From Principles Workbook Unit 3 Flashcards Preview

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Flashcards in From Principles Workbook Unit 3 Deck (75)
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1

title to real property is held by one person or entity

ownership in severalty. can be owned by one individual or by a single entity (a corp, partnership, LLC or REIT)

2

when two or more people own a property

called concurrent ownerships or co-ownership. two most common forms are tenancy in common or joint tenancy

3

difference between tenants in common and joint tenancy

joint tenancy has right of survivorship... TIC doe snot

4

what is a cooperative?

building owned by a corporation. each resident owns shares of stock in the corp and has a proprietary lease in the individual unit

5

a deed is the document used to

transfer real property

6

a valid deed must identify:

- the parties
- have a competent grantor
- contain words of conveyance
- contain a legal description of the property
- state teh consideration that was given
- be properly executed
- be delivered and accepted
- must be in writing

7

what are the three main types of deeds?

- grant deed
gift deed
quitclaim deed

8

grant deed implies

certain implied (unwritten) warranties. this deed provides the greatest protection for a grantee(typically the buyer who is receivign title to real property)

9

quitclaim deed conveys

no warranties of any kind. it simply conveys whatever itnerest the grantor has when the deed is delivered. a quitclaim deed may be used as a "problem solveR' to clear clouds on the title

10

adverse possession must be

open, continuous, exclusive, actual, and notorious (Hostile) for a period of 5 years

11

ownership by married couples or couples registered under domestic partnership law

community partnership

12

act of conveyign real estate ownership

alienation

13

private grant

is from individuals, using a deed

14

public grant

is from the government to individuals, using a land patent

15

dedication

is from individuals to teh government.

16

purpose of a deed

the voluntary transfer of an interest in property between the giver/grantor and the receiver/grantee

17

a seller of real property will always be required to provide a

written deed

18

every deed conveys

whatever interest is held by the grantor, unless it specifically states that it is conveying a lesser interest

19

competent grantor is

18 years old and sane and sober

20

seller is

grantor

21

buyer is

grantee

22

essential elements of a valid deed are:

- competent grantor
- execution by the grantor (all parties)
- identifiable grantee (need not be competent)
- delivery to and acceptance by the grantee
- description of land (prop description)
- consideration
- words of conveyance

23

when does title pass?

upon acceptance of the grantee

24

what does a deed need to be effective and transfer title?

Delivered & accepted!

25

what are the four voluntary deeds?

- grant deed
- quitclaim deed
- gift deed
- warranty deed

26

waht are three involuntary deeds?

- sheriff's deed
- tax deed
- trustee's deed

27

characteristics of grant deed

- implied warranties
- most common in CA
- grantor has disclosed all encumbrances
- conveys after-acquired title

28

characteristics of quitclaim deed

- best for the grantor
- no covenants or warranties "what i've got you got"
- used to clear clouds on title (problem-solver)
- used when grantor wants no future claims or liability

29

a trustee or sheriff's deed transfers title at

the end of a foreclosure proceeding or statutory redemption period

30

a reconveyance deed is used

to restore the title to the trustor when they pay off a loan secured by a deed of trust