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CLI Prelicensing > Unit 6 > Flashcards

Unit 6 Flashcards

1
Q

Title

A

the right to or ownership of the land

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2
Q

What does title represent?

A

the owner’s bundle of legal rights

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3
Q

What serves as evidence of ownership of real estate?

A

Title

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4
Q

How to transfer title voluntarily?

A

1) sell

2) gift

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5
Q

How is title transferred involuntarily

A

operation of law

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6
Q

Is a title printed?

A

no

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7
Q

Voluntary Alienation

A

voluntarily transferring title to someone by signing a deed during the owner’s lifetime

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8
Q

Devise

A

willing of real estate

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9
Q

deed

A

transfer of real estate ownership

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10
Q

Legacy

A

money given in will

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11
Q

lease

A

contract between landlord and tenant

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12
Q

offer

A

offer by person in writing (person giving offer is offeror)

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13
Q

Option

A

person proposing option is optionee

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14
Q

Sublease

A

renting lease to someone else

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15
Q

Trust

A

one party places property in trust with someone else for the benefit of a third party

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16
Q

Statute of frauds

A

requires deeds be in writing (all states)

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17
Q

Grantor

A

person giving deed

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18
Q

Grant

A

giving deed to someone else

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19
Q

Grantee

A

person receiving deed

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20
Q

Mortgage

A

signing that if you default on your loan, they can foreclose on your house; borrow is the mortgagor

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21
Q

Deed

A

instrument that conveys property from grantor to grantee; conveys right, title or interest owned in a parcel of real estate to someone else

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22
Q

Promisory note

A

promising that you will pay something back

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23
Q

when does title pass from grantor to grantee

A

when the deed is delivered and accepted by grantee; often happens at closing

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24
Q

Requirements for a valid deed

A
  1. Grantor must be of lawful age (18 years old), of sound mind, and name spelled correctly and consistently throughout deed
  2. Deed must convey a grantee
  3. Statement of consideration
  4. Habendum clause
  5. Accurate legal description of property
  6. Any relevant exceptions and reservations
  7. Signator of grantor
  8. Acknowledgement
  9. Delivery and acceptance to and by grantee
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25
Q

Granting Clause

A

states intent of grantor to convey title to grantee, naming grantee(s) and intention of taking title (what their tenancy will be)

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26
Q

Delivery and acceptance

A

precise time when title will pass from grantor to grantee (not when deed is signed) when deed is delivered to grantee and accepted by grantee

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27
Q

Habendum Clause

A

states what interest is being conveyed to the grantee (ex: fee simple); always starts with “to have and to hold”

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28
Q

Exceptions and reservations

A

may specifically note encumbrances, reservations, or limitations that affect the title being conveyed

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29
Q

Signature of grantor

A

must sign deed; sometimes also require witnesses to or notarization of the grantor’s signature; sometimes will allow someone with power of attorney to sign for grantor

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30
Q

Power of Attorney

A

written specific authority

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31
Q

Attorney in fact

A

person who received someone else’s power of attorney

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32
Q

Acknowledgement

A

have grantor’s signature notarized; done as matter of business (not required)

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33
Q

Types of deeds

A
  1. general warranty deed (all 5 covenants)
  2. Special warranty deed
  3. Bargain and sale deed
  4. Quitclaim deed
  5. Deed of trust
  6. Reconveyance deed
  7. trustee’s deed
  8. deed executed pursuant to a court order
34
Q

What does the statute of fraud require for deeds?

A

they be in writing

35
Q

what does the habendum clause always start with?

A

“the have and to hold”

36
Q

How are corporate deeds executed?

A

normally one authorized officer who signs on behalf of all the shareholders, conveyance of property is defined by state law

37
Q

What are covenants?

A

promises

38
Q

General warranty deed

A

provides the greatest protection to the buyer because the grantor is legally bound by certain covenants or warranties

39
Q

covenant of seisin

A

gantor promises grantee that they are who they say they are

40
Q

Covenant against encumbrances

A

what i’m conveying today is clear unencumbered titled except for reservations

41
Q

Covenant of further assurances

A

everything doing today is everything we must do

42
Q

Covenant of quiet enjoyment

A

promises grantee that what is being conveyed is 100% ownership of property

43
Q

Covenant of warranty forever

A

grantor promises the grantee that they didn’t do any damage to encumber the title of this property but if it is discovered after transfer then it will be made right

44
Q

Who pays for the covenant of warranty forever?

A

title insurance policy

45
Q

Special warranty deeds

A

limits the grantor’s defense of the title transferred by warranting that the grantor received the title and that the property was not encumbered during the time the grantor held title, except as otherwise noted in the deed

46
Q

What does the granting clause contain in a special warranty deed?

A

“grantor remises, releases, alienates and conveys”

47
Q

What is the special warranty deed mostly used for?

A

delinquent tax sales or commercial real estate

48
Q

Bargain and sale deed

A

has no covenants but implies if the grantor says they have the title they really do have the title

49
Q

What phrase is in the bargain and sale deed

A

“Grants and releases” or “grants, bargains, and sells”

50
Q

Quitclaim deed

A

provides grantee with least protection of any deed; no covenants, warranties, or implications of title to convey

51
Q

Cloud on the title

A

title defect

52
Q

what is a quitclaim deed mostly used for?

A

used to cure a title defect or divorce situations

53
Q

Deed of trust

A

a trustor conveys real estate to a trustee for the benefit of a beneficiary

54
Q

Reconveyance deed

A

used in trust situation; used by a trustee to return title to the trustor

55
Q

Trustee’s deed

A

used in trust situation; conveyance from trustee to third party

56
Q

Deed executed pursuant to a court order

A

deeds executed pursuant to a court order, must state entire purchase and sale price

57
Q

What are some other names for a deed executed pursuant to a court order?

A

executor’s deed, master’s deed, administrators’ deed, sheriff’s deed

58
Q

what are Deeds executed pursuant to a court order used for?

A

foreclosures normally

59
Q

transfer tax stamps

A

state tax paid on conveyances of real estate; negotiable on who pays it but normally buyer pays it

60
Q

what is transfer tax stamps in TN?

A

$0.37 for every $100 on sale price

61
Q

What is the only way to have voluntary alienation?

A

if seller is alive and signs the title over

62
Q

involuntary alienation

A

title transfers involuntarily

63
Q

adverse possession

A

means of involuntary transfer, must be open, notorious, continuous, hostile, adverse

64
Q

what must adverse possession be?

A
  1. open
  2. notorious
  3. continuous
  4. hostile
  5. adverse
65
Q

testate

A

died with will

66
Q

intestate

A

died without will

67
Q

Will

A

made by a property owner to convey title to real and personal property after the owner’s death

68
Q

Testator

A

person who makes a will

69
Q

devise

A

gift of real property by will

70
Q

devisee

A

person who receives real property by will

71
Q

If someone wills property to someone but the state recognizes dower and curtsey, who gets the property?

A

dower and curtsey precedes laws of will so would be living spouse.

72
Q

what are the 2 requirements for having a will?

A
  1. of sound mind

2. of legal age

73
Q

Deathbed will

A

oral will

74
Q

nuncupative

A

oral

75
Q

holographic

A

written

76
Q

does TN recognize oral wills?

A

no

77
Q

executor

A

if die testate, name someone who will handle your state upon your death

78
Q

Administrator/Personal Representative

A

State appointed person to handle your estate if die intestate

79
Q

where do probate proceedings take place?

A

in the county in which the descendent last resided

80
Q

Probate

A

a formal judicial process to properly allocate and distribute the assets of the deceased

CLI Prelicensing (23 decks)

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