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Chapter 4 Flashcards

Transfer Title of Real Property

1
Q

alienation

A

The transfer of ownership or an interest in property from one person to another, by any means

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2
Q

Metes and Bounds

A

A legal description that starts at an easily identifiable point of beginning (POB), then describes the property’s boundaries in terms of bounds (compass directions) and metes (distances), ultimately returning to the point of beginning.

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3
Q

Point of Beginning (POB)

A

a point in the metes and bounds system that is reasonably easy to locate and tied to a reference point that is well established

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4
Q

Government Rectangular System

A

Legal description for land referencing principal meridians and baselines designated throughout the country

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5
Q

Description by Reference

A

A valid legal description that refers to a recorded plat or other publicly recorded document

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6
Q

Testate

A

when property is distributed from a a valid will to heirs of the person who died

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7
Q

Intestate

A

when property is distributed without a valid will to heirs of the person who died

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8
Q

Bequest

A

gift of personal property with a will

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9
Q

Legacy

A

gift of cash with a will

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10
Q

Devise

A

gift of real property with a will

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11
Q

Descent

A

Gift of real property without a will

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12
Q

Beneficiary

A

Heir of the will

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13
Q

Probate

A

legal process to distribute an estate

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14
Q

Testattor

A

the person who made the will

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15
Q

Executor

A

carries out the will

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16
Q

Administrator

A

“executor” for those without a will

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17
Q

What are the four types of involuntary alienation?

A

Lien foreclosure, adverse possession, escheat, and eminent domain

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18
Q

What are the 7 requirements to consider a deed valid? (WIGS Deliver Legal Words promptly)

A

Writing (in writing)
Identity (identify parties)
Grantor’s Capacity (to execute deed)
Signed (by grantor)
Deliver (delivery & acceptance by grantee)
Legal (description)
Words (of conveyance)

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19
Q

A brief, chronological summary of the recorded documents affecting title to a
particular parcel of real property.

A

Abstract of Title

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20
Q

Recognition of validity; a document signer’s declaration to an authorized
official (usually a notary public) that he is signing voluntarily

A

Acknowledgement

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21
Q

The open, notorious, hostile, adverse, exclusive, and continuous
possession of another person’s property for a statutory number of years, after which time the
adverse possessor may seek to obtain title to the property

A

Adverse Possession

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22
Q

s Refers to boundaries; used with the word “metes” in the metes and bounds method of land description.

A

Bounds

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23
Q

The chronological succession of changes in ownership of a piece of property
from one owner to the next, as disclosed in the public record.

A

Chain of Title

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24
Q

A claim, encumbrance, or defect that could place the title to real property in
question, reducing its marketability

A

Cloud on Title

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25
a defective claim to a title
Color of Title
26
the exercise/process of the power of eminent domain. The taking of private property for public use by paying just compensation
Condemnation
27
requires certain documents to be recorded to be enforceable (DREAMOIL)
NC Connor Act
28
Notice of a fact on the public record that is considered to be known to everyone, even though he or she has not actually been notified of such fact. Everyone is bound by this knowledge
Constructive Notice
29
a promise in a deed that there are no encumbrances against the title except those set forth in the deed
Covenant Against Encumbrances
30
a promise in a deed (or lease) that the grantee (or leasee) will not be disturbed in his or her use of the property because of a defect in the grantor's (or leasor's) title
Covenant of Quiet Enjoyment
31
a promise in a deed that the grantor has the legal capacity to convey title
Covenant of Right to Convey
32
a promise in a deed assuring the grantee that the grantor has the title being conveyed
Covenant of Seisin
33
a promise in a deed that the grantor will guarantee and defend the title against lawful claimants
Convent of Warranty
34
a written instrument that transfers an interest in real property when signed by grantor and delivered to the grantee
Deed
35
Devisee
recipient of a gift of real property by a will
36
the power of government to take private property for public use
Eminent Domain
37
the power of government to take title to property left by a person who has died without leaving a will or qualified heirs
Escheat
38
a state tax that a grantor must affix to a deed when being transferred. It provides a rough indication of purchase price and is a valuable data source for the broker's records. Revenue stamps
Excise Tax
39
Executrix
a woman appointed in a will to carry out the will
40
the legal procedure in which the lender sells the collateral in order to pay off the existing loan in the event of default by the borrower
Foreclosure
41
A type of land description by townships and sections
Government Rectangular Survey System
42
Grantor
one who conveys title to real property by a deed
43
Grantee
one of receives title to real property by a deed
44
a deed executed by an official with court authorization
Judicial Deed
45
Legal Description
a description of land recognized by law
46
a sale of real property at public auction to satisfy a specific or general lien against the property
Lien Foreclosure Sale
47
NC legislation designed to extinguish old defects in the title by providing that when a chain of title can be established for 30 years without conflicts, claims outside this chain are extinguished
Marketable Title Act
48
North-south (vertical) lines designated and named throughout the country for use with the government survey system
Meridian
49
an area of land described by the rectangular survey system consisting of 640 acres and being 1 square mile
Section
50
a deed containing a limited warranty of title limited to the time the seller owned the property
Special Warranty Deed
51
a law in effect in all states requiring certain contracts to be in writing to be valid (DREAMOILS)
Statute of Frauds
52
a suit brought before the court to eliminate a cloud on a title or to establish title
Suit to Quiet Title
53
The formal process of locating and measuring the boundaries of a property and identifying the improvements, encroachments, and easements that are associated with that parcel.
Survey
54
a search of the public record to determine the quality of a title to real property
Title Examination
55
an insurance policy protecting the insured from a financial loss caused by a defect in a title to real property
Title Insurance
56
a unit pertaining to the Government Rectangular Survey System that measures six square miles and is divided into 36 equal parcels called sections
Township
57
the legal instrument to dispose of a decedent's property according to his/her instructions
Will
58
wording in a deed demonstrating the definite intention to convey a particular title to real property to a named grantee
Words of Conveyance
59
What are the four types of deeds?
1. General Warranty Deed 2. Special Warranty Deed 3. Bargain & Sale Deed (Sheriff's Deed) 4. Quit-Claim Deed
60
This type of deed is considered the highest and most common. Grantors usually deliver these and they have the most promises
General Warranty Deed
61
"I have the right to convey. There are no encumbrances. You have the right to quiet enjoyment and I warrant it against all claims back to the beginning of time"
General Warranty Deed
62
- requires sellers to deliver a general warranty deed to buyer
NC Offer to Purchase Contract
63
This type of deed has limited promises and is limited to the term of the grantor's ownership. Often used by lenders to convey title to foreclosed properties. Often used for new construction homes
Special Warranty Deed
64
"I have the right to convey. I didn't create any encumbrance and I warrant it back to the time I took ownership"
Special Warranty Deed
65
This type of deed is very limited and only contains the covenant of seisin. usually delivered by trustees, banks, foreclosures, estates. Not used in NC. Used in Lien Theory states where sheriff's perform foreclosures.
Bargain & Sale Deed (Sheriff's Deed)
66
"I have the right to convey. I make no promises or warranties about encumbrances or the rights of others"
Bargain & Sale Deed (Sheriff's Deed)
67
This type of deed is the lowest form. It contains no promises. Often used as a correction or release or to clear a cloud on title
Quit-Claim Deed
68
"I transfer to you my rights and interests, IF I have any"
Quit-Claim Deed
69
What are the four special purpose deeds?
1. Correction deed 2. Trustee's deed 3. Sheriff's deed 4. Gift Deed
70
This type of special purpose deed transfers with little or no consideration. It is void if not recorded within 2 years. No excise tax is required
Gift Deed
71
What are the 7 requirements for a valid deed transfer? (WIGS Deliver Legal Words Promptly)
1. In writing 2. Identification of parties 3. Grantor's capacity 4. Signed by the grantor 5. Delivery and & acceptance by grantee 6. Legal description 7. Words of conveyance
72
What effects does condemnation have on a tenant in a lease?
1. Terminates the existing lease 2. Compensation owed to property owner AND tenant
73
When must deeds be notarized and acknowledged?
To be recorded

NC Real Estate (16 decks)

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