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Real Estate National > Unit 3-Ownership and Title transfer > Flashcards

Unit 3-Ownership and Title transfer Flashcards

1
Q

Ownership by an individual is known as an Estate in_______.

A

Severalty–upon death, property goes to heir’s or devisees

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2
Q

T or F: Legal Entities can own in severalty.

A

True–2 or more people or firms may join as an entity to own real estate(a syndication) i.e. corporation, trust, REIT(invest. trust)

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3
Q

In a ________ ___________, all partners have EQUAL say and liability.

A

General Partnership

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4
Q

In a ________ ___________, the limited partners’ liability is equal to their share of ownership.

A

Limited Partnership

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5
Q

In this form of ownership 2 or more people share ownership with UNDIVIDED interests. Because their share is fractional but undivided, they have equal rights of possession

A

Concurrent(multiple) Ownership/Co-ownership

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6
Q

Should RE professionals ever give legal advise to buyer’s on the most appropriate form of ownership?

A

NO, seek legal council

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7
Q

This form of co-ownership has no rights of survivorship to other owner’s, and is usually the default in most states unless otherwise stated in deed.

A

Tenancy in Common–interests go to heirs or devisees

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8
Q

T or F: Shares of ownership can be unequal in a Tenancy in common and is subject to probate

A

True

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9
Q

A partition lawsuit may help divide property amongst owners in a ________.

A

Tencancy in common

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10
Q

This form of co-ownership DOES have a right of survivorship to other owners.

A

Joint-Tenancy

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11
Q

To become a joint tenancy is must be specified in a __________.

A

Deed–and ownership shares MUST be equal in joint tenancy

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12
Q

In this form of co-ownership, interests go to co-owners without going through probate.

A

Joint Tenancy

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13
Q

T or F: Joint Tenancy overrides a will, and the joint tenancy affidavit must be recorded.

A

True

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14
Q

T or F: Four Unities of Possession, Interest, Title, and Time(PITT) must be present in joint tenancy.

A

True

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15
Q

Any property acquired by either spouse during marriage is considered _______ _________.

A

community property

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16
Q

Condos, cooperatives, and other forms of common interest ownership are often regulated under a state’s_______________________.

A

Common interest ownership act

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17
Q

T or F: Seller’s DO NOT have disclosure requirements to buyer’s related to the sale of common interest property.

A

False–usually some CCR’s, Covenants, Conditions, and Restrictions

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18
Q

Real estate ownership type where portions are designated for separate ownership and the remainder is designated for common ownership and use(common elements).

A

Condo-could be residential or commercial, uses common elements

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19
Q

T or F: Condos are created by a declaration, describing the legal and physical structure along with any restrictions on use.

A

True

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20
Q

Shared walls separating ownership interests are called _______ _______.

A

Party Walls, Declaration states these common and limited common elements

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21
Q

_________ elements are owned by all unit owners in a condo as tenants in common.

A

Common

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22
Q

Parking spaces, storage units, and balconies in a condo are considered __________common elements

A

Limited

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23
Q

T or F: Each Condo unit is a member of the OA or HOA can impose and collect assessments(association fees), which creates a foreclosable lien on the unit

A

True

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24
Q

HOA may set rules for rentals, hold meetings, collect fees but DO NOT _________ land.

A

Develop

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25
Q

Do Condos have separate Title and Taxation?

A

Yes–Deed transfers fee simple interest in unit plus undivided interest in common elements; all owners share ownership of common elements in tenants in common.

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26
Q

Town homes are similar to condos in unit ownership and HOAA, but usually include the land ________ and ________ the unit.

A

Under and Around

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27
Q

Owners are stockholders in this form of co ownership.

A

Cooperative

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28
Q

T or F: Cooperatives are owned by a corporation and the buyer receives a proprietary lease, no deed, no ownership.

A

True-stockholders/tenants pay assessments and association fees, the corporation owns the real estate

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29
Q

A __________is where a purchaser buys interest in real estate and receives a right to use property for certain periods of time.

A

time-share-usually a resort property

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30
Q

In a time share, purchasers own units as ____________.

A

Tenants in common

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31
Q

The act of conveying or transferring title of a real estate ownership(title) is referred to as _________.

A

Alienation

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32
Q

A _________grant is from individuals, using a deed.

A

Private

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33
Q

A _______ grant is from government to individuals, using a land patent.

A

Public

34
Q

A ______________ is from individuals to the government.

A

Dedication

35
Q

The two parties in conveying deeds are referred to as the _________and __________.

A

Grantor and Grantee

36
Q

Purpose of the deed is the voluntary transfer of ________ between Grantor and Grantee.

A

Title

37
Q

The ___________of real property will always be required to provide WRITTEN deed.

A

Seller

38
Q

Deeds ____________guarantee or prove ownership.

A

DO NOT–they also don’t need to be recorded for title transfer; it passes upon acceptance by the grantee.

39
Q

Acceptance by the grantee is when _______ transfers.

A

Title

40
Q

A competent grantor is 18, sane, and _______.

A

Sober

41
Q

A deed was only signed by 1 owner, is it conveyable?

A

No, must be signed by all owners

42
Q

T or F: There are 7 essentials elements of a deed

A

True-Competent Grantor, execution by grantor, Identifiable Grantee, Delivery & Acceptance by Grantee, Legal Description, Consideration, Words of Conveyance

43
Q

Earnest Money _________ consideration.

A

IS NOT

44
Q

The words of conveyance are the ________ clause.

A

Granting

45
Q

Consideration is _______ or something of value, one dollar and other good and valuable consideration.

A

Money

46
Q

“to have and hold forever” would convey a _______ _______ estate.

A

Fee Simple Absolute estate

47
Q

The habendum clause conveys the _______ estate

A

Freehold

48
Q

The ________warranty deed provides the greatest protection for the grantee and includes the most promises or covenants

A

General

49
Q

The _________ warranty has 5 covenants and warranties of title.

A

General

50
Q

When a grantor owns and has the right to convey title, this is the Covenant of ___________.

A

Seisin

51
Q

A warranty that the grantee will not be disturbed by others claiming an interest on title is known as the Covenant of _____________.

A

Quiet Enjoyment

52
Q

T or F: The Covenant against encumbrances means there are no undisclosed encumbrances

A

True

53
Q

When the grantor guarantees future cooperation in signing additional documents it is known as the Covenant of ________________.

A

Further assurances

54
Q

T or F: A “warranty forever” guarantees defense of title against claims such as liens or easements

A

True–is in the General warranty

55
Q

What 2 warranties does a special(limited) warranty contain?

A

Seisin(owns and can convey) and will protect against defects or encumbrances arising DURING the GRANTOR’s ownership period.

56
Q

This type of deed is the best for the seller(grantor).

A

Quitclaim

57
Q

In this type of deed, there are no covenants or warranties, “what I have, you now have”, usually used to clear title.

A

Quitclaim deed

58
Q

This deed does NOT warranty against liens or encumbrances but WARRANTS the grantor’s right to convey title.

A

Bargain and Sale deed

59
Q

This deed transfers title at the end of a foreclosure proceeding or statutory redemption period

A

Sheriff’s deed/trustee’s deed/certificate of sale

60
Q

This deed is used when the borrower pays off a loan secured by a deed of trust.

A

Reconveyance deed

61
Q

The process of distributing all of a deceased person’s assets is called ____________.

A

Probate

62
Q

T or F: A will MUST go through probate in order for the devisee to receive real property.

A

True–the person who has a will is the testator,

63
Q

The ACT of transferring a deceased person’s interest in real property to another deed is called ________.

A

Devise—the person receiving is the devisee

64
Q

With a will, all heirs are known and there is no chance of ______.

A

Escheat

65
Q

The act of transferring a deceased person’s interest in PERSONAL property to another in a bill of sale is a ____________.

A

Bequest

66
Q

T or F: Intestate succession means the deceased has NO will.

A

True

67
Q

If a person has no will, states will use ________to determine heirs/descendants for property to pass to.

A

State Laws of Descent

68
Q

Adverse possession and easements by prescription are types of involuntary ___________.

A

Alienation

69
Q

If all parties know of and agree on possession or use, it cannot be __________ possession.

A

Adverse

70
Q

T or F: Owners who do not inspect their property regularly may lose rights of ownership if another possesses or uses the property for a statutory period of time.

A

True

71
Q

T or F: ONCHA, adverse possession is recognized by courts after Open, Notorious(hostile), Continuous, and Actual possession for a set period of time.

A

True

72
Q

This easement is recognized by the courts, OCEAN must be present as well, more with USE of one’s land.

A

Easement by prescription

73
Q

Most states require a seller provide a seller’s property ___________.

A

Disclosure

74
Q

_________, never the broker, must complete the disclosure to the best of their current knowledge.

A

Seller’s

75
Q

A __________ ________or defect is one that, if known, may change a buying decision.

A

Material Fact

76
Q

A ________ _________ is a hidden fact that is not easily discovered by an inspection.

A

Latent defect

77
Q

Seller and _________ must disclose visible and latent material defects(facts)

A

Brokers

78
Q

Upon discovery of a material defect, a ________must IMMEDIATELY disclose it to all parties to the transaction or potential transaction

A

Broker

79
Q

The _________ will be held responsible if Broker visually inspects, found no obvious defects, and seller misrepresents a latent defect.

A

Seller

80
Q

A form of concurrent ownership in which each tenant owns an undivided ownership share in the entire property and has no right of survivorship is __________.

A

Tenants in common

81
Q

T or F: To be valid, a deed must have a property description.

A

True

Real Estate National (8 decks)

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