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Real Estate State Test Questions > Unit 9 - 7 State - Title, Deeds, and Ownership Restrictions > Flashcards

Unit 9 - 7 State - Title, Deeds, and Ownership Restrictions Flashcards

1
Q 
Unit 9
Constructive notice (legal notice)
A

Makes documents available as public records (ex: pool company records construction lien on property for unpaid job)

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2
Q

Unit 9
Lender (Mortgagee) Policy

A

*issued for loan amount
*transferrable (assignable)

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3
Q

Unit 9
How does a deed become valid?

A

At time of voluntary delivery and acceptance

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4
Q

Unit 9
Quitclaim deed

A

Least protection
Used to clear existing or potential clouds on the title
only contains granting clause

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5
Q

Unit 9
Net lease

A

tenant pays fixed rent plus expenses

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6
Q

Unit 9
Variable (index) Lease
Building rents $12 per square foot with an index of 1.5. Index increases to 1.8. What is the adjusted rental rate?

A

1.8/1.5 = 1.2

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7
Q 
Unit 9 
Voluntary Liens (with owners consent)
A

vendor’s lien (seller financing/mortgage)

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8
Q

Unit 9
Vendor’s Lien

A

buyer (vendee) unable to pay full down payment, seller (vendor) will frequently allow a purchase money mortgage

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9
Q

Unit 9
Legal title vs Equitable title

A 
legal = ownership of freehold estate (fee simple and life estate) 
equitable = receive legal title at future date
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10
Q

Unit 9
Alienation

A

transferring ownership, title or interest of real property

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11
Q

Unit 9
Transfer by Voluntary Alienation (2 ways)

A 
Deed = conveys legal title 
Will = conveys title after death
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12
Q

Unit 9
devise vs devisee

A 
devise = gift of real property 
devisee = recipient of gift
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13
Q

Unit 9
Transfer by Involuntary Alienation (4 ways)

A

descent = die intestate (w/o will) given to legal descendants
escheat to the state = die intestate but have no heirs
adverse possession = owner sleeps on his rights
eminent domain = gov’t takes the land

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14
Q

Unit 9
Title Insurance
Owner policy vs Lender (Mortgagee) Policy

A

owner = not required, for purchase price, not transferable

lender = loan amount, transferable

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15
Q

Unit 9
Parts of the Deed - Premises

A

Premises = names, dates, marital status, etc. and contains…
Consideration
Granting clause

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16
Q

Unit 9
Consideration

A

Part of deed (in the premises) that states anything of value being exchanged for the title

17
Q

Unit 9
Granting Clause

A

CONVEYANCE of title
states intention to transfer the title (grants, bargains, sells, etc)

18
Q

Unit 9
Habendum Clause

A

bundle of legal rights conveyed by the grantee
“to have and to hold”

19
Q

Unit 9
Covenant of Seisin (seizin)

A

says grantor owns and has right to sell (convey)

20
Q

Unit 9
General Warranty Deed

A

most commonly used in Florida
greatest protection bc contains all covenants and warranties available so able to defend title forever

21
Q

Unit 9
Gov’t Restrictions on Ownership

A

PET
Police Power = zoning, building and health codes, etc
Eminent domain = right to take public property for public use
Taxation

22
Q

Unit 9
Private Ownership Restrictions

A

DELL
Deed restrictions = private restrictions, possible restrictive covenants (same as deed restricted community)
Easements
Leases
Liens

23
Q

Unit 9
Easement appurtenant vs prescription

A 
appurtenant = easement by necessity (driveway in their yard) 
prescription = 20 years of open, continuous, uninterrupted use. Gains easement and not title
24
Q

Unit 9
Gross Lease

A

fixed rent

25
Q

Unit 9
Net Lease

A

fixed rent + building expenses

26
Q

Unit 9
Percentage Lease

A

rent based on gross sales (malls)

27
Q

Unit 9
Variable Lease

A

rent will change, graduated at set times, tied to an index

28
Q

Unit 9
Ground Lease

A

long-term lease on land
tenant may erect a building ex: Wawa
typically 99 year lease

29
Q

Unit 9
General Liens vs Specific Liens

A 
general = attaches to all properties of the debtor's real property in the county where the lien is recorded 
specific = only on certain specified property
30
Q

Unit 9
Superior Liens vs Junior Liens

A 
Superior (priority)= property tax lien, federal estate tax lien, special assessment liens 
Junior liens (based on date of recording) = mortgage lien, judgment lien, vendor's liens, IRS liens
31
Q

Unit 9
Construction Liens

A

take priority by date construction started, not by the date it was recorded

Real Estate State Test Questions (19 decks)

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