Unit 4: Transferring Real Estate Flashcards
A person who dies without a will dies
Intestate
Intestate
State provision by law for the distribution of the property of intestate persons.
Testator
The person making a will is called the testator (property owner)
The testator names
An executor or executrix
Someone who receives real property by will is called:
A devisee
A typewritten will must be
Made by a competent person, signed by the testator, and witnessed.
A statutory will is:
Signed and Witnessed
A holographic will is:
Handwritten
The probate court appoints
An administrator or administratrix.
When soil is deposited on a riverbank, gradually building out the land, this process is called:
Accretion
When flood conditions cause the land to be washed away, this is known as:
Avulsion
When the water recedes, creating a new shoreline, the process is called:
Reliction
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?
After 5 years.
Adverse Possession
The concept of taking over someone else’s property and occupying it long enough to acquire ownership.
Adverse Possession Acronym (NACHO)
Notorious- Not hiding the fact from anyone
Adverse- To the interests of the real owner
Continuous- For five years
Hostile- Without Permission
Open
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
Color of Title
Color of Title
Possession of a document erroneously appearing to convey title to the occupant.
The right to travel over the property of someone else is:
An easement
A cotenant who wants a property that is co-owned to be sold would bring:
A partition action
Partition Action
brought by a co-owner of a property to force severance of co-owners’ respective interests.
In event of default, real property may be sold without court action if the mortgage or other lien instrument contains:
A power of sale.
Power of Sale
Gives the trustee under a trust deed the ability to sell the property to satisfy the unpaid debt if the debtor defaults.
The court order following a judgment for money is:
A writ of execution
Writ of execution
A court order directing the county sheriff or another officer to satisfy a judgment out of the debtor’s property.
The power of the state to take private property for public use is called:
Eminent Domain
To be effective, a deed must be:
Signed by the grantor.
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
Legal title conveyed by a deed of trust may be regained by:
A reconveyance deed
Intestate Succession
The legal determination of property ownership
Broker commissions are subject to:
Statute and Court Approval
Accession
Refers to an increase in property owned due to natural additions to the property such as soil from a river.
Condemnation
A process that gives notice to the property owner that the property is being taken by eminent domain
Inverse Condemnation
Property owners can money damages in a legal action called inverse condemnation if damaged or affected by local public activity. Highways, Airport
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.
Quitclaim Deed
Releases interest of property.
Warranty Deed (no longer used in CA)
Expressly warrants that the grantor has a good title.
