Chapter 9 Flashcards Preview

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Flashcards in Chapter 9 Deck (20)
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1
Q

What type of document is recorded in public records

A

Legal or constructive notice

2
Q

What is the history of the title to a property called

A

The abstract

3
Q

What are the two voluntary title transfers

A

Deed

Will

4
Q

Name 3 types of involuntary title transfer

A

Escheat
Eminent domain
Adverse possession

5
Q

Hostile and exclusive possession of a property for seven continuous years

A

Adverse possession

6
Q

What are requirements for a clean title valid deed

A

Consideration (money)
Legal description of the property-signed by the grantor
The deed is voluntarily delivered and accepted

7
Q

Does a grantee have to be competent to receive the deed

A

No

8
Q

Which is the most important clause in a deed

A

Premises (granting) clause

Only legally required clause

9
Q

Which clause specifies the legal rights being conveyed /(conveyance?)

A

Habendum Clause

10
Q

What is the best deed for the seller and worst for the buyer

A

Quitclaim deed

11
Q

Which deed is most frequently used to cure defects or “clouds” in title

A

Quitclaim deed

12
Q

Which is the best deed for the buyer or the grantee

A

General warranty

13
Q

What is it called when you exercise eminent domain

A

Condemnation proceeding

14
Q

Gross lease

A

Residential

15
Q

Net lease

A

Commercial and industrial lease

16
Q

Percentage lease

A

Monthly based rent PLUS percentage of proceeds

17
Q

Does real estate property taxes lien apply to other properties

A

No

18
Q

What type of tax lien do you pay for a sidewalk

A

Special assessment lien

19
Q

Name two superior Liens

A

Property tax

Special assessment

20
Q

Which of the following are specific liens

A

Mortgage

Construction