Unit 4: Transferring Real Estate Flashcards

1
Q

A person who dies without a will dies

A

Intestate

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2
Q

Intestate

A

State provision by law for the distribution of the property of intestate persons.

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3
Q

Testator

A

The person making a will is called the testator (property owner)

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4
Q

The testator names

A

An executor or executrix

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5
Q

Someone who receives real property by will is called:

A

A devisee

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6
Q

A typewritten will must be

A

Made by a competent person, signed by the testator, and witnessed.

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7
Q

A statutory will is:

A

Signed and Witnessed

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8
Q

A holographic will is:

A

Handwritten

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9
Q

The probate court appoints

A

An administrator or administratrix.

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10
Q

When soil is deposited on a riverbank, gradually building out the land, this process is called:

A

Accretion

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11
Q

When flood conditions cause the land to be washed away, this is known as:

A

Avulsion

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12
Q

When the water recedes, creating a new shoreline, the process is called:

A

Reliction

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13
Q

Elena moves onto Mike’s land, builds a home, pays the property taxes, and claims she owns the property. When will she have a good title, even against Mike?

A

After 5 years.

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14
Q

Adverse Possession

A

The concept of taking over someone else’s property and occupying it long enough to acquire ownership.

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15
Q

Adverse Possession Acronym (NACHO)

A

Notorious- Not hiding the fact from anyone
Adverse- To the interests of the real owner
Continuous- For five years
Hostile- Without Permission
Open

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16
Q

Elena’s friend Carl, who used to own the property (in other example) gave her a phony deed to Mike’s land. Elena, who does not know the deed is phony, has

A

Color of Title

17
Q

Color of Title

A

Possession of a document erroneously appearing to convey title to the occupant.

18
Q

The right to travel over the property of someone else is:

A

An easement

19
Q

A cotenant who wants a property that is co-owned to be sold would bring:

A

A partition action

20
Q

Partition Action

A

brought by a co-owner of a property to force severance of co-owners’ respective interests.

21
Q

In event of default, real property may be sold without court action if the mortgage or other lien instrument contains:

A

A power of sale.

22
Q

Power of Sale

A

Gives the trustee under a trust deed the ability to sell the property to satisfy the unpaid debt if the debtor defaults.

23
Q

The court order following a judgment for money is:

A

A writ of execution

24
Q

Writ of execution

A

A court order directing the county sheriff or another officer to satisfy a judgment out of the debtor’s property.

25
The power of the state to take private property for public use is called:
Eminent Domain
26
To be effective, a deed must be:
Signed by the grantor.
27
The transfer of title from the grantor to the grantee, and from that grantee to a subsequent grantee, and so on, is called:
The chain of title
28
Legal title conveyed by a deed of trust may be regained by:
A reconveyance deed
29
Intestate Succession
The legal determination of property ownership
30
Broker commissions are subject to:
Statute and Court Approval
31
Accession
Refers to an increase in property owned due to natural additions to the property such as soil from a river.
32
Condemnation
A process that gives notice to the property owner that the property is being taken by eminent domain
33
Inverse Condemnation
Property owners can money damages in a legal action called inverse condemnation if damaged or affected by local public activity. Highways, Airport
34
2 implied warranties of grant deeds
- The Grantors interest in the property has not already been conveyed - Free of undisclosed encumbrances on the property such as tax liens.
35
Quitclaim Deed
Releases interest of property.
36
Warranty Deed (no longer used in CA)
Expressly warrants that the grantor has a good title.