Unit 3 Ownership and Title Transfer Flashcards
the Forms of ownership are:
- Sole ownership/ Estate in severalty
- Concurrent (multiple) Ownership
- Common interest community ownership
Ownership by an individual is:
Estate in severalty
A written legal document by which ownership of real property is tranferred from one party to another is a:
Deed
The two parties to a deed are:
Grantor and grantee
In order to convey title, a deed must be signed by the:
Grantor
Title does not pass to the grantee until the deed is:
Delivered and accepted
Assurance to the grantee that he will bot be disturbed by someone else with lawful interest in the property is the covenant of:
Quiet enjoyement
The type of deed considered the best deed for a grantee is a:
General warranty deed
A person who holds stock in a building owned by a corporation owns the rights to a:
Cooperative
A form of concurrent ownership in which all owners have equal shares in the property and the right of survivorship is:
Joint tenancy
A deed that conveys what ever interest in the property the grantor holds at the time of conveyance and contains no covenants or warranties is a:
Quit claim deed
An undivided interest in a resort condo as a tenant in common for at least 5 times over 5 years is a:
Time share
An owner who fails to inspect her real property and give notice to a trespasser might lose the right of ownership through:
Adverse possession
A form of concurrent ownership in which all owners have equal shares in the property and have no right of survivorship is:
Tenants in common
A condominium is created by filing a:
Declaration
Intestate:
No will
True or False
Deeds guarantee and prove ownership
False
Probate:
The act of distributing all of a deceased person’s assets.
True or False
Joint Tenancy overrides a will.
True
A special form of ownership favored in NC for married couples.
Tenancy by the entirety
each spouse owns an equal undivided interest, regardless of the financial contribution to the purchasers
True or False
Couple who continues to own marital property together after divorce are automatically joint tenants.
False
They become tenants in common.
True or False
Condo’s , cooperatives, and other forms of common interest ownership are often regulated under a states common interest ownership act
True
Generally, a common interest community has the authority to levy what on its owners for the maintenance of common elements?
Mandatory assessments
Yes or No
Condos can be any type or use of real estate- residential, commercial, etc.
Yes
PITT:
Possession, interest, title, and time.
A competenent seller must be:
18, Sane, and sober. (buyer does not need to be competent)
Consideration is
Money or something of value (a Dime A Dollar or a Doughnut)
True or False
In NC, while title has passed at closing, the standard sales contract states the property is not considered closed until the deed is recorded because recording shows proof of acceptance.
True
7 essential elements of a Deed
1) Competent grantor
2) Execution by grantor
3) Identifiable grantee
4) Delivery and acceptance ( by grantee)
5) Legal Description
6) Consideration
7) Words of conveyance
In regard to a Deed the term execution refers to:
The signature of the grantor
Which must always be TRUE of tenants in common?
a. Each tenant must have equal ownership share.
b. Each tenant rents her share of the land.
c. Each tenant has the right of survivorship.
d. Each tenant must join in a conveyance of title to the property.
d. (while shares in tenancy in common may be unequal, each co-owner must sign the document(s) of title conveyance (deed, contract for deed)
Which of the following is MOST closely associated with the voluntary alienation of real property?
a. Bill of Sale
b. Adverse possession
c. deed
d. Easement by necessity
c. deed
remember voluntary vs involuntary
A group of people who have continuously used a path over private property may gain the right to a prescriptive easement through the process of :
Tacking
