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Flashcards in Chapter 3 Deck (70):
1

Voluntary Alienation

Transferred by choice. Effected through public and private grant.

2

Involuntary alienation

Proceeds against the owners will. Includes foreclosures, eminent domain, escheat and adverse possession.

3

Descent

Person dies with heirs but no will

4

Will

Person dies with will and heirs

5

Grantor

Is not always the seller. Person who gives the deed

6

Grantee

Person who receives the deed. There can be unlimited number of grantees

7

Valuable consideration

Money or goods

8

Good consideration

Love and affection

9

Acknowledgement

Required by state law. And it shows the deed is signed by own will.
It is required for deed to be valid. Thats why they have Third party witness typically a notary.

10

Actual- delivery to grantee

Delivering deed to grantee.

11

Escrow - delivery to grantee

Grantor hands to the third party and instructs to give to the grantee

12

Habendum clause

This specifies the degree of property conveyed

Or

Sets forth or limits your interest in a deed

13

Seizin

The person who truly has the right to sell the property.

14

Quiet enjoyment

Enjoys the Highest claim of ownership.

Lease doesnt terminate when property is sold.

15

Covenants in deed

Promises

16

Patent deed

Very first transfer of property from government to private party.

17

Bargain and sale deed

Right to sell - seizin.
Quite enjoyment
Against encumbrances

18

Sheriffs deed

Forclosure for Failure to make house payments

19

Treasures (tax)

Failure to make tax payments

20

Trustee's (bankruptcy) deed

Failure to make payments in a deed of trust.

21

Beneficiary (death) deed

Deed that conveys title to grantee upon death of grantor

22

Special warranty deed

Contains seizin, quite enjoyment, against encumbrances, further assurance.

23

General warranty deed

Contains seizin, quite enjoyment, against encumbrances, further assurance, warranty forever

24

Warranty

A voluntary transfer. Designed to protect buyer against effective title. And doesn't protect buyer against the government

25

Against encumbrances

Im gonna make all payments and no liens so there wont be any surprises for buyer.

26

Quit Claim Deed

No covenants or warranties.

Does not evidence title.

Conveys only the interest the grantor has it any.

Actor ownership.

27

Clouds on title

Releases an interest

28

Quiet title suit

Court action

29

Color of title

Quit claim deed. Has the appearance of title but is not title.

Example: parents give the house to son. Son is actor ownership now. It does not mean the parents gave away the interest in property.

30

Gift deed

Used between relatives.
Type of quit claim deed

31

Disclaimer deed

Is not used to convey title.
Spouse relinquishes rights to property.
Spouse denies legal claim to property.
Signed at the time of purchase.

Cut yourself from any legal claim of the property.

32

Correction deed

Ops!!! Its used to correct the original deed.

33

Fiduciary deed

Person interested to hold or manage property for another.

34

Recordation of deed

Page or document are assigned.

Responsibility of grantee and is not required.

35

Chain of title

Purpose of recording goes from owner to owner to owner.

Go through auction, and then have a winning bidder. Winning bidder gives in the deed.

36

Affidavit of value/ Affirmation of value

Also known as tax transfer fee.
$2 collected by collected by county recorded office.

37

Consideration

It is the exchange for the real property. Exchange is usually money but it can be service or promise to perform.

38

Groundless lien statute

Clears title against forge or groundless recorded document.

39

Constructive notice

When a document is recorded

Recorded document or legal document

40

Actual notice

Handing deed to someone

41

Abstract of title

No deed

42

Certificate of title or attorney's opinion

History of title or chronological order of the title

43

Torren's system

Registration system to determine property ownership

44

Title insurance

This is what we deal with going through escrow process

45

Owner's policy

Refer notes

46

Lenders policy

Refer notes

Also known as ALTA
Also known as extended coverage/broad form coverage

47

Subrogation

Is an insurance claim due to an error made by title company.

Im gonna give my right and let my title insurance guy and let him fight in the court for me.

48

Title examiner

Employee of the title company who examines public records.

49

Title plant

Is a collection of constructive notice information

50

Alienation

Involuntary - natural or operational of law

51

Erosion

The gradual wearing of soil

52

Avulsion

Is violent and sudden loss of land.

Eg- earthquakes, sink hole, volcano

53

Accretion(process)

Acquiring land through soil deposits from a river or stream

54

Reliction

Non-navigable streets receeds and the land belongs to the property owner.

55

Alluvial deposits(product)

Is soil that is deposited by accretion.

56

Adverse possession

You may acquire title to property without permission of owner.

You win this through prescription suit.

57

Prescription suit

Statutory requirement if title.

58

Descent

Die without a will.

59

Probate

Is court approval

60

Title

Adverse possession. You just gain title to whatever- land etc

61

Right

Easement by prescription

62

Intestate

Dies without a will

63

Testate

Die with a will

64

Devise

Receiving a real property in a will

65

Devisee

A

66

Devisor

A

67

Holographic will

Hand written will and it does not require witness.
Validated based on hand writing.

68

Bequest

Transfer of personal property in a will.

69

Nuncupative will

Not in arizona. Usually in car accidents

70

Legacy

Transfer of cash in a will