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Flashcards in Ch 9 Deck (33):
1

what is a title

the collection of rights one has when owning real property

2

What is an equitable title

right to full ownership of property when someone else has legal title

3

"alienation"

to transfer a title (with deed or operation of law)

4

"testator"

person making will

5

"devisee"

person receiving will

6

What is needed to make a will valid

18+ yrs of age, testator is of sound mind, proper verbiage, no influence on testator, state specified number of witnesses

7

"escheat"

the transfer of land to the state because owner dies with no heirs

8

"eminent domain"

take property for public use

9

What is the role of the title company

Reviews title, issues insurance policies, facilitates closings, and files and records paperwork.

10

purpose of title insurance

to protect against any hidden claims that don't surface before closing

11

what is a deed

the document to transfer ownership from grantor to grantee

12

three parts to a deed

premises (names and property description)
habendum (defines ownership/limitations)
testimonium (signed wishes of grantor)

13

4 types of deeds

general warranty (most often used)
special warranty (used by large corps/banks)
bargain & sale of deed
quit claim (grantor "quits" any interest in the property

14

"easement"

gives someone else use of property while owner still owns

15

easement terminations

- purpose no longer there
- quit claim by owner
- destruction of property
- court determined excessive use

16

The three methods of legal description of land

1. metes and bounds (distance/direction)
2. rectangular government survey (begins in Tallahassee)
3. lot and block number on plat map (subdivision)

17

Section is 640 acres and you want to buy SW 1/2. How many acres is that?
Now determine acreage of
E1/2 of the NW 1/4 of the NE 1/4 of the SW 1/4

320
2*4*4*4= 128
128/640= 5 acres

18

1 mi =
1 sq yd =
1 cubic yd =
1 sq mi =
1 acre =

5,280 ft
9 sq ft
27 ft
640 sq ft
43,560 ft

19

purpose of contract

valid, voidable, and enforceable document that deciphers legal effect

20

"earnest money"

good faith deposit

21

what is equitable title

interest buyer has in property between offer and closing. (important if house were to burn down, etc)

22

Bilateral contract

"two-way" sales contract

23

unilateral contract

"one-way" seller promises to sell IF buyer will buy at later date.

24

expressed contract

oral or written with specific terms (i.e. purchase price)

25

implied contract

not written, but implied.

26

executory contract

contract in process

27

executed contract

completed

28

informal contract

oral; not enforceable

29

what results in contract termination?

performance (completed), mutually recind, operation of law (bankruptcy or eminent domain)

30

"novation"

change original terms of contract

31

"parol evidence rule"

written word take precedence over oral in contract law

32

"assignment of contract"

third person takes place of an original person

33

List types of listing agreements

1. open listing- any number of brokers are hired and whomever sells gets commission
2. exclusive- one broker, but no commission if owner sells.
3. exclusive right to sell- listing broker is entitled to commission regardless.