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Alaska Real Estate Exam > Conveyances and Recording > Flashcards

Conveyances and Recording Flashcards

(80 cards)

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1
Q

acceptance

A

the act of which a grantee receives the deed and title passes

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2
Q

adverse possession

A

actual, visable, hostile, notorious, exclusive and continuous possession of property under claims of title. (10 years - squatters rights)

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3
Q

bargain and sale deed

A

a deed that carries with no warranties against liens but does imply the grantor has title

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4
Q

deed

A

written instrument that when executed (signed and delivered) transfers title to real estate

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5
Q

deed in trust

A

conveys title to a trustee to create a land trust (save taxes)

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6
Q

delivery

A

before transfer can take effect actual or implied deliver of a deed must take effect

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7
Q

descent

A

inheritance according to the law if you do not have a will

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8
Q

escheat

A

if you die without a will with out heirs property reverts to the state

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9
Q

general warranty deed

A

grantor fully warrants the sale with 5 covenants - good clear title - highest and best

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10
Q

grantee

A

person receiving title

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11
Q

granting clause

A

words in the deed that tells the type of deed that it is

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12
Q

grantor

A

the person who is transferring title (seller)

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13
Q

habendum clause

A

the words “to have and to hold” type of ownership grantor is conveying

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14
Q

intestate

A

die without a will

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15
Q

involuntary alienation

A

transfer of property without your permission (foreclosure)

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16
Q

Market approach (valuation)

A

the value is established based on recent sales of comparable, nearby properties. Based on these the appraiser forms and opinion of value.

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17
Q

Market approach (valuation)

A

If there have been no recent sales for the market approach, the cost aproach (sometimes called the depreciated replacement cost) looks at how much it would cost to replace the land and existing structures, after factoring in depreciation.

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18
Q

Income approach (valuation)

A

considers the investment value of the property, that is how much one would pay at the moment of valuation in light of the property’s income.

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19
Q

marketable title

A

seller owns property and has the right to sell it

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20
Q

minor

A

has not reached the age of majority and can not legally contract

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21
Q

probate

A

the court determine who inherits your property

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22
Q

quitclaim deed

A

transfers interest in property with no warranties

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23
Q

reconveyance deed

A

transfers title back t the grantor ofter payoff

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24
Q

recording

A

making a document public record

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25
special warranty deed
guarantees only defects during grantors ownership
26
testate
having made a valid will
27
tastator
someone who made a valid will
28
title
the right to and evidence of ownership in real estate
29
transfer tax
(ak does not have) tax stamps that must be attached to the deed on conveyance upon transfer
30
trust deed
creates a mortgage type lean against a property to protect a loan
31
trustees deed
transfers property with your permission (usually with a deed)
32
will
a written document that when properly witnessed transfers title after your death
33
abstract of title
condensed history of all the transfers
34
actual notice
express information of a fact
35
ALTA Policy
a title insurance policy that confirms to the American Land Title Association uniform standards (the lender's title policy)
36
attorney's opinion of title
an abstract that has been examined by an attorney and deemed valid
37
bulk transfer
selling a major part of a business in its entirety (w/ alll innards)
38
caveat emptor
let the buyer beware (before 1991 no one represented buyers)
39
certificate of title
an opinion of title by an attorney
40
chain of title
the succession of conveyances on a property
41
constructive notice
notice given to the world by recording
42
evidence of title
proof of ownership - Only 4 ways | Abstract / Attorney Opinion / Certificate of Title / Title Insurance
43
Financing statement
puts the security interest in chattels in a commercial sale, required by UCC
44
marketable title
seller owns the property and has the right to sell it
45
recording
making a document public record
46
security agreement
puts security agreement on chattles with a full description of the chattels - Inventory, one step further than the financing statement
47
subrogation
substituting one creditor for another in the order of repayment (sometimes they do not want to be paid off first )
48
suit to quiet title
a legal action to clear a cloud on a title
49
torrens system
evidencing title by registration with a public registrar of title (mortgage liens only valid when original)
50
Uniform Commercial Code
codification of laws to make commercial purchases similar throughout the US
51
ad valorem tax
real estate tax takes 1st priority
52
assessment roll
spreading the taxes over taxing body, everyone pays their fair share
53
attachment
taking property into legal custody after winning in court
54
bail bond
a voluntary specific lean to guarantee a court appearance
55
corporation franchise tax
tax on a corporations assets to allow them to operate within a states
56
equalization factor
a number set by a local taxing authority to make taxes similar from one area to another
57
equitable lien
a lien from a court case based on fairness
58
estate taxes
federal taxes on a deceased persons assets
59
general lien
a lien against all property both real estate and personal
60
inheritance taxes
state taxes on a deceased persons assets
61
IRS tax lien
a general lien on all of your property for non payment o IRS taxes
62
involuntary lien
a lien imposed without your permission
63
judgment lien
lien placed after a formal decision by a court
64
lien
a right given to a creditor to have your debt paid by the sale of your property
65
mechanics lien
lien in favor of a contractor or supplier for labor or maintenance on your property (starts from the contract date)
66
mill
one tenth of 1 cent. 15 cents is 1.5%
67
mortgage lien
a lien in favor of the lender for security of the loan
68
priority
the order of repayment of loans
69
redemption
buying back property after forclosure
70
redemption period
a time allowed by state to redeem property after foreclosure (typically 1 year)
71
special assessment
a tax or levy against a property for some public improvements
72
specific lien
lien effecting only 1 property
73
statutory lein
a lien imposed by law (ex. tax lien)
74
subordination agreement
an agreement between lien holders to change the priority of the lein
75
surety bail bond
insurance policy to guarantee a court appearance
76
tax foreclosure
legal procedure to sell property for taxes
77
tax lien
lien against your property for non payment of taxes. Does not need to be recorded.
78
voluntary lien
lien placed with your permission
79
tax sale
court ordered sale of real property for delinquency
80
lis pendens
written notice that a lawsuit has been filed concerning real estate

Alaska Real Estate Exam (4 decks)

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