Unit 9: Title, Deeds, and Ownership Restrictions Flashcards
Evidence of ownership of real property, such as a deed.
Title
The beneficial interest in real estate that implies that an individual will receive legal title at a future date.
Equitable Title
ownership of a freehold estate.
Legal title
The act of transferring ownership, title, or an interest or estate in real property.
Alienation
The transfer of title is accomplished with the owner’s control and consent.
Voluntary Alienation
True/False A deed is a written instrument used to convey an interest in real property. Thus, a deed conveys legal title. A deed is used to sell or gift real property to another person (or entity) during the owner’s lifetime.
True
Having left a will.
Testate
a legal instrument used to convey title to real and personal property after the person’s death.
Will
When a person dies intestate and the property either descends to the decedent’s heirs or transfers to the state through escheat.
Involuntary Alienation
Without a will.
Intestate
Reversion of property to the state when an owner dies without leaving a will or any known heirs.
Escheat
A method of obtaining title to real property by occupying it in an open and hostile manner contrary to the interests of the owner.
Adverse Possession
The constitutional right given to a unit of government to take private property involuntarily, if taken for public use and a fair price is paid to the owner.
Eminent Domain
The taking of private real property for a public purpose under the right of eminent domain for a fair price.
Condemnation
True/False At the time the buyer and seller sign a real estate sale contract, the buyer receives legal title to the property.
False. When the buyer and seller sign a real estate sale contract, the buyer receives equitable title to the property.
True/False In a will, the recipient of real estate is referred to as the devisee.
True
True/False Alienation is the act of transferring ownership, title, or interest in real property from one person to another.
True
True/False Transfer of title to property with a will is a type of involuntary alienation.
False. There are two types of voluntary alienation: by deed and by will. Conveyance of property according to a will is voluntary alienation because the person who left a will intended to gift property to a particular individual.
Information a person has actually learned by reading, seeing, or hearing.
Actual Notice
The recording of a document or an instrument in the public records designed to give adequate notice to all.
Constructive Notice
Formal declaration before an authorized official, by the person who executed the instrument, that it is a free act.
Acknowledgment
True/False Recording a document in the county records provides constructive notice.
True
True/False Constructive notice has more legal priority compared with actual notice.
False. Actual notice and constructive notice have the same legal priority.
True/False Constructive notice provides the BEST evidence of ownership.
True