Real Estate Course Chapter 9 Flashcards Preview

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Flashcards in Real Estate Course Chapter 9 Deck (84)
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1

A person who holds vested ownership rights in property is said to have

Title

2

What is a deed

a written instrument used to convey an interest in real property. It conveys legal title

3

A transfer of title from any level of government to a private party is called a

Public Grant

4

a voluntary transfer of title from one private party to another private party is called a

Private Grant

5

title to real property is a legal concept signifying ...

ownership of the collection of rights called an estate

6

What is Equitable title

beneficial interest in real estate that implies that an individual will receive legal title at a future date

7

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.

8

Is a Will an example of Voluntary Alienation?

Yes

9

To die testate or intestate indicates ...

The Decedent prepared a Will before death
or did not.

10

If the Decedant in a Will was a male he is considered the ...

Testator

11

If the Decedant in a Will was a female he is considered the ...

Testatrix

12

In a Will, a gift of REAL property is a ________ and the recipient of the gift is the _________.

Devise
Devisee

13

In a Will, a gift of PERSONAL property is a ________ and the recipient of the gift is the _________.

Bequest
Beneficiary

14

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.

15

Adverse possession arises when ...

the true owner of record fails to maintain possession and the property is seized by another

16

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

17

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

18

With respect to notice their are two types of notice that have legal priority. They are

Actual notice and Constructive notice.

19

What is actual notice

Actual notice is direct knowledge acquired in the course of a transaction

20

What is constructive notice

Constructive notice (or legal notice) is accomplished by recording the information in the public records.

21

What is a chain of title

Complete successive record of a property's ownership

22

What is a Lis Pendens

A notice recorded in the public records of a pending legal action that involves real estate

23

What is a suit to quiet title

It is a court action resulting from a gap in the chain of title to determine ownership.

24

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.

25

State statute determines how far back into history the search must go. Florida's Marketable Record Titles Act limits the search to

30 years

26

What is the root of title

the original source of title going as back 30 years

27

Are Real Estate agent qualified to enter an opinion on title

NO

28

What are the two types of Title Insurance

Owners policy and Lenders Policy

29

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

30

Who is the grantor and grantee

Grantor (owner giving title) Grantee (new owner receiving title)