Unit 12 - Transfer of Title

Question 1

Acknowledgment

Answer 1

A formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document. (also called notarization)

Question 2

Adverse Possession

Answer 2

The actual, open, notorious, hostile, and continuous possession of another’s land under a claim of right. Possession for a statutory period may be a means of acquiring title. (also called squatter’s rights)

Question 3

Bargain And Sale Deed

Answer 3

A deed that carries with it no warranties against liens or other encumbrances but does imply that the grantor has the right to convey title. The grantor may add warranties to the deed at his discretion.

Question 4

Beneficiary

Answer 4

(1) The person for whom a trust operates or on whose behalf the income from a trust estate is drawn. (2) A lender in a deed of trust loan transaction. Also called a legatee.

Question 5

Bequest

Answer 5

A gift of personal property under a will. Also called a legacy.

Question 6

Deed

Answer 6

A written instrument that, when executed and delivered, conveys title to or an interest in real estate.

Question 7

Deed In Trust

Answer 7

An instrument that grants a trustee under a land trust full power to sell, mortgage, and subdivide a parcel of real estate. The beneficiary controls the trustee’s use of these powers under the provisions of the trust agreement.

Question 8

Devise

Answer 8

A gift of real property by will. The donor is the devisor, and the recipient is the devisee.

Question 9

General Warranty Deed

Answer 9

A deed in which the grantor fully warrants good clear title to the premises. Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed.

Question 10

Grantee

Answer 10

A person who receives a conveyance of real property from a grantor.

Question 11

Granting Clause

Answer 11

Words in a deed of conveyance that state the grantor’s intention to convey the property at the present time. This clause is generally worded as “convey and warrant”; “grant”; “grant, bargain, and sell”; or the like.

Question 12

Grantor

Answer 12

The person transferring title to or an interest in real property to a grantee.

Question 13

Intestate

Answer 13

The condition of a property owner who dies without leaving a valid will. Title to the property will pass to the decedent’s heirs as provided in the state law of descent.

Question 14

Involuntary Alienation

Answer 14

The act of transferring property to another through eminent domain or adverse possession.

Question 15

Probate

Answer 15

A legal process by which a court determines who will inherit a decedent’s property and what the estate’s assets and liabilities are.

Question 16

Quitclaim Deed

Answer 16

A conveyance by which the grantor transfers whatever interest she has in the real estate, without warranties or obligations.

Question 17

Special Warranty Deed

Answer 17

A deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of her tenure and ownership of the property and not against defects existing before that time.

Question 18

Testate

Answer 18

Having made and left a valid will.

Question 19

Testator

Answer 19

A person who has made a valid will.

Question 20

Title

Answer 20

(1) The right to or ownership of land. (2) The evidence of ownership of land.

Question 21

Transfer Tax

Answer 21

Tax stamps required to be affixed to a deed by state and/or local law.

Question 22

Trustee’s Deed

Answer 22

A deed executed by a trustee conveying land held in a trust.

Question 23

Voluntary Alienation

Answer 23

The act of voluntarily transferring property to another, such as by gift or sale.

Question 24

Will

Answer 24

A written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator.

Question 25

The words CONVEY and WARRANT implies what type of Deed?

Answer 25

General Warranty

Question 26

The words GRANTOR REMISES, RELEASES, ALIENATES, and CONVEYS implies what type of Deed?

Answer 26

Special Warranty Deed

Question 27

The words GRANT, BARGAIN, and SELL imply what type of Deed?

Answer 27

Bargain and Sale Deed

Question 28

The words REMISES, RELEASES, CONVEY and QUIETCLAIMS imply what type of Deed?

Answer 28

Quietclaim Deed

Question 29

descent and distribution

Answer 29

when a person dies intestate and personal property pass to the decedent’s heirs

Question 30

A court action to remove any claim or cloud on title of real property.

Question 31

Quiet Title Action

Answer 31

A quiet title action is a court action to remove a cloud or another claim that has been placed on title to property.

Question 32

a written summary giving details of the title deeds and documents that prove an owner’s right to dispose of land, together with any encumbrances that relate to the property.

Answer 32

Abstract of title