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Chapter 3 Flashcards

1
Q

Voluntary Alienation

A

Transferred by choice. Effected through public and private grant.

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2
Q

Involuntary alienation

A

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

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3
Q

Descent

A

Person dies with heirs but no will

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4
Q

Will

A

Person dies with will and heirs

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5
Q

Grantor

A

Is not always the seller. Person who gives the deed

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6
Q

Grantee

A

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

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7
Q

Valuable consideration

A

Money or goods

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8
Q

Good consideration

A

Love and affection

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9
Q

Acknowledgement

A

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.

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10
Q

Actual- delivery to grantee

A

Delivering deed to grantee.

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11
Q

Escrow - delivery to grantee

A

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

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12
Q

Habendum clause

A

This specifies the degree of property conveyed

Or

Sets forth or limits your interest in a deed

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13
Q

Seizin

A

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

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14
Q

Quiet enjoyment

A

Enjoys the Highest claim of ownership.

Lease doesnt terminate when property is sold.

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15
Q

Covenants in deed

A

Promises

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16
Q

Patent deed

A

Very first transfer of property from government to private party.

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17
Q

Bargain and sale deed

A

Right to sell - seizin.
Quite enjoyment
Against encumbrances

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18
Q

Sheriffs deed

A

Forclosure for Failure to make house payments

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19
Q

Treasures (tax)

A

Failure to make tax payments

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20
Q

Trustee’s (bankruptcy) deed

A

Failure to make payments in a deed of trust.

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21
Q

Beneficiary (death) deed

A

Deed that conveys title to grantee upon death of grantor

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22
Q

Special warranty deed

A

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

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23
Q

General warranty deed

A

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

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24
Q

Warranty

A

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

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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

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