Section 4 - Transfer of Title to Real Property

Question 1

Legal description

Answer 1

Method of identifying property in written words that allows for unambiguous interpretation of a property’s boundaries and location

Question 2

Informal reference

Answer 2

Like street address, not for legal purposes

Question 3

Survey

Answer 3

Blueprint or map showing measurements, boundaries and area of property

Question 4

Metes and bounds

Answer 4

Using points of reference and directional indicators, for legal purpose

Question 5

Lot and Block

Answer 5

Legal description using lot and block numbers–recorded subdivision plat

Question 6

Rectangular government survey system

Answer 6

Describes land in reference to principal meridians and baselines

Question 7

Monument System

Answer 7

Using natural or man-made permanent land marks in conjunction with metes and bounds

Question 8

Point of Beginning

Answer 8

Beginning point of metes and bounds description

Question 9

Plat map

Answer 9

Shows location in context to adjoining lots, roads and landmarks. Includes lot, street and block

Question 10

Township

Answer 10

A square that is 6 miles by 6 miles (36 square miles) makes up government survey system.

Question 11

Sections

Answer 11

A portion of township is 1 square mile (640 acres), 36 make up a township

Question 12

Principal meridian

Answer 12

Imaginary line that runs north and south and crosses a baseline at a specific point (rectangular survey system)

Question 13

Baseline

Answer 13

Imaginary line that runs East West and crosses principal meridian at a certain point (rectangular)

Question 14

Deed

Answer 14

Legal document conveying title or interest in real estate. Establishes legal ownership

Question 15

Grantor

Answer 15

The giver of the deed (usually seller)

Question 16

Grentee

Answer 16

Recipient of deed (usually the buyer)

Question 17

Covenants

Answer 17

An agreement or promise made between parties

Question 18

General warranty deed

Answer 18

Gives most protection to buyer, carries all possible covenants AKA full covenant/warranty deeds

Question 19

Special warranty deed

Answer 19

Grantor only guarantees title against defects arising during grantor’s ownership, not prior AKA Limited Warranty Deed/Bargain and Sale

Question 20

Quitclaim Deed

Answer 20

Offers no warranties, only releases prior owners claims to property

Question 21

Executor’s deed

Answer 21

Conveys real property from descendant’s estate to a buyer

Question 22

Sheriff’s deed

Answer 22

No covenants or warranties, but implies ownership (bankruptcies and foreclosures)

Question 23

Beneficiary deed

Answer 23

Transfers ownership from descendant to beneficiary upon descendant’s death. Recorded prior to death. Avoids probate.

Question 24

Trustee’s deed

Answer 24

Executed by a trustee that conveys land held in a trust.

Question 25

Deed of release

Answer 25

Deed used when mortgage paid off, removes lien

Question 26

Deed of gift

Answer 26

Conveys property without consideration

Question 27

Alienation

Answer 27

Transfer of real property away from one party to party

Question 28

Voluntary alienation

Answer 28

Loss of real property ownership with owner's consent (sale)

Question 29

Involuntary alientation

Answer 29

Transfer of ownership without consent (foreclosure)

Question 30

Will

Answer 30

Written document detailing disposition of assets and other wishes after death, signed by testator

Question 31

Descent

Answer 31

Title transference from descendant to heir

Question 32

Escheat

Answer 32

State's power to claim estate of deceased person with no will heirs or creditors

Question 33

Eminent domain

Answer 33

Government can take private property for public use

Question 34

Adverse possession

Answer 34

A person visibly possesses another's real property for statutory length of time and claims as own, openly hostile to another's ownership claim

Question 35

Testate

Answer 35

Dying with a will in place

Question 36

Intestate

Answer 36

Dying without a will

Question 37

Devisee

Answer 37

A person who inherits property from a will

Question 38

Beneficiary

Answer 38

Person entitled to benefit of a trust arrangement

Question 39

Devise

Answer 39

To leave something to someone in a will

Question 40

Bequest

Answer 40

Personal property that is willed

Question 41

Heirs

Answer 41

Successors who will inherit the property of another including intestate successors

Question 42

Condemnation

Answer 42

Taking of property by eminent domain

Question 43

Constructive notice

Answer 43

Public recordation of an event (you could have known if you'd bothered to look it up)

Question 44

Actual notice

Answer 44

Express notice given directly to a person

Question 45

Evidence of title

Answer 45

Proof of property ownership, usually a deed

Question 46

Marketable title

Answer 46

Title reasonably free and clear of encumbrances so average buyer wouldn't hesitate

Question 47

Title committment

Answer 47

Document outlining that Title insurance policy will be issues to buyer provided certain conditions met (liens paid off)

Question 48

Abstract of title

Answer 48

Condensed history of a title, summary of all links in chain, other public record matters, legal description of property, summary of every related document in chronological order

Question 49

Title search

Answer 49

To determine marketable title and find any deficiencies in title

Question 50

Marketable Title Act (NC)

Answer 50

Act providing if a seller can prove an unbroken chain of title for 30 years (marketable)

Question 51

Chain of title

Answer 51

Title history/path and proof of ownership through public records search, title encumbrances. Each owner equals a link.

Question 52

Title opinion

Answer 52

Attorney's interpretation of a title search

Question 53

Quiet title

Answer 53

Court action to remove a cloud on a title

Question 54

Torrens system

Answer 54

Optional/alternative title search, used in a handful of states, only goes back to previous search assuming it was done properly

Question 55

Excise tax

Answer 55

Tax applied upon a recordation of a transfer of ownership of real property