Title

Question 1

Abstract of Title

Answer 1

History of property

Question 2

Accession

Answer 2

Right to use what’s on your land

Question 3

Adverse Possession

Answer 3

Involuntary transfer of the title when owner does not use or inspect land for 10 years to another person who has some claim to the land

Question 4

Affidavit of Disclosure

Answer 4

Required in unincorporated area; 5 or fewer parcels; must be provided to buy at least 7 days prior to transfer

Question 5

Affirmative Easement

Answer 5

Gives someone right to use someone else’s land for a specific purpose

Question 6

Alienation

Answer 6

Transfer of ownership

Question 7

Alienation Clause

Answer 7

Right of lender to demand payment in full upon sale due on sale

Question 8

Appurtenances

Answer 8

Rights that run with real property ownership. Most often transferred with property, POSSIBLE to sell separately. Rights: air, water, surface, subsurface

Question 9

Bundle of Rights (6 QC Pete)

Answer 9

Quiet Enjoyment, Control, Possession, Exclusion, Transfer, Encumber

Question 10

Bargain & Sale Deed

Answer 10

W/O covenants or warranties against encumbrances that ONLY implies grantor has possession or property and the right to convey title

Question 11

Assignment

Answer 11

The transference of rights and obligations in a contract from one party to another

Question 12

Assemblage

Answer 12

The combining of multiple properties into single tract of land; increases value

Question 13

Color of Title

Answer 13

Title transfer is defective that is unknown to buyer

Question 14

Cloud

Answer 14

Any claim to or encumbrance on the title

Question 15

Chattel

Answer 15

Personal property

Question 16

Certificate of Title

Answer 16

Document prepared by title attorney - provides chain of title opinion on marketability

Question 17

Cease & Desist Order

Answer 17

Order issues by ADRE to stop a licensee from engaging in a certain behavior

Question 18

Contract for Deed

Answer 18

Seller holds title until fully paid for, installment sales contract or land contract

Question 19

Contribution

Answer 19

Amount of market value from improvement

Question 20

Conveyance

Answer 20

Instrument that transfers grantor’s interest

Question 21

Covenant of Seisin

Answer 21

Grantor states they hold the title

Question 22

Demise

Answer 22

Transfer by lease

Question 23

Devise

Answer 23

Transfer through will

Question 24

Estoppel

Answer 24

Prevents someone from asserting something contrary to which was implied by previous words or deeds by that individual

Question 25

Tax Base

Answer 25

Total taxable assets available in a certain area

Question 26

Ad Valorem Taxes

Answer 26

Tax on assessed value

Question 27

Dominant Tenement

Answer 27

Land that benefits from easement appurtenant; right to cross another owner's adjacent land

Question 28

Easement in Gross

Answer 28

Easement applies to person not land

Question 29

Easement by Condemnation

Answer 29

Easement in which private property is transferred to public use via eminent domain

Question 30

Fee Simple Defeasible

Answer 30

Used for purposes, reverts back to original owner if violated

Question 31

General Lien

Answer 31

Real estate AND personal property sold to satisfy debt

Question 32

Habendum Clause

Answer 32

Type/extent of interest conveyed by granting clause

Question 33

Intestate

Answer 33

Owner dies, no will

Question 34

Joint Venture

Answer 34

One-off collaboration vs ongoing investing group

Question 35

Master Deed

Answer 35

Convey condo

Question 36

Partition Suit

Answer 36

Legal action of terminating ownership of co-owner

Question 37

Probate

Answer 37

Court determines ownership to creditors, taxing, heir after own dies intestate

Question 38

Pur Autre Vie

Answer 38

Life estate - ownership lasting only for the duration of a a disignated party's lifetime

Question 39

Quitclaim Deed

Answer 39

Conveys interest, title, or right to parcel of land the grantor has at the time deed is executed

Question 40

Remainder Interest

Answer 40

Interest in estate passes to another party at death of owner

Question 41

Reversionary Interest

Answer 41

Interest in estate, full ownership reverts to original owner after death of current owner

Question 42

Severalty

Answer 42

Undivided ownership, with an interest that is exclusive from other owners

Question 43

Special Warranty Deed

Answer 43

Deed that only protects against defects that occurred while grantor held title

Question 44

Statute of Frauds

Answer 44

Law that certain contracts to be in writing to be enforceable

Question 45

Subordination Agreement

Answer 45

Contract that gives mortgage recorded at a later date priority over a previously recorded mortgage

Question 46

Syndicate

Answer 46

Group of investor combine resources to make improvements that they couldn't make on their own

Question 47

Tenancy in Common

Answer 47

Co-ownership with individual, undivided interest in property, includes rights of inheritance rather than survivorship

Question 48

Torrens System

Answer 48

Recording system used in some states, state holds all records of title/land ownership, evidence by a certificate of title

Question 49

Unilateral Contract

Answer 49

Must keep promises after 2nd party accepts offer

Question 50

Specific Performance

Answer 50

Legal remedy requires party in breach to perform w/contract as opposed to paying damages