nine types of special-purpose deeds.
Personal representative’s deed – used by an executor to convey a decedent’s estate Sheriff’s deed – used to convey foreclosed property sold at public auction Deed of trust – used to convey property to a third party trustee as collateral for a loan Deed in trust – used to convey property to the trustee of a land trust Tax deed – used to convey property sold at a tax sale
Name and briefly explain the two legal principles that affect transferring property by will.
Law of Situs – real property is distributed according to the laws of the state in which the property is located.
Law of Domicile – personal property is distributed according to the laws of the state in which the deceased held legal residence, regardless where the property is located.
Describe the four types of will.
Witnessed—written, two witnesses
Holographic-handwritten or typed, signed by testator
Approved-on a pre-printed form approved by the state
Nuncupative-written by a witness from testator’s oral statement; generally not valid for real estate transfer
What does an estoppel do?
It prevents a person from claiming a right or interest that is inconsistent with the person’s previous statements or acts. It can prevent an owner from reclaiming a property that was transferred under false pretenses.
