Unit 9 - Title, Deed & Ownership Restrictions Flashcards Preview

Florida Real Estate Pre-Licensing 63-hour Class > Unit 9 - Title, Deed & Ownership Restrictions > Flashcards

Flashcards in Unit 9 - Title, Deed & Ownership Restrictions Deck (54)
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1
Q

Abstract of Title

A

Condensed history of title to real property consisting of a summary of the links in the “chain of title” extracted from documents bearing on the title

2
Q

Acknowledgement

A

Formal declaration before an authorized official, by the person who executed the instrument, that it is a free act

3
Q

Actual Notice

A

Information a person has actually learned by reading, seeing or hearing.

4
Q

Adverse Possession

A

A method of obtaining title to real property by occupying it in an open and hostile manner contrary to the interests of the owner
HOT CAN is acronym for Adverse Possession

5
Q

Alienation

A

The act of transferring ownership, title or an interest or estate in real property. Alienation can be voluntary or involuntary

6
Q

Appurtenance

A

A right or privilege associated with the property, such as a parking space.

7
Q

Assignment

A

Written instrument that serves to transfer the rights of one person to another.

8
Q

Chain of Title

A

A successive listing of all previous holders of title (owners) back to an accessible starting point

9
Q

Condemnation

A

The taking of private real property for a public purpose under the right of eminent domain for a fair price

10
Q

Construction Lien

A

A claim based on the principle of “unjust enrichment”; favors parties who have performed labor or delivered materials or supplies for the repair or building of an improvement to real property

11
Q

Constructive Notice

A

The recording of a document or an instrument in the public records designed to give adequate notice to all.

12
Q

Deed

A

A type of conveyance; a written instrument to transfer title to real property from one party to another.

13
Q

Deed Restriction

A

Provision placed in deeds to control future uses of the property

14
Q

Easement

A

A right, privilege or interest in real property that one individual has in lands belonging to another; a legal right to trespass; a right of way authorizing access to or over land.

15
Q

Easement Appurtenant

A

An easement that runs with the land and benefits an adjacent parcel of land.

16
Q

Easement by Necessity

A

An easement created by a court of law in cases where justice and necessity dictate it, such as when property is landlocked.

17
Q

Easement by Prescription

A

A right acquired by an adverse user to use the land of another, created through a court of law after long and uninterrupted use

18
Q

Easement in Gross

A

A type of easement that benefits an individual or business entity and is not related to a specific adjacent parcel, for example, utility easements

19
Q

Eminent Domain

A

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.

20
Q

Encroachment

A

Unauthorized use of another person’s property

21
Q

Equitable Title

A

The beneficial interest in real estate that implies that an individual will receive legal title at a future date.

22
Q

Escheat

A

The reversion of property to the state, on the owner’s dying without leaving a will or any known legal heirs.

23
Q

General Lien

A

A claim that may affect all the properties of the debtor.

24
Q

General Warranty Deed

A

An instrument of conveyance containing the strongest and most comprehensive promises of further assurance possible for a grantor (seller) to convey to a grantee (buyer).

25
Q

Grantee

A

Party who receives a deed or grant; buyer

26
Q

Granting Clause

A

The provision in a deed that specifies the names of the parties involved, the words of conveyance, and a description of the property.

27
Q

Grantor

A

Party who signs and gives a deed; seller

28
Q

Gross Lease

A

An agreement for the tenant to pay a fixed rent with the landlord paying all of the expenses associated with the property.

29
Q

Ground Lease

A

An agreement for the tenant to lease the land only and erect a building on the land.

30
Q

Habendum Clause

A

A provision in a deed to real property that stipulates the estate or interest the grantee is to receive and the type of title conveyed.

31
Q

Intestate

A

Without a will

32
Q

Involuntary Alienation

A

When a person dies intestate and the property either descends to the decedent’s heirs or transfers to the state through escheat.

33
Q

Junior Lien

A

A second mortgage or junior-lien is a loan you take out using your house as collateral while you still have another loan secured by your house. … The term “second” means that if you can no longer pay your mortgages and your home is sold to pay off the debts, this loan is paid off second.

34
Q

Legal Title

A

Represents the legal ownership along with the right to control the property in many circumstances. Legal title is transferred from one person to another by a deed.

35
Q

Lender’s Policy

A

Title insurance issued for the unpaid mortgage amount to protect the lender against title defects.

36
Q

Lien

A

A claim on property for payment of some obligation or debt.

37
Q

Mechanic’s Lien

A

A Construction Lien

38
Q

Net Lease

A

An agreement for the tenant to pay fixed rent plus property costs, such as taxes, insurance and utilities.

39
Q

Opinion of Title

A

A formal statement by an attorney regarding the status of a title after examination of the chain of title.

40
Q

Owner’s Policy

A

Title insurance issued for the total purchase price of the property to protect the new owner against unexpected risks.

41
Q

Percentage Lease

A

An agreement for the tenant to pay rent based on the gross sales received by doing business on the leased property.

42
Q

Police Power

A

The authority of government to protect the property, life, health and welfare of its citizens

43
Q

Quitclaim Deed

A

A type of deed that will effectively convey any present interest, claim, or title to real property that the seller (grantor) may own.

44
Q

Restrictive Covenants

A

Conditions placed by developers that affect how the land can be used in an entire subdivision.

45
Q

Seisin

A

A covenant in a deed that warrants that the grantor (seller) holds the property by virtue of a fee simple title and has a complete right to dispose of same. Also called a seizin clause.

46
Q

Specific Lien

A

Claims that affect only the property designated in the lien instruments or agreements

47
Q

Sublease

A

A lessee leasing a property to a third party for a period of time less than the original lease. Also called subletting.

48
Q

Superior Lien

A

A lien that takes priority over all other liens

49
Q

Testate

A

Having left a will.

50
Q

Title

A

Evidence of ownership of real property, such as a deed

51
Q

Title Insurance

A

A policy of insurance that protects the holder from any loss resulting from defects in the title.

52
Q

Variable Lease

A

An agreement for the tenant to pay specified rent increases based on a predetermined index (CPI) at a set future date.

53
Q

Voluntary Alienation

A

The transfer of a title with the owner’s control and consent

54
Q

Warranty Forever

A

A provision in a deed guaranteeing that the seller will for all time defend the title and possession for the buyer.