Unit 7 Vocaburaly

Question 1

Title

Answer 1

real estate means the right to or ownership of the land; it represents the owner’s bundle of legal rights

Question 2

Voluntary alienation

Answer 2

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

Question 3

deed

Answer 3

is a document by which an owner of real estate conveys the right, title, or interest owned in the parcel of real estate to someone else.

Question 4

grantee

Answer 4

and the person who receives the property is called the

Question 5

grantor

Answer 5

The owner who transfers the property is referred to as the

Question 6

granting clause,

Answer 6

or words of conveyance, that states the grantor’s intention to convey the property

Question 7

habendum clause

Answer 7

When it is necessary to define or explain the ownership to be enjoyed by the grantee

Question 8

acknowledgment

Answer 8

is a formal declaration under oath that the person who signs a written document does so voluntarily and that the signature is genuine.

Question 9

general warranty deed

Answer 9

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

Question 10

special warranty deed

Answer 10

may be used by fiduciaries such as trustees, executors, and corporations. A special warranty deed is appropriate for fiduciaries because they lack the authority to warrant against acts of predecessors in title (the former owners). A fiduciary may hold title for a limited time without having a personal interest in the proceeds. Sometimes a special warranty deed is used by a grantor who has acquired title at a tax sale.

Question 11

bargain and sale deed

Answer 11

contains no express warranties against encumbrances, but it does imply that the grantor holds title and possession of the property.

Question 12

quitclaim deed

Answer 12

provides the grantee with the least protection of any deed

Question 13

deed of trust

Answer 13

or deed in trust in some states) is the means by which a trustor conveys real estate to a trustee for the benefit of a beneficiar

Question 14

reconveyance deed

Answer 14

is used by a trustee to return title to the trustor.

Question 15

trustee’s deed

Answer 15

A deed executed by a trustee is a

Question 16

transfer tax

Answer 16

Many states have enacted laws providing for a state

Question 17

involuntary alienation

Answer 17

Title to property may be transferred without the owner’s consent by

Question 18

intestate

Answer 18

without a valid will), the title to the real estate passes to the heirs identified in the state’s law of intestate succession

Question 19

Adverse possession

Answer 19

another means of involuntary transfer. An individual who makes a claim to certain property, takes exclusive possession of it by excluding the true owner and any other title claimants, and (most important) uses it, may take title away from an owner who fails to use or inspect the property for a period of years. The law recognizes that the use of land is an important function of its ownership.

Question 20

testate

Answer 20

has prepared a will indicating how his or her real and personal property will be disposed of at the time of death

Question 21

probate

Answer 21

When title passes by will or descent, the estate must go through a judicial process called

Question 22

will

Answer 22

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

Question 23

testator

Answer 23

the person who makes a will, is alive, any property included in the will can still be conveyed by the owner.

Question 24

devise

Answer 24

The gift of real property by will is known as a