Chapters 11-13

Question 1

Ownership in Severality

Answer 1

Real property that is owned by only one person. Sole ownership. One person owns all the rights that come with owning that piece of real estate.

Question 2

Concurrent Ownership

Answer 2

real estate is owned by more than one owner

Question 3

Tenancy in Common

Answer 3

Co-ownership of property by two or more persons who each hold an undivided interest, without right of survivorship; interest need not be equal.

Question 4

Joint Tenancy

Answer 4

Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship, i.e., the right to share equally with other surviving joint tenants in the interest of a deceased joint tenant.

Question 5

Condominium

Answer 5

An estate in real property wherein there is an undivided interest in common in a portion of real property coupled with a separate interest in space called a unit, the boundaries of which are described on a recorded final map, parcel map or condominium plan. Real property

Question 6

Cooperative

Answer 6

An apartment building, owned by a corporation and in which tenancy in an apartment unit is obtained by purchase of shares of stock of the corporation and where the owner of such shares is entitled to occupy a specific apartment in the building. Personal property

Question 7

Common Elements

Answer 7

Refers to the spaces in a building shared by residents of the building. These include lobbies, corridors, stairs, elevators, etc.

Question 8

Community Property

Answer 8

Property acquired by husband and/or wife during a marriage when not acquired as the separate property of either spouse. Each spouse has equal rights of management, alienation and testamentary disposition of community property. “Community Property states”. Such states include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

Question 9

Partition

Answer 9

A division of real or personal property or the proceeds therefrom among co-owners - may be necessary when there is a disagreement among the owners about how to use, maintain or dispose of the real estate

Question 10

Right of Survivorship

Answer 10

The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant; the distinguishing feature of a joint tenancy.

Question 11

Tenancy by the Entireties

Answer 11

Under certain state laws, ownership of property acquired by a husband and wife during marriage, which property is jointly and equally owned. Upon death of one spouse it becomes the property of the survivor. Property owned by a married couple held as tenancy by the entirety means that both spouses have an equal, and undivided, interest in the real estate.

Question 12

Beneficiary

Answer 12

The recipient of a gift of personal property by will

Question 13

Land Trust

Answer 13

A legal agreement where a trustee is appointed to maintain ownership of a piece of real property for the benefit of another party

Question 14

Living Trust

Answer 14

An agreement where the trustee holds the legal possession of an asset (e.g. real estate) that belongs to another person, the beneficiary, and it is created while the person is alive.

Question 15

Testamentary Trust

Answer 15

A trust which arises upon the death of the testator, and which is specified in his or her will.

Question 16

Trust

Answer 16

A legal relationship under which title to property is transferred to a person known as a trustee

Question 17

Trustee

Answer 17

A person who holds title to property for the benefit of another called a beneficiary. Often the same person (or people) as the grantor.

Question 18

Trustor

Answer 18

A person who conveys title to a trustee. Also named grantor or settlor.

Question 19

Partnership

Answer 19

An arrangement in which two or more individuals share the profits and liabilities of a business venture.

Question 20

Corporation

Answer 20

An entity established and treated by law as an individual or unit with rights and liabilities, or both, distinct and apart from those of the persons composing it. A corporation is a creature of having certain powers and duties of a natural person. Being created by law, it may continue for any length of time the law prescribes.

Question 21

Limited Liability Company (LLC)

Answer 21

A business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Question 22

Real Estate Syndicate

Answer 22

An organization of investors usually in the form of a limited partnership who have joined together for the purpose of pooling capital for the acquisition of real property interests.

Question 23

Time-Share

Answer 23

A form of subdivision of real property into rights to the recurrent, exclusive use or occupancy of a lot, parcel, unit, or segment of real property, on an annual or some other periodic basis, for a specified period of time.

Question 24

Base and Meridian

Answer 24

Imaginary lines used by surveyors to find and describe the location of private or public lands. In government surveys, a base line runs due east and west, meridians run due north and south, and are used to establish township boundaries.

Question 25

Lot and Blocks

Answer 25

sometimes called recorded plat, or recorded map survey system. A legal description of land used for plotted properties, stating the number, lot, and block in a particular sub-division, used to locate and identify land, usually lots, in subdivisions.

Question 26

Metes and Bounds

Answer 26

A term used in describing the boundary lines of land, setting forth all the boundary lines together with their terminal points and angles. Metes (length or measurements) and Bounds (boundaries) description is often used when a great deal of accuracy is required.

Question 27

Section

Answer 27

Section of land is established by government survey, contains 640 acres and is one mile square.

Question 28

Survey

Answer 28

The process by which a parcel of land is measured and its area is ascertained; also the blueprint showing the measurements, boundaries and area. Surveying land depends on three basic things: distance, elevation, and angles

Question 29

Townships

Answer 29

In the survey of public lands of the United States, a territorial subdivision six miles long, six miles wide and containing 36 sections, each one mile square, located between two range lines and two township lines.

Question 30

Bargain and Sale Deed

Answer 30

a bargain and sale deed with a covenant against the grantor’s act is one in which the grantor warrants that grantor has done nothing to harm or cloud the title.

Question 31

Deed

Answer 31

– A written instrument which when properly executed and delivered conveys title to real property from one person (grantor) to another (grantee). a document that conveys, or transfers, an interest in real property

Question 32

Grant Deed

Answer 32

A limited warranty deed using the word “grant” or like words that assures a grantee that the grantor has not already conveyed the land to another and that the estate is free from encumbrances placed by the grantor

Question 33

Grantee

Answer 33

person to whom a grant is made - buying property

Question 34

Grantor

Answer 34

A person who transfers his or her interest in property to another by grant – selling land

Question 35

Quitclaim Deed

Answer 35

A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest. Least protection for buyers.

Question 36

Sheriff’s Deed

Answer 36

A deed given by court order in connection with the sale of a property to satisfy a judgment.

Question 37

Special Warranty Deed

Answer 37

A deed in which the grantor warrants or guarantees the title only against defects arising during the grantor’s ownership of the property and not against defects existing before the time of the grantor’s ownership

Question 38

Voluntary Alienation

Answer 38

Transfer of title to an asset with the consent of the owner

Question 39

Warranty Deed

Answer 39

A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the lawful claims of third persons.

Question 40

Recording

Answer 40

The process of placing a document on file with a designated public official for public notice.

Question 41

Acknowledgment

Answer 41

A formal declaration made before an authorized person, e.g., a notary public, by a person who has executed an instrument stating that the execution was his or her free act. Remember that without acknowledgement, the clerk will not record the deed!

Question 42

Consideration

Answer 42

Anything given or promised by a party to induce another to enter into a contract, e.g., money, personal services, or even love and affection.

Question 43

Habendum Clause

Answer 43

The “to have and to hold” clause which may be found in a deed.

Question 44

Legal Description

Answer 44

A land description recognized by law; a description by which property can be located by reference to government surveys or approved recorded maps.

Question 45

Acceptance

Answer 45

The act of agreeing or consenting to the terms of an offer thereby establishing the “meeting of the minds” that is an essential element of a contract.

Question 46

Adverse Possession

Answer 46

A method of acquiring title to real property through possession of the property for a statutory period under certain conditions by a person other than the owner of record.

Question 47

Involuntary Alienation

Answer 47

The transfer of title to real property as a result of a lien foreclosure sale, adverse possession, the filing of a petition in bankruptcy, or condemnation under power of eminent domain or upon the death of the titleholder, to the State when there are no heirs

Question 48

Devise

Answer 48

gift or disposal of real property by last will or testament

Question 49

Devisee

Answer 49

one who receives gift of real property by will

Question 50

Devisor

Answer 50

one who disposes of real property by will

Question 51

Intestate

Answer 51

A person who dies having made no will, or one which is defective in form, is said to have died intestate, in which case the estate descends to the heirs at law or next of kin.

Question 52

Probate

Answer 52

The official proving of a will. The legal process wherein the estate of a decedent is administered.

Question 53

Testate

Answer 53

Having made a valid will before one dies.

Question 54

Testator

Answer 54

one who makes the will

Question 55

Actual Notice

Answer 55

Express or implied knowledge of a fact.

Question 56

Constructive Notice

Answer 56

Notice of the condition of title to real property given by the official records of a government entity which does not require actual knowledge of the information.

Question 57

Chain of Title

Answer 57

A history of conveyances and encumbrances affecting the title from the time the original patent was granted, or as far back as records are available, used to determine how title came to be vested in current owner.

Question 58

Abstract of Title

Answer 58

A summary or digest of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title.

Question 59

Opinion of Title

Answer 59

An attorney’s written evaluation of the condition of the title to a parcel of land after examination of the abstract of title

Question 60

Marketable Title

Answer 60

Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept.

Question 61

Certificate of Title

Answer 61

A written opinion by an attorney that ownership of a particular parcel of land is as stated in the certificate.

Question 62

Title Insurance

Answer 62

Insurance to protect a real property owner or lender up to a specified amount against certain types of loses, e.g., defective or unmarketable title. The cost of title insurance varies by state and company.

Question 63

Cloud on Title

Answer 63

A claim, encumbrance or condition which impairs the title to real property until disproved or eliminated as for example through a quitclaim deed or quiet title legal action.

Question 64

Uniform Commercial Code

Answer 64

Establishes a unified and comprehensive method for regulation of security transactions in personal property, superseding the existing statutes on chattel mortgages, conditional sales, trust receipts, assignment of accounts receivable and others in this field.