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
Q

The power of the state to take private property for public use is called:

A

Eminent Domain

26
Q

To be effective, a deed must be:

A

Signed by the grantor.

27
Q

The transfer of title from the grantor to the grantee, and from that grantee to a subsequent grantee, and so on, is called:

A

The chain of title

28
Q

Legal title conveyed by a deed of trust may be regained by:

A

A reconveyance deed

29
Q

Intestate Succession

A

The legal determination of property ownership

30
Q

Broker commissions are subject to:

A

Statute and Court Approval

31
Q

Accession

A

Refers to an increase in property owned due to natural additions to the property such as soil from a river.

32
Q

Condemnation

A

A process that gives notice to the property owner that the property is being taken by eminent domain

33
Q

Inverse Condemnation

A

Property owners can money damages in a legal action called inverse condemnation if damaged or affected by local public activity. Highways, Airport

34
Q

2 implied warranties of grant deeds

A
  • The Grantors interest in the property has not already been conveyed
  • Free of undisclosed encumbrances on the property such as tax liens.
35
Q

Quitclaim Deed

A

Releases interest of property.

36
Q

Warranty Deed (no longer used in CA)

A

Expressly warrants that the grantor has a good title.