RE Unit 3 Glossary Flashcards
(15 cards)
A written legal document by which ownership of real property is transferred from one party to another is a …
deed
The two parties to a deed are the …
Grantor and Grantee
In order to convey title, a deed must be signed by the …
Grantor
Title does not pass to the grantee until the deed is …
delivered and accepted
Assurance to the grantee that he will not be disturbed by someone else with a lawful interest in the property is the covenant of …
quiet enjoyment
The type of deed that is considered to be the best deed for a grantee is a …
General Warranty Deed
A deed that conveys whatever interest in the property the grantor holds at the time of conveyance and contains no covenants or warranties is a …
quitclaim deed
A deed with warranties that apply only to the period the grantor owned the property is a …
special warranty deed
Property owned by one person is said to be owned in …
severalty
A form of concurrent ownership in which each tenant owns an undivided ownership share in the entire property and has no right of survivorship is …
tenants in common
A form of concurrent ownership in which all owners have equal shares in the property and the right of survivorship is …
joint tenancy
An undivided interest in a resort condominium as a tenant in common for a specific period each year is a …
time share
A condominium is created by filing a …
declaration
____________ does not require co-owners to go through probate to obtain title.
joint tenancy
A person who holds stock in a building owned by a corporation owns the rights to a …
cooperative
