12. Transfer of Title Flashcards Preview

Real Estate Exam > 12. Transfer of Title > Flashcards

Flashcards in 12. Transfer of Title Deck (24)
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1
Q

ACKNOWLEDGMENT

A

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

2
Q

ADVERSE POSSESSION

A

The actual, open, notorious, hostile, and continuous possession of another’s land under a claim of title. Possession for a statutory period may be a means of acquiring title.

3
Q

BARGAIN AND SALE DEED

A

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

4
Q

DEED OF TRUST

A

The means by which a trustor conveys real estate to a trustee for the benefit of a beneficiary. See trust deed.

5
Q

DEVISE

A

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

6
Q

GENERAL WARRANTY DEED

A

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.

7
Q

GRANTEE

A

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

8
Q

GRANTING CLAUSE

A

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.

9
Q

GRANTOR

A

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

10
Q

HABENDUM CLAUSE

A

That part of a deed beginning with the words “to have and to hold,” following the granting clause and defining the extent of ownership the grantor is conveying.

11
Q

HEIR

A

One who might inherit or succeed to an interest in land under the state law of descent when the owner dies without leaving a valid will.

12
Q

INTESTATE

A

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.

13
Q

INVOLUNTARY ALIENATION

A

When title to property may be transferred without the owner’s consent. See alienation.

14
Q

PROBATE

A

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

15
Q

QUITCLAIM DEED

A

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

16
Q

RECONVEYANCE DEED

A

A deed used by a trustee under a deed of trust to return title to the trustor.

17
Q

SPECIAL WARRANTY DEED

A

A deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of his or her tenure and ownership of the property and not against defects existing before that time, generally using the language, “by, through, or under the grantor but not otherwise.”

18
Q

TESTATE

A

Having made and left a valid will.

19
Q

TESTATOR

A

A person who has made a valid will. A woman often is referred to as a testatrix, although testator can be used for either gender.

20
Q

TITLE

A

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

21
Q

TRANSFER TAX

A

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

22
Q

TRUSTEE’S DEED

A

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

23
Q

VOLUNTARY ALIENATION

A

The legal terms for the voluntary transfer of title. See also alienation.

24
Q

WILL

A

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