Flashcards in Real Estate Course Chapter 9 Deck (84)
A person who holds vested ownership rights in property is said to have
What is a deed
a written instrument used to convey an interest in real property. It conveys legal title
A transfer of title from any level of government to a private party is called a
a voluntary transfer of title from one private party to another private party is called a
title to real property is a legal concept signifying ...
ownership of the collection of rights called an estate
What is Equitable title
beneficial interest in real estate that implies that an individual will receive legal title at a future date
What is Alienation
the act of transferring ownership, title, or an interest in real property from one person to another. It can be voluntary or involuntary.
Is a Will an example of Voluntary Alienation?
To die testate or intestate indicates ...
The Decedent prepared a Will before death
or did not.
If the Decedant in a Will was a male he is considered the ...
If the Decedant in a Will was a female he is considered the ...
In a Will, a gift of REAL property is a ________ and the recipient of the gift is the _________.
In a Will, a gift of PERSONAL property is a ________ and the recipient of the gift is the _________.
What is meant by the term "Escheat"
Escheat provides for a government, normally a state government, to take the property of an owner who dies intestate and without any known heirs entitled to receive the property.
Adverse possession arises when ...
the true owner of record fails to maintain possession and the property is seized by another
What are the conditions for Adverse Possession?
H - Hostile possession of Property
O - Open Possession with no attempt to conceal occupancy
T - Taxes were paid during all years the adverse possessor was on the property
C - Claim of title, even an imperfect one exists
A - Adverse possession must continue for 7 or more consecutive years
N - Notorious and flagrant public possession of property
What is Eminent Domain
Referred to as a "taking for just compensation." It gives government the right to take land from an owner through a legal process referred to as condemnation, as long as the taking is for a public purpose
With respect to notice their are two types of notice that have legal priority. They are
Actual notice and Constructive notice.
What is actual notice
Actual notice is direct knowledge acquired in the course of a transaction
What is constructive notice
Constructive notice (or legal notice) is accomplished by recording the information in the public records.
What is a chain of title
Complete successive record of a property's ownership
What is a Lis Pendens
A notice recorded in the public records of a pending legal action that involves real estate
What is a suit to quiet title
It is a court action resulting from a gap in the chain of title to determine ownership.
What is an abstract of title
A summary report of what the title search found in the public record. A official summary of documents filed in the public records that affect, or may affect, title of a given tract or parcel.
State statute determines how far back into history the search must go. Florida's Marketable Record Titles Act limits the search to
What is the root of title
the original source of title going as back 30 years
Are Real Estate agent qualified to enter an opinion on title
What are the two types of Title Insurance
Owners policy and Lenders Policy
In Title insurance, which policy is transferable, the Owners policy or Lenders?
Lenders. Will protect the new lender up to the balance of the loan