Section 9 Review

Question 1

Equitable title

Answer 1

Rights to own property

Question 2

Alienation

Answer 2

is the act of transferring an interest in real property from one person to another

Question 3

Voluntary alienation

Answer 3

transfers property with the owner’s control and consentthrougha deed or a will.

Question 4

The person transferring title through a will is the____ .

Answer 4

grantor of the deed

Question 5

The person receiving title is the ______.

Answer 5

grantee

Question 6

To die with a will in place.

Answer 6

Testate

Question 7

To die without a will.

Answer 7

Intestate

Question 8

A man who creates a will is ________.

Answer 8

testator

Question 9

A woman who creates a will is called a ________.

Answer 9

testatrix

Question 10

To will real property is called to ______ with the person who inherits the devisee.

Answer 10

devise

Question 11

the person who inherits is the ______.

Answer 11

devisee

Question 12

To will personal property is called to _____ with the person who inherits the beneficiary

Answer 12

bequest

Question 13

_____________ transfers property without the owner’s control and consent through descent, escheat, eminent domain, and adverse possession.

Answer 13

Involuntary alienation

Question 14

Without a will, property is passed to _____________

Answer 14

legal descendants

Question 15

When there are no known heirs it is passed to the ____ by escheat

Answer 15

state

Question 16

___________ is the legal process of the government to take property through the power of eminent domain

Answer 16

Condemnation

Question 17

Adverse possession

Answer 17

is when someone other than the owner takes control and ownership of a property by hostile means through physical occupation which is open and notorious for at least seven years while paying taxes

Question 18

Two types of legal notice when property transfer takes place

Answer 18

Actual Notice or Constructive Notice

Question 19

______ do not have to be recorded to be valid.

Answer 19

Deeds

Question 20

deeds must be acknowledged by the grantor and _______ To be recorded

Answer 20

notarized

Question 21

Lenders provide constructive notice of a foreclosure by filing a __________ notice in the county where the property is located

Answer 21

lis pendens

Question 22

A Chain of Title

Answer 22

is the “linking” of one owner to another as the property has been transferred from one owner to another

Question 23

A Title Opinion

Answer 23

is the written opinion of an attorney as to marketability based on chain of title

Question 24

Defects of title can be insured against with ______________

Answer 24

title insurance.

Question 25

Owner’s policy protects

Answer 25

owners and heirs but is not transferred with a sale. Issued based on purchased price and charged once at closing

Question 26

Lender’s policy protects

Answer 26

the lender and is transferable to new lenders if the mortgage is sold. Issued based on the mortgage and charged once at closing

Question 27

The deed is divided into what 3 sections

Answer 27

the premises section, the operative part and the conclusion

Question 28

The premises section in a deed has ______

Answer 28

the date, names, address, consideration, and granting clause.

Question 29

The operative section of a deed has the ______

Answer 29

habendum clause, deed restrictions, exceptions and reservations, and appurtenances.

Question 30

The conclusion section of a deed has ______

Answer 30

the delivery and acceptance through signature of grantor and two witnesses.

Question 31

For a deed to be valid it must:

Answer 31

be in writing; name the grantor and grantee; list consideration; have a granting clause; a habendumclause; legal description; signatures of grantorand two witnesses; and delivery and acceptance

Question 32

A statutory deed has a format specifically defined by state statute and includes:

Answer 32

General Warranty Deed, Special Warranty Deed, Bargain and Sale Deed, and Quitclaim Deed.

Question 33

General warranty deeds include covenants of:

Answer 33

Seisin, Against encumbrances, Further assurance, Quiet enjoyment, and Warranty Forever.

Question 34

Special warranty deeds only include the guarantee that the grantor (executor) has ____________

Answer 34

done nothing to encumber the property.

Question 35

Bargain and sale deeds include the covenant of Seisin as the bank owns the property through foreclosure doesn't include_________

Answer 35

any other warranties.

Question 36

Quitclaim deeds are issued to clear a _________ by releasing claims to the title. Has no covenants.

Answer 36

cloud on the title

Question 37

Special Purpose Deeds include:

Answer 37

Personal Representative Deed, Guardian’s Deed, Committee’s Deed and Tax Deed.

Question 38

__________ Deeds are used by someone appointed by will or by the court to settle the estate of the deceased person. Includes Covenant Against Encumbrances.

Answer 38

Personal Representative’s

Question 39

Guardian’s deed

Answer 39

isused by a guardian acting on behalf of a minor. Includes Covenant Against Encumbrances.