Flashcards in Chapter 9: Title, Deeds, and Owner Restrictions Deck (74)
Title = _____
Title to _____ is the ownership of specified rights to that property that forms an _____.
Physical possession of a property counts as which type of notice of ownership?
Recording documents in public record is considered which type of notice of ownership?
true/false: Deeds must be recorded in public record.
true/false: To record a deed in public record, it must be acknowledged.
Legal priority of actual and constructive notice are _____.
_____ 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
There is no such thing as proof of good title, only _____ to support the claim.
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
Abstracting and title insurance companies compile copies of documents from the public records into a _____.
When an attorney reviews an abstract and renders a written opinion, it's called an _____.
opinion of title
_____ provides financial protection against losses sustained as the result of a defective title.
Mortgage lenders will insist on a borrower obtaining a _____ title policy before making a loan.
A mortgagor's title insurance policy _____ transferable.
A mortgagee's title insurance policy _____ transferable.
true/false: There is no Florida law that requires title insurance be obtained.
A _____ transfers ownership of property from the government to an individual.
A _____ is a document that conveys title from one party to another.
A _____ is a document that transfers title upon the death of an individual testate.
_____ 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.
_____ is a legal principal under which a property can be lost for failure to provide notice of ownership.
_____ is a system created by law under which title transfers to the legal heirs upon the death of an individual intestate.
Descent and distribution
The government's right to take private property for public benefit is _____.
Reversion of property to the state if someone dies intestate and with no heirs is called _____.
true/false: Deeds must be signed by the grantor and grantee.
false - only the grantor
Transferring or conveying title to another is called ________, and is accomplished with a document called a _____.
alienation of title
Title does not transfer until a deed is _____ and _____.
delivered and accepted
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