Key Terms Flashcards
(95 cards)
1
Q
The right to ownership or actual ownership of land
A
Title
2
Q
___ represents the owner’s bundle of rights
A
Title
3
Q
The evidence of ownership of land
A
Title
4
Q
The document by which the owner transfers the title to real estate to another
A
Deed
5
Q
A written instrument that, when executed and delivered, conveys title to or an interest in real estate
A
Deed
6
Q
The deed must be ___ to give public notice of new ownership
A
Recorded
7
Q
Transfer of real estate by sale or gift
A
Voluntary
8
Q
Transfer or real estate by operation of law
A
Involuntary
9
Q
Legal term for voluntary transfer of title, such as by gift or sale
A
Voluntary alienation
10
Q
The owner who transfers the title
A
Grantor
11
Q
The person who acquires the title
A
Grantee
12
Q
A deed is executed only by the ___.
A
Grantor
13
Q
Words of conveyance, together with any words of limitation
A
Granting Clause
14
Q
If more than 1 grantee is involved in a deed, the ___ should specify their rights in the property.
A
Granting Clause
15
Q
Words of conveyance
A
Granting clause
16
Q
Clause stating the grantor’s intention to convey the property
A
Granting clause
17
Q
The words “convey and warrant” creates a(n) ___ deed.
A
Warranty
18
Q
the words “remise, release, alienate, and convey” creates a(n) ___ deed.
A
special warranty
19
Q
The words “grant, bargain, and sell” creates a(n) ___ deed.
A
bargain and sale
20
Q
The words “remise, release, and quitclaim” creates a(n) ___ deed.
A
Quitclaim
21
Q
In Illinois, who can sign for a grantor, and must act under a power of attorney?
A
Attorney in fact
22
Q
The specific written authority to execute and sign one or more legal instruments for another person
A
Power of attorney
23
Q
A formal declaration made before a notary public, that the person who signs a written document does so voluntarily and that her signature is genuine.
A
Acknowledgment
24
Q
A third party who delivers the deed to the grantee on behalf of the grantor as soon as certain requirements have been satisfied (2 names)
A
Settlement agent or Escrow agent
25
The only person who can sign a deed to corporate real estate
Authorized officer
26
Deed providing the greatest protection
General warranty
27
A deed in which the grantor fully warrants good clear title to the premises
General warranty deed
28
Type of deed used in most real estate deed transfers
General warranty
29
Grantor warrants that she owns the property and has the right to convey title to it
Covenant of seisin
30
Another word for possession
Seisin
31
Grantee may recover damages up to full purchase price if this covenant is broken
Covenant of seisin
32
Grantor warrants that the property is free from liens or encumbrances, except for any specifically stated in the deed
Covenant against encumbrances
33
Generally includes mortgages, mechanics' liens, and easements.
Encumbrances
34
If this covenant is breached, grantee may sue for the cost of removing the encumbrances
Covenant against encumbrances
35
The grantor guarantees that the grantee's title will be good against third parties who might bring court actions to establish superior title to the property.
Covenant of quiet enjoyment
36
Under the covenant of quiet enjoyment, if the grantee's title is found to be inferior in a court of law, who is liable for damages?
The grantor
37
The grantor promises to obtain and deliver any instrument needed to make the title good.
Covenant of further assurance
38
The grantor promises to compensate the grantee for the loss sustained if the title fails at any time in the future
Covenant of warranty forever
39
What are the 2 basic warranties in a special warranty deed?
1) Warranty that grantor received title
2) Warranty that property was not encumbered during the time grantor held title, except as otherwise noted in the deed
40
A deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of her tenure and ownership of the property and not against defects existing before that time
Special warranty deed
41
Generally contains the words "Grantor remises, releases, alienates, and conveys"
Granting clause
42
Deed that contains no express warranties against encumbrances, but implies that the grantor holds title and possession of the property
Bargain and sale deed
43
A deed that carries no warranties against liens or other encumbrances but implies that the grantor has the right to convey title, and that the grantor may add warranties to the deed at his discretion
Bargain and sale deed
44
In Illinois, who holds a fee simple estate in a bargain and sale deed?
Grantor
45
In Illinois, a bargain and sale deed states that the title is free from ___ made by the grantor except those listed.
Encumbrances
46
In Illinois, a bargain and sale deed states that the grantor warrants ___.
Quiet enjoyment
47
Under the Illinois Conveyances act, the words in the granting clase "Grant, bargain, and sell" creates a(n) ___ deed.
Bargain and sale
48
Deed that provides the least protection to the grantee
Quitclaim
49
A conveyance by which the grantor transfers whatever interest she has in real estate, without warranties or obligations
Quitclaim deed
50
A(n) ___ deed is frequently used to cure a defect called a cloud on the title.
Quitclaim
51
A quitclaim deed only carries ___.
the grantor's interest
52
Deed that conveys in fee all the grantor's existing legal and equitable rights held at the time of delivery
Quitclaim deed
53
The means by which a trustor conveys real estate to a trustee for the benefit of a beneficiary
Deed in trust
54
An instrument that grants a trustee under a land trust full power to sell, mortgage, and subdivide a parcel of real estate.
Deed in trust
55
Under a deed in trust, the ___ controls the trustee's use of its powers under the provisions of the trust agreement.
Beneficiary
56
A deed executed by a trustee
Trustee's deed
57
Deed that is used when a trustee conveys real estate held in the trust to the beneficiary
Trustee's deed
58
The trustee's deed must state that the ___ is executing the instrument in accordance with the powers and authority granted by the trust instrument
Trustee
59
Deeds that are established by state statute and are used to convey title to property that is transferred by court order or by will.
Deed executed pursuant to court order
60
When must transfer tax be paid in Illinois?
Prior to recording of the deed
61
Tax stamps required to be affixed to a deed by state and/or local law
Transfer tax
62
Transfer tax is paid by purchasing ___ from the county recorder or city offices
Tax stamps
63
Tax stamps are affixed to the ___.
Deed
64
The amount of consideration used for determining transfer taxes must be shown on the ___ form in Illinois.
Real Estate Transfer Declaration form
65
Form used in Illinois that provides for the inclusion of the property description, manner of conveyance, and type of financing used
Real Estate Transfer Declaration Form
66
In Illinois, a completed ___ must accompany every deed presented to the recorder fro recording.
declaration form
67
Title to property may be transferred without the owner's consent by ___.
Involuntary alienation
68
Involuntary transfers are usually carried out by...
operation of law
69
The act of transferring property to another through eminent domain or adverse possession
Involuntary alienation
70
Adverse possession is a means of ___ transfer
involuntary
71
Squatter's rights
Adverse possession
72
A person who dies ___ has prepared a will indicating how the person's property should be handled.
Testate
73
Dying without a will
Intestate
74
If a person dies intestate, real estate and personal property pass to their heir's according to the state's ___.
Statute of descent and distribution
75
Dying with a will
Testate
76
Instrument made by an owner to convey title to real or personal property after the owner's death
Will
77
A will is a(n) ___ instrument
Testamentary
78
When does a will take affect?
After death
79
The person who makes a will
Testator
80
Only property owned by the ___ at the time of death may be transferred by will.
Testator
81
The gift of real property by will
Devise
82
A person who receives property by will
Devisee
83
The gift of personal property by will
Bequest
84
Also called legacy
Bequest
85
A person who receives personal property by will
Beneficiary
86
Also called a legatee
Beneficiary
87
Illinois law that governs intestate distribution
Illinois Law of Descent and Distribution
88
The purpose of ___ is to see that assets are distributed correctly.
Probate
89
Assets distributed through ___ are those that do not otherwise distribute themselves.
Probate
90
The person who has possession of the will
Executor
91
A personal representative appointed by the court to administer affairs of the estate after a person dies intestate
Administrator
92
Whether or not a will is involved, the ___ or ___ is responsible for having the estate's assets appraised and for ensuring that all the decendent's debts are satisfied.
Executor or administrator
93
Whether or not a will is involved, the ___ or ___ is responsible for paying federal estate taxes and state inheritance taxes out of the assets
Executor or administrator
94
The specific words of ___ in the granting clause are critical in determining the form of deed
conveyance
95
The specific words of conveyance in the ___ are critical to determining the type of deed
Granting clause
