Unit 12 - Transfer of Title

Question 1

Define Title

Answer 1

The right to ownership

Question 2

Define Deed

Answer 2

Document by which the owner transfers the title

Question 3

How can real estate be transferred?

Answer 3

Voluntary
Involuntary
Will
Decent

Question 4

What are the requirements for a valid deed?

Answer 4

Consideration
Granting Clause
Legal Description
Signature of Grantor
Delivery & Acceptance

Question 5

Define Voluntary Alienation

Answer 5

Legal term of the voluntary transfer of the title by a deed of conveyance

Question 6

Define Grantor

Answer 6

The party conveying the property to the grantee

Question 7

A grantor must be?

Answer 7

Of Legal Age

Of Sound Mind

Question 8

Define Grantee

Answer 8

The party receiving property from the grantor

Question 9

Define Consideration

Answer 9

Something of value in exchange for real estate

Question 10

What are the types of deeds?

Answer 10

General Warranty Deed
Special Warranty Deed
Bargain & Sale Deed
Quitclaim Deed

Question 11

A General Warranty deed will contain the words?

Answer 11

Convey and warrant

Question 12

A Special Warranty deed will contain the words?

Answer 12

Remiss, release, alienate & convey

Question 13

A Bargain & Sale deed will contain the words?

Answer 13

Grant, bargain & sell

Question 14

A Quitclaim deed will contain the words?

Answer 14

Remiss, release & quitclaim

Question 15

Define a General Warranty deed

Answer 15

Provides the greatest protection

Grantor is legally bound by certain covenants

Question 16

What are the covenants in a Warranty Deed?

Answer 16

Covenant of Seisen
Covenant against encumbrances
Covenant of quiet enjoyment
Covenant of further assurance
Covenant of warranty forever

Question 17

Define Covenant of Seisen

Answer 17

Proof of ownership

Question 18

Define Covenant Against Encumbrances

Answer 18

Warrants that property is free from liens or encumbrances

Question 19

Define Covenant of Quiet Enjoyment

Answer 19

Guarantees the title will be good against third parties

Question 20

Define Covenant of Further Assitance

Answer 20

Promise to obtain and deliver a good title

Question 21

Define Covenant of Warranty Forever

Answer 21

Promise to compensate the grantee if the title fails

Question 22

Define Special Warranty Deed

Answer 22

Guarantees that:
the grantor received the title
property was not encumbered

Question 23

Define Bargain & Sale Deed

Answer 23

Contains no express warranties

Implies that the grantor holds title & possession

Question 24

Define Quitclaim Deed

Answer 24

Provides the least protection

No warranties or covenants

Question 25

Define Deed in Trust

Answer 25

Conveys real estate to a trustee for the benefit of a beneficiary

Question 26

Define Trustees Deed

Answer 26

Used when a trustee conveys real estate held in trust to the beneficiary

Question 27

Define Deed Executed Pursuant to Court Order

Answer 27

Established by state statute

Used to convey title to property that is transferred by court order or by will

Question 28

Illinois Real Estate Transfer Tax Law

Answer 28

Imposes tax on conveying title to real estate
75 cents per $500
Seller generally pays the tax

Question 29

Define Involuntary Alienation

Answer 29

The transfer of real estate by law and without the owner’s consent

Question 30

What are the methods by which involuntary alienation is accomplished?

Answer 30

Foreclosure
Eminent Domain
Adverse Possession
Escheatment

Question 31

Define Probate

Answer 31

Formal judicial process that determines validity, assets & identifies the beneficiary of a deceased persons property

Question 32

Define Devise

Answer 32

Gift of real property by will

Question 33

Define Devisee

Answer 33

Person who receives real property by will

Question 34

Define Bequest

Answer 34

Gift of personal property by will

Question 35

Define Beneficiary

Answer 35

Person who receives personal property by will