Unit 7: Conveyance in WI

Question 1

Conveyance:

Answer 1

The legal transfer of property ownership to another.

Question 2

Conveyance of mineral interests:

Answer 2

The legal transfer of minerals found between the surface of a piece of land.

Question 3

Grantor:

Answer 3

The giver of a deed in real property conveyance

Question 4

Homestead:

Answer 4

An estate that gives the owner special rights in property used as a family home

Question 5

Interest in minerals:

Answer 5

The legal ownership of minerals found between the surface of a piece of land

Question 6

Legal description:

Answer 6

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

Question 7

Metalliferous minerals:

Answer 7

Gold, silver, lead, zinc, copper, platinum, iron, and all other metallic minerals

Question 8

Mineral:

Answer 8

A solid inorganic substance of natural occurrence.

Question 9

Mining company:

Answer 9

A company that has the sole purpose of extracting valuable minerals or other geological materials from the earth

Question 10

Mineral rights can be:

Answer 10

detached from the surface rights and remain separate, used for minerals as long as mineral estate compensates land owner for damages occurred

Question 11

What is the Dormant Mineral Statute:

Answer 11

Wisconsin § 706.057, states that mineral estate owners must use the minerals at least once within 20 years or the minerals are said to have “lapsed” and are subject to recapture by the surface estate owner.

Question 12

What are the required elements of a conveyance deed?

Answer 12

name of the grantor, name and address of the grantee, effective date of transfer, consideration (compensation for transfer of property), printed name of the person preparing the deed, legal description of the property, description of the property, signature of the grantor, state and county where deed is signed

Question 13

Acknowledgment:

Answer 13

oath of a subscribing witness, such as a notary public.

Question 14

Must do when acknowledging in deed —

Answer 14

grantor must state to the notary that the signing of the deed is a voluntary act, recording is vital if the grantee wants to protect the title against future buyers, grantee should expect to receive an acknowledged deed

Question 15

How do you turn a transfer of title by deed into effect?

Answer 15

delivery and acceptance, grantor must delivered to grantee and transfer of title is completed

Question 16

Power of attorney (POA):

Answer 16

legal document that grants the right to act for someone else in a legal transaction.

Question 17

attorney-in-fact:

Answer 17

person with power of attorney – acts as fiduciary to person who made appointment, and signature can bind appointing party with same effect

Question 18

corporation:

Answer 18

a legally competent artificial person - board of directors assign individuals to act on corporation

Question 19

nonprofit association:

Answer 19

authorize a person to execute conveyances of estates or interests in real property

Question 20

How do you know a contract is valid?

Answer 20

all parties must be legally competent - 18 years old, sane, and sober. Minors/individual incompetent may act as a party in real estate if represented by authorized guardian

Question 21

agency agreement:

Answer 21

when both parties agree to and understand the arrangement via written or oral communication between the parties

Question 22

implied agency:

Answer 22

created from the actions of the parties rather than express agreement; illegal in some states

Question 23

agency agreement permitting a real estate licensee to represent a buyer/seller in real estate transaction is only valid when it includes:

Answer 23

A property description, Price, commission to be paid, listing or buyer agency term. Must be in writing and signed by parties involved

Question 24

An agency agreement permitting a real estate licensee to represent a lessor for leasing real estate for a term exceeding three years is only valid when it includes:

Answer 24

Property description, rent to be paid, length of lease, commission to be paid, period which licensee represents the lessor in procuring a tenant, contract must be in writing and signed by all