Unit 6: Transfer of Title

Question 1

What is the difference between ORs and EEs

Answer 1

ORs - Giveth (give, sell, grant, mortgage)
EEs Receiveth - (receive, buy, lend)

Question 2

What is the act of ownership (transferring title) ownership of real estate from one party to another

Answer 2

Alienation

Question 3

What is a private grant?

Answer 3

Transfer of title from individuals to individual using a deed

Question 4

What is a public grant?

Answer 4

It’s from the government to individuals using a land patent

Question 5

What is a dedication?

Answer 5

Is from individuals to the government by recording a plat

Question 6

What are the essential elements of a valid deed

Answer 6

1. Competent owner: 18, sane, sober
2. Execution by the grantor: deed must be signed by all owners to convey property
3. Identifiable grantee
4. Legal description of the land
5. Consideration: money or something of value
6. Words of conveyance: Granting clause
7. Delivery to and acceptance by the grantee

Question 7

What is a general warranty deed?

Answer 7

Most common deed
Includes most promises or covenants
Includes the greatest protection for the grantee buyer

Question 8

What is the covenant of seisin

Answer 8

The grantor owns and has the right to convey

Question 9

What is the covenant of quiet environment

Answer 9

Grantee will not be disturbed by others claiming title to the property

Question 10

What is covenant against encumbrances

Answer 10

No undisclosed encumbrances (Leins, restrictions, easements)

Question 11

what is a limited warranty deed

Answer 11

grantor warrants title against issues against defects that may have arisen during grantors ownership, not those of earlier property owners

Question 12

What is a quitclaim deed

Answer 12

No covenants or warranties
Lease liability for the grantor/seller
No promises, problem solver deed
Would use when grantor wants no future claims or liability

Question 13

What is probate?

Answer 13

The process of distributing all of the deceased person’s assets

Wills must go through probate in order for the devisee to receive real property

Question 14

What is a bequest

Answer 14

The act of transferring a deceased persons interest in personal property to another bill of sale

Question 15

Adverse possession

Answer 15

Ownership recognized by the courts after OPEN, CONTINUOUS, EXCLUSIVE, ACTUAL and NOTORIOUS (WITHOUT PERMISSION) for a certain period set by state law

Question 16

Prescriptive Easement

Answer 16

An Easement recognized by the courts. Use of anothers land for a certain period of time set by state law. Possession must be open, continuous, exclusive, distinct, actual and notorious

Question 17

Easement by necessity

Answer 17

Is granted by the courts to prevent creation of landlocked property; it is only granted if there is no other access