Chapter 9: Title, Deeds, and Owner Restrictions Flashcards Preview

Florida Real Estate Sales Associate License > Chapter 9: Title, Deeds, and Owner Restrictions > Flashcards

Flashcards in Chapter 9: Title, Deeds, and Owner Restrictions Deck (74):
1

Title = _____

ownership

2

Title to _____ is the ownership of specified rights to that property that forms an _____.

real property
estate

3

Physical possession of a property counts as which type of notice of ownership?

actual notice

4

Recording documents in public record is considered which type of notice of ownership?

constructive notice

5

true/false: Deeds must be recorded in public record.

false

6

true/false: To record a deed in public record, it must be acknowledged.

true

7

Legal priority of actual and constructive notice are _____.

the same

8

_____ or _____ title to real property is title in fee simple that is free from litigation and defects, enabling an owner t hold it in peace or sell it.

marketable or merchantable

9

There is no such thing as proof of good title, only _____ to support the claim.

evidence

10

A search of the public records, linking all past owners of a parcel of land from root of title to present day is called a _____.

chain of title

11

Abstracting and title insurance companies compile copies of documents from the public records into a _____.

title plant

12

When an attorney reviews an abstract and renders a written opinion, it's called an _____.

opinion of title

13

_____ provides financial protection against losses sustained as the result of a defective title.

Title insurance

14

Mortgage lenders will insist on a borrower obtaining a _____ title policy before making a loan.

mortgagee (lender's)

15

A mortgagor's title insurance policy _____ transferable.

is not

16

A mortgagee's title insurance policy _____ transferable.

is

17

true/false: There is no Florida law that requires title insurance be obtained.

true

18

A _____ transfers ownership of property from the government to an individual.

public grant

19

A _____ is a document that conveys title from one party to another.

deed

20

A _____ is a document that transfers title upon the death of an individual testate.

will

21

_____ is a legal principle under which an owner may lose title to a property after 7 years of adverse, hostile, exclusive possession if the possessor pays the taxes.

Adverse possession

22

_____ is a legal principal under which a property can be lost for failure to provide notice of ownership.

Estoppel

23

_____ is a system created by law under which title transfers to the legal heirs upon the death of an individual intestate.

Descent and distribution

24

The government's right to take private property for public benefit is _____.

eminent domain

25

Reversion of property to the state if someone dies intestate and with no heirs is called _____.

escheat

26

true/false: Deeds must be signed by the grantor and grantee.

false - only the grantor

27

Transferring or conveying title to another is called ________, and is accomplished with a document called a _____.

alienation of title
deed

28

Title does not transfer until a deed is _____ and _____.

delivered and accepted

29

a valid deed must meet the following requirements:
- be in writing
- name the parties
- give the ______ of the property
- specify the _____ being conveyed
- include consideration
- be signed by a competent grantor and 2 witnesses

legal description
legal rights

30

A deed _____ need to be acknowledged in order to be valid.

does not

31

A deed _____ need to be acknowledged in order to be recorded.

does

32

The only legally necessary clause (promise) in a deed. It contains the names of the parties, conveyance, consideration, date of transfer, and legal description.

Premises clause

33

The clause (promise) in a deed which specifies the legal rights being transferred or conveyed.

Habendum clause

34

The clause in a deed which reserves a right in the title, not in land, such as a remainder estate.

Reddendum clause

35

The warrant (guarantee) in a deed which is a claim of ownership by the grantor. Assures that the grantee owns and can convey the property.

Warrant of seizin

36

The warrant (guarantee) in a deed that assures there are no additional encumbrances against the title except for what's disclosed in the deed.

Warrant against encumbrances

37

The warrant (guarantee) in a greed that ensures a grantee will not suffer hostile claims against the ownership of the property.

Warrant of quiet enjoyment

38

The warrant (guarantee) in a deed that assures the grantee will enjoy possession and uninterrupted use of the property.

Warranty forever

39

The warrant (guarantee) in a deed that is a promise by the grantor to take whatever action is necessary to protect and defend the title now and in the future.

Warrant of further assurances

40

A general warranty deed includes ______ of the clauses.

all

41

A grantor who is _____ would be unable or unwilling to fulfill the promises that they made.

insolvent

42

The differences in the types of deeds is in the ______ that the grantor is willing to make to the grantee.

promises/warrants

43

A _____ deed contains no warrants of any kind, and is generally used to cure defects of title.

quitclaim deed

44

A ________ deed contains only one warrant, the warrant of seizin. No promises are made the defend the title later.

bargain and sale deed

45

A _____ deed offers protection to the grantee only for claims made by the grantor or others representing him (while the grantor owned the property).

special warranty deed

46

A ______ deed is the most comprehensive and offers the most protection to the grantee. Has the most warrants.

general warranty deed / warranty deed

47

A _____ deed is used to convey property of a minor.

guardian's deed

48

A ______ deed is used to convey property of a mentally incompetent person.

committee's deed

49

A ______ deed is used by a developer to convey land from themselves to a condo association.

master deed

50

A ______ deed is a form of general warranty deed used to convey ownership of a condo.

unit deed

51

A _________ is used to show ownership in the event of foreclosure.

certificate of title

52

The four governmental limitations on property ownership are (PETE):
1. ______
2. ______
3. ______
4. ______

Police power (building codes and zoning)
Eminent domain
Taxation
Escheat

53

_____ such as limitations on height, color, architecture, fences, etc. are a type of private limitations on property ownership.

Deed restrictions

54

A(n) ______ authorizes limited use of another's property without pay.

easement

55

An easement _____ runs with the land

appurtenant

56

An easement that is needed because one parcel is landlocked within another.

Easement by necessity

57

In an easement by necessity, the party that gave up the right is called the _____ estate, and the party which received the right is called the _____ estate.

serviant
dominant

58

This type of easement does not run with the land and is used by utilitiy companies. It can be sold or released with a quitclaim deed.

Easement in gross

59

This type of easement is created in Florida by 20 or more years of uninterrupted, continuous use.

Easement by prescription

60

An _____ is an unauthorized physical intrusion onto property owned by another such as a fence.

encroachment

61

A property with a defective title is said to have a _____ on ______.

cloud on title

62

In a _______, a court renders a decision any resolves any dispute, curing the defect in title.

suit to quiet title

63

According to the Marketable Record Title to Real Property Act (MARTA), title searches need only go back _____ years to establish a root of title in Florida.

30

64

A _____ is a financial claim against a property. An encumbrance on the title.

lien

65

The three superior liens are:
1. _____
2. _____
3. _____

Real estate taxes lien (specific)
Special assessments (specific)
Federal estate taxes (general)

66

A ______ lien is one that a contractor or builder is entitled to if they have not been paid for labor or materials used to improve the property.

mechanic's lien (specific)

67

A seller who finances their property through a purchase money mortgage is entitled to a ______ lien.

vendor's lien (specific)

68

A _____ lien can be placed against a property of an individual for nonpayment of income taxes.

federal income tax lien (general)

69

A ______ is a notice of a pending lawsuit against a property owner that might affect title.

lis pendens

70

A broker ______ attempt to collect unpaid commission by filing a lien on residential property.

can not

71

Brokers ______ presumed to have a lien for collection and payment of commission of commercial property.

are

72

Foreclosure is ______ of a lien.

enforcement

73

______ terminates the rights of an owner and results in the public sale of a property.

Foreclosure

74

Junior liens take precedence in a foreclosure ______ superior liens and in order of _____ .

after
date of recording