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Real Estate Agent Course > Unit 6 > Flashcards

Unit 6 Flashcards

1
Q

What is the legal term for the transfer of title during the property owner’s lifetime

A

voluntary alienation

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2
Q

What requires that a deed be in writing

A

statute of frauds

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3
Q

What is the name of the person transfering their title

A

grantor

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4
Q

What is the name of the person receiving a title

A

grantee

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5
Q

the deed being executed means what

A

its signed

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6
Q

What are the requirements for a valid deed

A

Grantor who has the legal competency to execute the deed
Grantor who has the legal competency to execute the deed
Grantee named with reasonable certainty to be identified
Statement of consideration (usually required for recording of the deed)
Granting clause (words of conveyance)
Habendum clause, which defines the ownership right received by the grantee
Accurate legal description of the property conveyed
Any relevant exceptions or reservations to conveyance of full title
Acknowledgment (notarization) of the signature of the grantor
Delivery of the deed and acceptance by the grantee to pass title

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7
Q

If a grantors name has changed during is ownership what name should be listed on the deed before alienation

A

both names

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8
Q

What is a consideration clause

A

a clause stating that something has been given in return for the deed

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9
Q

What might the consideration clause say if the deed is given as a gift

A

they might list love and affection as the consideration

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10
Q

What is a granting clause

A

states the grantor’s intention to convey the property

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11
Q

What is another name for a granting clause

A

words of conveyance

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12
Q

What is an example of words of conveyance for a granting an entire fee simple interest

A

“to ABC and to her heirs and assigns forever.”

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13
Q

When is a habendum clause used

A

When it is necessary to define the ownership given to the grantee

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14
Q

What is a habendum clause

A

a clause usu following a granting clause that state the grantees rights when the interest conveyed is anything less than fee simple absolute

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15
Q

What does a habendum clause start with

A

to have and to hold

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16
Q

What do many deeds with restrictions have

A

termination dates for the restrictions and a renewal clause

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17
Q

What might the spouse need to do before their spouse transfers title

A

they may need to sign the deed as well to waive any marital or homestead rights

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18
Q

Are seals required after the grantors name

A

in many states

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19
Q

What is an acknowledgement

A

a formal declaration that the grantor signed the deed voluntarily and the signature is genuine

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20
Q

Where is the acknowledgement made

A

infront of a registered notary public, authorized public officer or someone prescribed by the state

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21
Q

What does an acknowledgement usu state

A

the person signing the deed is known to the officer or has produced sufficient identification

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22
Q

What does the notary public do after verifying ID

A

sign and stamp the documen t

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23
Q

When is the deed considered passed to the grantee

A

only when it is delivered to them and they accept it

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24
Q

What are two basic rules for corporations conveying real estate

A

the conveyance must be done by someone authorized in the bylarws or is given authority by resolution
the deed can only be signed by a authorized officer

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25
Q

Why would a grantee want to see evidence of the deed before moving forward

A

because fdifferent deeds provide different amount of promises made by the grantor

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26
Q

What are the different types of deedS

A 
General warranty deed
Special warranty deed
Bargain and sale deed
Quitclaim deed
Deed of trust
Reconveyance deed
Trustee’s deed
Deed executed pursuant to a court order
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27
Q

What deed provides the most protection

A

General warranty deed

28
Q

What are the basic warranties or covenants of a general warranty deed

A 
Covenant of seisin
Covenant against encumbrances
Covenant of further assurance
Covenant of quiet enjoyment
Covenant of warranty forever
29
Q

What is the convenant of seisin

A

The grantor promises that he or she owns the property and has the right to convey title to it

30
Q

What is the covenant against encumbrance

A

The grantor warrants that the property is free from liens or encumbrances, except for any specifically stated in the deed

31
Q

What is the covenant of further assurances

A

The grantor promises to obtain and deliver any instrument needed to make the title good

32
Q

What is the covenant of quiet enjoyment

A

The grantor guarantees that the grantee’s title is safe from any third party who might makes a claim to it

33
Q

What is a Covenant of warranty forever:

A

The grantor promises to compensate the grantee for the loss sustained if the title fails at any time in the future.

34
Q

What is a special warranty deed

A

the grantor promises that the grantor has the title and that the property was not encumbered during the time the grantor held title, except as otherwise noted in the deed.`

35
Q

What does a special warranty deed not protect you against

A

actions of previous owners

36
Q

What is usu added to a special warranty deed to provide sufficient protection

A

title insurance

37
Q

What does the granting clause of special warranty deeds usu include

A

“Grantor remises, releases, alienates, and conveys

38
Q

What is a common type of sale where a special war deed is used

A

in a tax sale or with fiduciaries

39
Q

What is a Bargain and sale deed

A

doesnt express warranties against encumbrances

does imply that the grantor holds title and possession

40
Q

What is the phrase usu used with a Bargain and sale deed

A

grants and releases or grants, bargains, and sells

41
Q

Should the buyer prolly have title insurance with bargain and sale deeds too?

A

yes

42
Q

If a bargain and sale deed has an added covenant against encumbrances then what would it look like and what other deed would it be equivalent to

A

bargain and sale deed with covenant against the grantor’s acts

a special war deed

43
Q

What is a quitclaim deed

A

carries no covenants or warranties

usu only conveys the interest of the grantor for the use of the grantee

44
Q

What phrase is usu used in a quitclaim deed

A

remises, releases, and quitclaims

45
Q

What can a quitclaim deed be used for

A

to fix a title defect like a cloud on title

46
Q

What is a reconveyance deed

A

used to return title back to trustor

47
Q

What is a trustee deed

A

a deed created by the trustee to convey the real estate to someone other than the trsutor

48
Q

What does a trustee deed need to have

A

a statement that the trustee is authorized to do what they are doing

49
Q

What are deeds executed pursuant to a court order

A

executors’ and administrators’ deeds, masters’ deeds, sheriffs’ deeds used to convey titles transfered by will or court order

50
Q

Many states use what type of taxes for conveyances of deeds

A

state transfer tax

51
Q

Who pays for the state transfer taxes

A

depends on the purchase agreement

52
Q

In many states, what must be signed regarding transfer taxes

A

a transfer declaration form (or transfer statement or affidavit of real property value)

53
Q

Who needs to sign the transfer declaration

A

either both the seller and buyer or their RE professional

54
Q

What does the transfer declar state

A 
the full sales price of the property;
its legal description;
the type of improvement;
the address, date, and type of deed; and
whether the transfer is between relatives or in accordance with a court order.
55
Q

What deeds may be exampt from transfer tax

A

Gifts of real estate
Deeds not made in connection with a sale (such as a change in the form of co-ownership)
Conveyances to, from, or between government bodies
Deeds by charitable, religious, or educational institutions
Deeds securing debts or releasing property as security for a debt
Partitions
Tax deeds
Deeds pursuant to mergers of corporations
Deeds from subsidiary to parent corporations for cancellations of stock

56
Q

What are some different types of involuntary alienation

A

person dies intestate so escheat happens
eminent domain
nonpaymen of a debt
Prescriptive easement

57
Q

What does intestate mean

A

without a valid will

58
Q

What is the process of taking property from uses like those that allow prescriptive easements to be written

A

adverse possession

59
Q

What are the requirements of adverse possession

A 
Open- obvious 
Notorious- known by others 
Continuous
Hostile- without owners consent 
Adverse- against the true owner’s right of possession.
60
Q

What does testate mean

A

someone who dies with a will made

61
Q

When a person dies intestate their proeprty is transfered to their heirs through what statute

A

statute of descent and distribution

62
Q

What is a testor

A

the person who made the will

63
Q

What is a codicil

A

a modificaton to a will

64
Q

Where does probate proceedings occur

A

in the counties where they own real estate

65
Q

What type of trust is used to avoid the delay and expenses of probate and what does it do

A

a revocable living trust

makes the trustor also the trustee so when the trustor dies the title auto transfers to the beneficiary

66
Q

What is an example of a covenant of further assurance

A

if the grantor’s spouse has failed to sign away dower rights, the grantor must deliver a quitclaim deed

Real Estate Agent Course (12 decks)

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