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Florida RE exam > Chapter 9 > Flashcards

Chapter 9 Flashcards

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1
Q

What is an Actual notice?

A

Evidence of ownership only from physical possession

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2
Q

What is Constructive Notice?

A

Evidence of ownership obtained from the recording of ownership in public documents. Serves as a notice to the world as the true owner

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3
Q

How far back does the root of title extend back from the recording of a claim?

A

30 years

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4
Q

What is a chain of title?

A

Timeline of recorded documents linking past owners from the root of the title to the present day

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5
Q

What is a title plant?

A

a compilation of public records containing copies of all real estate documents, arranged according to the date of recording in the public record

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6
Q

What is a title search?

A

A search of all documents that may affect title to a property

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7
Q

What is an abstract?

A

a date-order compilation of all documents that may have an effect on the tile to property being investigated

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8
Q

What is an opinion of title?

A

An attorney’s legal opinion as to the quality of title, based on a review of the title history

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9
Q

What are title defects (cloud on title)?

A

Claims or other factors that could cause a title to property to be declared invalid

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10
Q

What is a mortgagee’s title insurance (lender’s title insurance)?

A

Title insurance that protects the lender by paying the unpaid balance of the loan if the borrower loses title of the property

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11
Q

What is mortgagor’s title insurance (owner’s title insurance)?

A

Title insurance obtained by a property owner wishing to provide protection against issues in the title

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12
Q

What is alienation of title?

A

Transfer or conveying of ownership from one party to another

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13
Q

What are the ways of voluntary transfer of title?

A

Deed
Will

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14
Q

What are examples of involuntary transfer of title?

A

Descent and distribution
Escheat
Eminent Domain
Adverse Possession

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15
Q

What is Descent and distribution?

A

When someone dies intestate (without a will) and the title transfer is determined by law to the decedent’s heirs

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16
Q

What is Escheat?

A

When someone dies intestate (without a will) and has no heirs. Property goes to the state

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17
Q

What is Eminent Domain?

A

When the government takes your home to build something for the benefit of the public. This is done through the process of condemnation

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18
Q

What is Adverse Possession?

A

When someone hostile takes over your home and won’t leave for 7 continuous years. Your title goes to them if they paid taxes those 7 years

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19
Q

What is sleeping on your rights?

A

When an owner fails to eject a trespasser, causing them to lose the title of their home

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20
Q

What is a deed?

A

Document that is used to voluntarily convey ownership from one party to another

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21
Q

What are the requirements for a valid deed?

A

Must be in writing
Must have the names of all the parties
Must contain a legal description of the property
Must state the legal rights being conveyed
Must list the consideration ($$)
Must be signed by the grantor with 2 witnesses
Must contain the granting clause
Must be delivered and accepted

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22
Q

Who is the grantor in a deed?

A

The party conveying (transferring) ownership to someone else.
Must be competent in order to sign the deed

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23
Q

Who is the grantee in a deed?

A

The party that receives the ownership. Does not need to be competent, signature is not required

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24
Q

When is a title considered officially transferred?

A

When the deed has been voluntarily sent and voluntarily received

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25
Which is the only necessary clause in a deed?
Granting clause (Premises Clause)
26
What is stated in a premises (granting) clause?
Names of the parties Words of conveyance Consideration Date of transfer Legal description of the property
27
What does the Habendum Clause contain?
States the bundle of rights that are being conveyed. What you are about to have and hold.
28
What is the Reddendum Clause?
Clause in the deed used in a remainder estate to reserve a right in the title, not the land
29
What are warrants, or deed covenants?
Promises made by a grantor to the grantee giving assurance as to the quality of the title
30
What is a warrant of seisin?
Promise by the grantor to the grantee that they own the property and have the legal right to convey it
31
What is Warrant of quiet enjoyment?
Assurance given by the grantor to the grantee that no one will be able to make a claim against the ownership of the property
32
What is a Warrant of Further assurance?
promise given by the grantor to take whatever action is necessary to protect and defend the title forever
33
Which title insurance is transferrable?
Lender's title insurance, if they sell the loan to another company. The owner's title insurance is not transferrable
34
What is a warrant against encumbrances?
Assurance given by the grantor that there are no encumbrances against the property and that they are responsible for any liens or claims not listed on the deed
35
What is a covenant of warranty forever?
Assurance given by the grantor that the grantee will be able to enjoy possession and uninterrupted use of the property forever
36
What is a quitclaim deed?
Deed that contains no warrants (or covenants), which conveys any interest the grantor may have in the property. This is the best deed for the seller as it provides the least protection to the buyer. Fastest method of transfer
37
What is a Bargain and Sale Deed?
Type of deed that contains only one warrant, the warrant of seisin, stating that the grantor is the true owner of the property and has the legal right to convey it
38
What is a General warranty deed?
Type of deed that provides the best protection to the grantee that promises that the grantor is the true owner, has the right to sell, and will defend the title against any and all claims forever If no deed type is specified in a contract, this is the type of deed used
39
When is a quitclaim deed used?
To cure defects or a cloud on the title To transfer one spouse's interest in a property to the other in a divorce
40
What is a Personal Representative's Deed?
Deed used to convey the property of an individual who died intestate (without a will)
41
What is a Guardian's Deed?
Deed used to convey the property of a minor on the minor's behalf
42
What is a Committee's Deed?
Deed used to convey property owned by a mentally incompetent person
43
What is a Master Deed?
Deed used by a developer to convey land to a condominium association so they can convey individual units
44
What is a Unit Deed?
Deed that conveys individual condo units from the association to the individual owner
45
What is a cloud on title?
Term used to describe a property with a defective title
46
What is a Suit to Quiet Title?
Court action taken to resolve a dispute regarding a claim to a title
47
What is Police Power?
The government's right to restrict the use of land to protect the health, safety, or welfare of the citizens This is exercised by zoning codes, building codes, and health codes
48
What is the process the government has to go through to take your property for public use?
Condemnation proceeding
49
What is Property Taxation?
The power of local government to levy taxes on private property, which if not paid, may result in a lien on the property which could end in foreclosure
50
What are the types of governmental limitations on private property rights?
Property Taxation Eminent Domain Police Power Escheat
51
What is encroachment?
Unauthorized physical intrusion onto another's property
52
Who is the Lessor?
A landlord giving a lease
53
Who is the Lessee?
Tenant signing the lease
54
What is required for a legal lease?
Competent parties Names and signatures of the lessor and lessee Consideration ($$) Term of the tenancy Legal description of the property
55
What is a Net lease?
Lease for commercial and industrial companies Lease in which a tenant pays a fixed rent plus insurance, maintenance.
56
What is a gross lease?
Lease used for residential properties Tenant pays a fixed rental amount. Landlord pays all other expenses
57
What is a percentage lease?
Lease for retail centers and malls Tenant pays rent and a percentage of their income
58
What is a lease-option?
Lease with an option to buy within a specified time frame
59
What is a Graduated payment or step-up lease?
Lease containing specified rent increases at pre-determined times in the lease
60
What is a sale-leaseback?
Lease where the owner sells the property to an investor with a condition that the new owner immediately leases it back to the seller
61
What is a Lien?
Financial claim against a property by a creditor or unit of government that is used to secure the payment of a debt owed by the property owner
62
What is a superior lien?
Involuntary lien that takes precedence over other liens and get paid first in the event of a foreclosure
63
What is a junior lien?
Lien that is typically paid based on the date of recording. always gets paid after superior liens have been paid
64
What is a specific lien?
Lien that is specific to one property
65
What is a general lien?
Type of lien that applies to any property the person may own
66
What is a Special Assessment Lien?
Superior lien owed by a property owner that is given by local government for improvements such as road paving or sidewalks
67
What is a mortgage lien?
Junior lien that is given by a borrower as security for repayment of a loan
68
What is a judgement lien?
General Junior lien imposed when a party is entitled to collect damages awarded by a court as the result of a lawsuit
69
What is a Construction Lien?
Junior Lien entitled to a builder or contractor who has not been paid money for materials or labor used to build or improve a property This lien dates back to the date on which the labor was first performed
70
What is Lis Pendens?
Notification of a pending lawsuit against a property owner

Florida RE exam (18 decks)

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