Unit 9-Title, Deeds and Ownership Resrictions Flashcards Preview

FL REAL ESTATE -39th Edition 2016 > Unit 9-Title, Deeds and Ownership Resrictions > Flashcards

Flashcards in Unit 9-Title, Deeds and Ownership Resrictions Deck (82)
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1

a person who has a vested interest in property is said to have this...

TITLE

2

what is a DEED?

It is an instrument of conveyance specifically stating ownership in property. Simply..it conveys LEGAL TITLE

3

An interest in real estate in which an individual receives the title at a future date is a contract for?

Equitable Title.

4

The act of TRANSFERRING TITLE or an interest in real property from one person to another is called?

ALIENATION

5

Describe the 2 types of alienation?

Voluntary Alienation
Under owners control/consent. Gift or sale

Involuntary Alienation
by operation of law

6

this written instrument is used to
convey interest in real property and legal title.
sell or gift real property to another during the owners lifetime.

DEED

7

this legal instrument is used to convey title to REAL and PERSONAL property after a persons death

WILL

8

What does it mean when a decedent dies "TESTATE?"

It means they prepared a will.

9

What does it mean when a decedent dies "INTESTATE?"

it means they had no will.

10

Would a will be a form of voluntary or Involuntary Alienation and why?

It is Voluntary because the testator (male) or testatrix(female) intended to gift the property.

11

In a gift of real property, the real property is called?

DEVISE

12

the person receiving the gift of real property is the?

DEVISEE

13

what is DESCENT?

it is the passing of property to the legal descendants (heirs) of a person who dies INTESTATE (without a will)

14

Is Descent voluntary or involuntary alienation and why?

It is involuntary because the STATE determines the disposition of property.

15

This process provides for the government to take the property of an owner who dies INTESTATE with no known heirs.

it ensures the property is always owned by someone.

ESCHEAT TO THE STATE

16

What is ADVERSE POSSESSION?

Occurs when an owner of record fails to maintain possession for 7 or more years and property is seized by another.
By sleeping on their rights as an owner, and not using the legal means available to remove a "hostile trespasser" he/she loses rights to the property.

17

What is another word for the legal process called Eminent Domain

CONDEMNATION

18

what is CONDEMNATION?

it is the government's power to take land from an owner through a legal process for public purpose.

19

must the government pay for land taken by Eminent Domain?

yes...fair price.

20

is Eminent Domain a form of voluntary or involuntary alienation and why?

It is involuntary because regardless of whether the owner wants to part with the property, the government must exercise their power.

21

Describe the 2 types of Notice To Legal Title

ACTUAL NOTICE
-direct knowledge acquired during the course of the transaction

CONSTRUCTIVE NOTICE
- accomplished by recording a document in PUBLIC RECORDS. Recording an instrument of conveyance puts the world on notice regarding an owners interest in real property.

22

This must FIRST be done by the GRANTOR before a deed can be recorded

The deed must be ACKNOWLEDGED and witnessed and certified by a notary.

23

What is the purpose of the ACKNOWLEDGMENT

it declares before a notary that the signing of the document is a voluntary act.

24

Does the RECORDING of a document require any witnesses? How many?

YES. It requires 2...one of which can be the notary.

25

A recorded legal document giving constructive notice of a PENDING LEGAL ACTION that involves real estate is known as

LIS PENDENS

26

What information is included in a LIS PENDENS?

Names of parties, object of action, and legal description of property.

27

A COMPLETE successive record of a property's ownership starting with the earliest owner is called the

CHAIN of TITLE

28

how far back can a chain of title go in the state of FL?

30 YEARS

29

a condensed history disclosing items about property that are of public record is an...

ABSTRACT of TITLE

30

Why is an ABSTRACT of TITLE search conducted?

to reveal the owner of the property and any Mortgages, Liens, Judgments or unpaid taxes not satisfied to date.