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Real Estate Exam 2.24 > Transfer > Flashcards

Transfer Flashcards

1
Q

The transfer of property is called….(property changing hands) ..4-1

A

alienation

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2
Q

Getting title to land by action of wind and/or water that causes the land to grow.

A

Accession

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3
Q

The gradual build up of land through the action of wind and water.

A

Accretion

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4
Q

The deposited material that creates firm ground is called…(can cause boundary lines to change

A

alluvion or alluvium

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5
Q

The increase in land area that occurs when water recedes.

A

Reliction (or dereliction)

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6
Q

The gradual wearing away of soil by the action of wind and water.

A

Erosion

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7
Q

A SUDDEN change in land mass due to flood, earthquake, hurricane, etc.

A

Avulsion

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8
Q

The process of the government using their eminent domain powers to acquire property without owner’s consent.

A

Condemnation

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9
Q

Die without a will

A

intestate

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10
Q

Estate of dead person distributed to heirs according to the ……

A

Laws of descent and distribution

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11
Q

When no blood relatives of a person who died can be found, the property goes to the county or state through a legal process called….

A

Escheat

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12
Q

Deciding who the rightful heirs are when someone dies is the responsibility of…

A

The probate court

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13
Q

This person oversees the dead person’s estate, debts, property distribution, etc.

A

Administrator

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14
Q

Each spouse automatically owns one-half of all the property

A

Community Property (not valid in GA)

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15
Q

Occupying someone’s land without permission for the required period of time….(a way to take ownership of someone’s property)

A

Adverse possession

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16
Q

(In adverse possession)-Moving in, making improvements and paying the taxes

A

Possession must be ACTUAL (1 of 6 requirements for adverse possession)

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17
Q

(In adverse possession) - without the owner’s permission

A

Possession must be HOSTILE (1 of 6 requirements for adverse possession)

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18
Q

(In adverse possession) -obvious and visible to rightful owner

A

Possession must be OPEN (1 of 6 requirements for adverse possession)

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19
Q

(In adverse possession) -So that the public can see

A

Possession must be NOTORIOUS (1 of 6 requirements for adverse possession)

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20
Q

(In adverse possession) -Not shared with anyone else

A

Possession must be EXCLUSIVE (1 of 6 requirements for adverse possession)

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21
Q

(In adverse possession) -In an uninterrupted pattern for a required period of time.

A

Possession must be CONTINUOUS (1 of 6 requirements for adverse possession)

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22
Q

(In adverse possession)-one person added their time on to another occupant’s time to meet required time frame

A

tacking

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23
Q

(re: adverse possession)-once occupant has met all requirements for adverse possession he/she must file this in court

A

quiet title action

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24
Q

When joint tenants or tenants in common cannot agree on a plan for diving their property court will order this type of sale.

A

Partition Sale (split the ownership in parts)

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25
Q

A court ordered proceeding to sell property to satisfy certain debts of the owner. You don’t pay your mortgage…this type of sale can happen.

A

Foreclosure sale

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26
Q

Transfer of property with the owner’s consent

A

Voluntary alienation (alienation just means transfer)

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27
Q

Document used when the government conveys land to a private individual

A

patent

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28
Q

A person who makes a will

A

Testator

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29
Q

Document that explains how the testator (person who makes a will) wants his/her estate disposed when they die

A

A will or last will and testament

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30
Q

(In a will) -Real property is called a….

A

Devise

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31
Q

(In a will)- Personal property is called…

A

Legacy or Bequest

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32
Q

The person receiving personal or real property in a will is called the ….

A

legatee

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33
Q

The person named to carry out the provisions of a will

A

executor

34
Q

The person who dies with a valid will

A

testate

35
Q

This type of will is typed or pre-printed (witnessed) -recognized by all states

A

formal will

36
Q

The process of witnesses signing a will

A

attestation

37
Q

This type of will is entirely hand-written, dated and signed by the testator (person who died)-recognized by some states

A

holographic will

38
Q

This type of will is made orally in expectation of impending death. It must be property witnessed and put into writing quickly

A

Nuncupative will

39
Q

Used to make changes to a will or to make a new will

A

Codicil

40
Q

Used if real property must be transferred(conveyed) to someone in a will ( a type of deed)

A

executor’s deed

41
Q

This type of deed is used when the property is a gift

A

gift deed or voluntary deed

42
Q

Sufficient consideration (pay) for a property

A

good considertation

43
Q

When a person GIVES property to the government for public use

A

dedication

44
Q

A written instrument that conveys interest in a property from one person to another

A

deed

45
Q

Provides that deeds must be in writing to be enforceable in a court of law

A

Statute of Frauds

46
Q

(Deed requirement)- Deed must be in writing to be enforceable

A

(Deed requirement)- Deed must be in writing to be enforceable

47
Q

(Deed requirement)-The GRANTOR must be of legal age and of sound mind if deed is to be valid

A

(Deed requirement)-The GRANTOR must be of legal age and of sound mind if deed is to be valid

48
Q

(Deed requirement) -The GRANTEE must be named if deed is to be valid

A

(Deed requirement) -The GRANTEE must be named if deed is to be valid

49
Q

(Deed requirement)-Contract should contain a description of the CONSIDERATION. “for ten dollars”…does not have to be money.

A

(Deed requirement)-Contract should contain a description of the CONSIDERATION. “for ten dollars”…does not have to be money.

50
Q

(Deed requirement)-The legal description of the property being conveyed must be in the deed.

A

(Deed requirement)-The legal description of the property being conveyed must be in the deed.

51
Q

(Deed requirement)-Deed must include granting clause/words of conveyance. It must spell out who the property is going to

A

(Deed requirement)-Deed must include granting clause/words of conveyance. It must spell out who the property is going to

52
Q

(Deed requirement) -deed must include the signature of the GRANTOR only. (The grantee can sign but it’s not required)

A

(Deed requirement) -deed must include the signature of the GRANTOR only.

53
Q

(Deed requirement)-Deed must be delivered and accepted by the grantee to be valid.

A

(Deed requirement)-Deed must be delivered and accepted by the grantee to be valid.

54
Q

A promise that the grantor does own the property and has the right to convey it (1 of 5 covenants of title)

A

Covenant of Seisin (Seizen)

55
Q

A promise that there are no encumbrances except those specifically mentioned in the deed (1 of 5 covenants of title)

A

Covenant against encumbrances

56
Q

A promise that the grantee will not suffer interference from others having a superior claim to the title (1 of 5 covenants of title)

A

Covenant of quiet enjoyment

57
Q

This obligates the grantor to compensation the grantee for any loss suffered in defending the title against anyone asserting a rightful claim to the property from any time in the past….Basically, if someone comes back saying they are the owners of the property…(1 of 5 covenants of title)

A

.Covenant of Warranty Forever

58
Q

This obligates the grantor to produce any documents that might be needed to perfect the title. (1 of 5 covenants of title)

A

Covenant of Further or Future Assistance

59
Q

If an error is found on a deed, it may be necessary to get one of these (a type of deed)

A

A correction deed

60
Q

Formal declaration made by the grantor in the presence of an authorized official that the deed is being signed voluntarily

A

Acknowledgement

61
Q

This type of deed guarantees good title to the property

A

Warranty deed

62
Q

This type of deed offers the most title protection of any deed.

A

General warranty deed

63
Q

This type of deed is less than a general warranty deed. It does not come with “warranty forever”

A

Special warranty deed

64
Q

This type of deed only comes with 2 covenants-seizen and covenant against encumbrances

A

Grant deed

65
Q

This deed promises that title to the property is being conveyed but contains no warranties about the condition of the title

A

Bargain and Sale Deed

66
Q

This deed is often used to remove a cloud on title. It does not contain any promises or warranties of title

A

Quit claim deed

67
Q

This deed is sometimes used in place of a mortgage lien. The trustee hold the title until the loan is paid off.

A

Trust deed or Deed of trust

68
Q

Used when an officer of the court is directed to convey title (type of deed)

A

Sheriff’s deed or deed in foreclosure

69
Q

Deed use to convey title after sale to satisfy a tax lien

A

Tax deed

70
Q

Deed used to convey title in a partition sale (when court has to split property up)

A

Deed in partition or partition deed

71
Q

Deed used when someone is acting on behalf of someone who is not legally competent

A

Guardian deed

72
Q

Deed used to convey property for someone who does not have a will

A

Administrator’s deed

73
Q

Deed used to convey property for someone who has a will

A

Executor’s deed

74
Q

This type of NOTICE is knowledge that a person should know. It’s assumed that a person knows.

A

Constructive notice

75
Q

This type of NOTICE is knowledge based on what has been seen, heard, read or observed.

A

Actual notice

76
Q

The process of recording deeds gives the whole world notice

A

The purpose of recording deeds and documents is to give the whole world notice.

77
Q

Recording that shows a continuous link of ownership from the original owner to the present owner

A

Chain of title

78
Q

Condensed history of the title (includes the chain of title, liens, judgement, wills, etc.)-EVERYTHING about the title

A

Abstract of title

79
Q

A defect on a title

A

Cloud on the title

80
Q

Court action taken to remove a cloud on a title

A

Quiet title action

81
Q

Used in place of an abstract of title.

A

Certificate of title

82
Q

Protection on title that defends against lawsuits brought by people claiming to have interest in the title BEFORE the policy was purchased.

A

Title insurance

Real Estate Exam 2.24 (6 decks)

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