Ch.9 (5/6 text) Title, Deeds, Encumbrances & Liens Flashcards
1
Q
ownership of the bundle of rights
A
legal title
2
Q
a conditional right to legal title subject to an owner’s agreements
with buyers and creditors
A
equitable title
3
Q
knowledge acquired or imparted directly through demonstrable
evidence, e.g., presenting or inspecting a deed, visiting a party in possession
A
Actual Notice
4
Q
knowledge one could or should have obtained, as presumed
by law; imparted by recording in public records “for all to see”
A
Constructive Notice
5
Q
Transferring Title Voluntarily
A
voluntary by grant, deed, or will
6
Q
Transferring Title involuntarily
A
- Foreclosure
- Escheat
- Eminent Domain
- Adverse Posession
- Descent
- Estoppel
7
Q
Granting Clause of a deed
A
Premises Clause
8
Q
Conveys type of Real Estate being Conveyed
A
Habendum Clause
9
Q
Conveys Restrictions in Deed
A
Reddendum Clause
10
Q
Conveys Other Property Included in a deed
A
Tenendum Clause
11
Q
non-possessory interests limiting the legal owner’s rights
A
Encumbrances
12
Q
a right to use portions of another’s property
A
Easements
13
Q
claims attaching to real and personal property as security for debt
A
Liens
14
Q
Lien types
A
voluntary and involuntary; general and specific; superior and junior
15
Q
Granting legal title through will is what type of Alienation
A
Voluntary Alienation
16
Q
Person giving the property through will
A
Testator
17
Q
Person receiving the property through will
A
Devisee
18
Q
Real property given in a will
A
Devise
19
Q
Personal property given in a will
A
Bequest
20
Q
If a person dies with a will, it is known as a ______
A
Testate
21
Q
If a person dies without a will, it is known as a ______
A
Intestate
22
Q
A will written/dated/signed in Testators handwritting, but not witnessed
A
Holographic will (not valid in FL)
23
Q
Formal court hearing to establish validity of will after death of someone
A
Probate
24
Q
Four types of Involuntary Alienation
A
- Foreclosure
- Escheat
- Eminent Domain
- Adverse Posession
25
Four powers of the Govt
PETE
1. Police Power
2. Eminent Domain
3. Taxation
4. Escheat
26
The court action used when eminent domain is exercised
Condemnation
27
________ if someone doesn't take of property, someone else can claim
Adverse Possession
28
5 Conditions that must be met for Adverse Posession
OPATCH
1. Open for all to see
2. Possession must be in hands
3. Taxes must be paid
4. Continuous period of time
5. Hostile to owners title
29
Sales Associates CAN or CANT give opinion of title?
CAN NOT
30
Hired by title companies to search public record to find chain of title
Abstractors
31
Filed if there is a break in chain of title of defect (cloud)
Suit of Quiet the Title or Quitclaim
32
Claim against the title (ex. Adverse possession)
Color of Title
33
4 Types of Deeds
1. General Warranty Deed
2. Special Warranty Deed
3. Bargain & Sale Deed
4. Quit Claim Deed
34
Deed is written in 3 parts (Conveyance Clauses)
1. Premises
2. Habendum
3. Testimonium
35
Premises of deed must contain
1. Name of Grantor
2. Name of Grantee
3. Legal Description
36
Habendum of deed must contain
1. Consideration
2. Granting Clause
3. Habendum Clause
4. Designations/Limitations of Ownership
5. Exceptions/Reservations
37
Testimonium of Deed must contain
1. Acknowledgment
2. Two Witness Signatures
3. Delivery/Acceptance
38
Highest and most comprehensive type of deed
General Warranty Deed
39
General Warranty Deed Promises the following:
1. Covenant of Seisin
2. Covenant of Encumbrances
3. Covenant of quiet Enjoyment
4. Further Assurance
5. Warranty Forever
40
Limits the time frame of the covenants to the time seller actually owned. (usually corporations or banks that have foreclosed on property)
Special Warranty Deed
41
Indicates the grantor has ownership of property and that’s it
Bargain and Sale Deed
42
Grantor “quits “or releases any interest that they may have had in the property
Quit Claim Deed
43
A burden on the property
Encumbrance
44
Types of Encumbrances
1. Deed Restrictions
2. Easements
3. Leases
4. Liens
5. Encroachments
6. Licenses
45
Types of Liens
1. Voluntary
2. Involuntary
3. Mechanics
46
Types of Involuntary Liens
1. General
2. Equitable
3. Income Tax
47
Statutory Lien that governs construction liens.
Mechanics Lien
48
_______is one that the owner was willing to place on the property such as a mortgage lien or to secure building upon a property.
Voluntary Lien
49
Priority of Liens
1. Cost of the sale (paid to the county for advertising, legal fees etc.)
2. Property taxes (Ad Valorem, Special Assessment)
3. First mortgage or Deed of Trust
4. All other mortgages and other types of liens recorded with priority established by date of recording including mechanic and materialman's liens.
50
________occur when a grantor restricts the use of the property through the deed - this is called “Use Encumbrance.”
Deed Restrictions
51
_________gives someone else (the Dominant Estate) the right to USE a part of the property while the owner (the Servient Estate) retains the ownership rights. Easements are non-possessory rights, just the right of ingress (enter) and egress (exit).
Easement
52
Four types of Easements:
Appurtenant
In gross
Necessity
Prescription
53
Title to real property passes to the grantee at the time the completed deed is
delivered and accepted.
54
What would terminate an easement?
Merger of the two properties
55
Which is a voluntary lien against a person's property?
Mortgage
56
An instrument that records the history of the property is called the
abstract of title.
57
The mortgagee's title policy protects
the lender.
58
A person died intestate. His property would pass according to
descent and distribution.
59
In a deed, the words which clarify the purpose of the deed with the phrase "to have and to hold" is called a
habendum clause.
60
"I own but won't defend"
bargain and sale
61
"I own and will defend"
general warranty
62
"I own and warrant myself only"
special warranty
63
"I may or may not own, and won't defend"
quitclaim
64
lawsuit and court-ordered public sale; deficiency judgments, redemption rights
Judicial foreclosure
65
"power of sale" granted to lender; no suit; no deficiency judgment; no redemption period after sale
Non-Judicial foreclosure
66
dominant tenement's right to use or restrict adjacent servient tenement; attaches to the real estate
Easement in appurtnenant
67
a right to use property that does not attach to the real estate
Easement in gross
68
Law Decision
Statutory Lien
69
Court Decision
Equitable Lien
70
Liens on all real & personal property
General Lien
71
Lien on single item of real or personal property
Specific Lien
72
What type of Lien is a conventional mortgage
Specific
73
Easement Creation
1. Necessity
2. Voluntary
3. Prescription
74
Right to use portions of adjoining property
Easement Appurtenant
75
Personal right one party grants to another
Easement Gross
76
Easement Gross Features
1. Non-Transferable
2. No Dominant/Servient Tenanemnts
3. Personal or Commercial
77
Easement Appurtenant Features
1. Necessity
2. Non-Exclusive
3. Transferable (automatic)
78
Order of Superior Liens
1. Real Estate Tax
2. Special Assessment
3. Federal Estate Tax
4. State Inheritance Tax
79
Landlocked Easement
Appurtenant (Necessity)
80
Prescription Easement Features
1. Adverse/hostile (w/o permission)
2. Open & Notorious (owner knows)
3. Continuous (use was uninterrupted)
81
Personal right property owner grants to another property for specific use
License
82
Restrictive Covenants and Covenants, Conditions, restrictions
Deed Restrictions
83
CCR is what
Deed Restriction
84
____________is the court action used when the right of eminent domain is exercised. It does not refer to deteriorating buildings in this case.
Condemnation
85
Squatters rights are a form of what _________
Adverse Possession (Involuntary Alienation)
86
For adverse possession how long must have the claim been continuous
7 years
87
___________ cannont give Opinions of Title
Brokers or Sales Associates
88
An unexplained gap in property ownership
Break in Chain of Title
89
_________ is common when women get married and name changes
Break in Chain of Title
90
_________Issued by attorney, indicate all problems have been cleared and title company can issue title insurance
Certificate of Title
91
Parts of Premises Clause in a Deed
1. Name of Grantor
2. Name of Grantee
3. Legal Description
92
Parts of Habendum Clause in Deed
1. Consideration
2. Granting Clause
3. Habendum Clause
4. Designations
5. Exceptions/Reservations
93
Parts of Testimonium Clause in Deed
1. Signed by Grantor (Acknowledgment)
2. Two Witnesses (Florida)
3. Delivery & Acceptance
94
Only Required Clause in Deed?
Granting/Premises Clause
95
Defines ownership by grantee in a deed - "to have and to hold"
Habendum Clause
96
What are the conveyances in general warranty deed?
Forever - Warranty Forever
Encumbrances - No encumbrances unless stated
Enjoyment - Live in peace, no color of title
Seisin - Seller owns and has right to convey property
Assurance - Provide further paperwork/legal if needed
97
When does legal title occur
When voluntarily accepted by grantee
98
"grant and convey" are words used in what?
General warranty deed - (words of conveyance)
99
Private Restrictions on land can be created by ___________
Deed or Written Agreement
| Created in deed at sale or in plan of subdivision by developer
100
Will have the estate administored and distributed by a court automatically
A person who dies intestate
101
A deed is binding after
delivered and accepted
102
Effective Delivery of a deed depends on
intention of the grantor, that its delivered or transferred during his/her lifetime
