unit 2 forms of ownership, transfer, and recording of title Flashcards Preview

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Flashcards in unit 2 forms of ownership, transfer, and recording of title Deck (10)
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1

recording documents, such as deeds, create actual notice

false
constructive notice is given when documents are recorded in the county where the property is located. this gives the world notice of the title. an example of actual notice would be when an individual researches a title and now has knowledge of the title

2

freehold estates have an indefinite duration

true

3

water rights based on first beneficial use are called riparian rights

false
riparian rights refer to river and streams, whereas the doctrine of prior appropriation states that the first beneficial user of water will have senior right

4

the owner of the property in a life estate is called the life tenant

true

5

a deed of trust is the best deed for a purchaser to uses to take title

false
general warranty deed, as a deed of trust, is used to create liens - not pass title.

6

a married couple owns a property as joint tenants. the husband's will leaves his share in the property to their daughter. upon the husband's death, the surviving spouse and daughter will own the property as tenants in common

false
the spouse will own the property in severalty. the will is irrelevant because title was taken in joint tenancy. this would be a true statement if the couple owned the property as tenants in common.

7

the right to sell, will, or transfer interest held in real property is known as the right to control the property within the framework of the law

false
the right to sell, will, transfer, or otherwise dispose, or encumber real property are known as the right of disposition. the right to control the property within the framework of the law means that the owner(s) will abide by federal, state, and local municipalities, as well as deed restrictions (should they apply)

8

a deed to title is one way to prove marketable title

false
the title policy or an abstract of title (summary of title) with an opinion of the title is used to prove marketable title. title is the legal proof that one has a right to something. deeds are the actually legal documents that transfer title

9

pur autre vie means that the life estate is based on the life tenant's life

false
pur autre vie means that the life estate may be based on the life of someone other than the holder of the life estate

10

sam inherits a family ranch and discovers that the title is clouded. a quitclaim deed may need to be filed to clear the title

false
a quiet title suit may need to be filed to clear the title. a quitclaim deed is used; it is a way to give your interest to somebody else. a quiet title action is a formal lawsuit to remove somebody else's interest from your property.