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Level 9

Level 9

by gabrieltheonly, Aug 2021

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Title	The actual ownership of a real property that includes the bundle of rights in which a party may own a legal or equitable interest.
Deed	The legal document that transfers real estate title from one party to another. The purpose of deeds is to have official records that show when property changes hands.
All deeds must be in writing?	True. Deeds cannot be verbal or through a simple handshake.
Grantor	The person who conveys real property in a real estate transaction is the grantor.	Grantor requirements: must be at least 18 years old and fit to enter a legal contract. If a grantor is under 18 but they are mentally capable and married the law will treat them the same as someone who has reached the age of majority.
Grantee	The person buying real property. The person who receives a conveyance of real property transaction is the grantee.
Title and deed	To hold a title means to hold the right of the real property. To hold a deed means to actually have documents as proof that you own the real property.
Alienation	The transfer of ownership (title) to real property. It can happen voluntarily or involuntarily.
Voluntary Alienation	Usually by sale or gift.
Alienation	The transfer of ownership (title) to real property. It can happen voluntarily or involuntarily.
Voluntary Alienation	Usually by dale or gift.
Involuntary Alienation	Usually happens by an operation of the law.
Private grant	Voluntary alienation is usually conveyed or transferred by a sale or gift.
Dedication	The voluntary gift of ones land to the public. Some dedication are gifted to the government for the good of the public.
Public Grant	The transfer of government owned land to an individual.
Devise and descent	This can happen through the death of an owner because of the will.
Involuntary alienation	Involuntarily giving up a real property may include the following reasons: eminent domain, foreclosure, adverse possession, escheat, forfeiture of title.
Eminent domain	The power of government to seize private property for public use.
Foreclosure	When a loan is secured by property the lender has the right to take the property without consent from the borrower if they default the terms of the mortgage.
Escheat	The decedents ownership interest in any property is transferred directly to the state without their consent if the individual dies without a will and has no surviving spouse.
Adverse possession	The involuntary transfer of title from an owner who does not use or inspect their land for a number of years to someone who has some claim to the land and takes possession.
Open and notorious	If a person occupies a piece of land they must do so openly and obviously.
Hostile	Against. If a person occupies a place without the owners permission.
Grantor and grantee in a deed	In order for a deed to be valid it must list a grantor and grantee in the premesis section of the deed along with their adress and the date.
What happens if the grantors name changes from a what it was when the title was originally acquired?	They must show both names Example: John Smith now know as “Jamie Smith”.
What happens if a minor enters a deed?	That deed may be considered voidable.
What happens if a grantor is judged to be legally incompetent?	The deed is voided.
A granting clause should contain an intention to convey a property in what time?	At this time in the present.
Legal description for a deed	For a deed to be valid it must contain a legal description of the real estate conveyed.
Habendum clause	Indicates the owners rights and the limitations they have to those rights. It serves the purpose of defining and limiting the ownership interest of the grantee. If it’s missing from the deed the legality of the transfer isn’t clear and the title is considered unmarketable. Words like to have and to hold are used for a habendum clause.
Encumbrance	When someone has an interest in a piece of real estate it can be possessory or non posesory. It is possessory if it includes the right to occupy and live in the home and non possessory if it doesn’t.
Different types of encumbrances	Deed restrictions which is a form of non governmental private land use. Easement an interest in, or right to use another individuals land or property generally for a specific, limited purpose. Liens a claim made by a creditor against real or personal property placed by a debtor as collateral. Lease is a form of encumbrance as well.
A grantors signature can be signed by someone acting under?	A general power of attorney which provides authority to carry out all of the persons business dealings.
Acknowledgement	This is a party’s notarized confession that they are signing a document voluntarily.
For a deed to be recorder how many people have to be present to witness it?	2 witnesses must be present.
What must happen to a deed for a title to be transferred?	Delivery and acceptance are required before a title can be transferred over.
Can a deed be created verbally?	No it can not. It must be in writing.
Covenant	A type of protection for grantees that are included in certain types of deeds.
Covenants are also sometimes known as?	Covenants are also sometimes known as warrants, warranties, guarantees.
Covenants are also sometimes known as?	Covenants are also sometimes known as warrants, warranties, guarantees.
Sesin	A protection in which the grantor or seller states that they hold the title that is being sold or conveyed. The most important covenant.
Covenant of quiet enjoyment	A leases right to enjoy A property without interference from the lesser previous owner about the claim to the title.
Covenant of further assurance	A protection in which the grantor assures that in the future they will sign and deliver any conveyance tools needed to obtain a clear title.
Covenant of warranty forever	A protection in which a grantor promises to defend the grantees title against any legal claim and promises to do so forever.
General warranty deeds	Contains the strongest and broadest form of guarantee or protection for a title.
Warranties can be implied by the use of certain language such as?	Convey, grant,warrant, warrant generally, bargain and sell.
The general warranty require the grantor to help protect the title from items discovered in the future like?	Liens, encumbrances, easements, ownership disputes.
Special warranty deeds	Also known as the bargain and sale deeds with covenants. This deed only protects against defects that occurred while the grantor held title.
Bargain and sale deed	A true bargain and sale deed is a deed without any covenants or warranties against encumbrances. Some times called deed without warranty.
Quitclaim deed	A type of deed that conveys any interest, title or right to a parcel of land the grantor has at the time the deed is executed. Provides the grantee with the least protection of any deed while putting the least liability on the grantor.
Tax deed	A home may be foreclosed on because an owner does not pay their property taxes. In these cases a tax deed is a deed used to convey the title to a property sold in a tax foreclosure sale. Very low level of protection for a grantee.
Guardians deed	Conveys property by a court appointed representative acting on behalf of a minor who cannot serve as a grantor on their own.
Committees deed	If a grantor is declared mentally incompetent or enters an institution a committee will decide how to convey the property.
Will	A will is an instrument prepared before a person dies to voluntarily give title to their property after death.
Any property that can be inherited is called?	Hereditament
Intestate	When a person dies without having left a will
Intestate	When a person dies without having left a will
Testate	When’s person dies and has prepared a will.
Testatrix	A female testator
Heirs	The beneficiaries of a will.
What is the person receiving personal property called?	The legatee
What is a gift of real property know as?	A Devise. A person receiving the gift is know as the devisee.
Escheat	The legal doctrine by which the decedents property will pass to the state without their consent if theirs no will.
If more than one heir exists, who is generally first in line to inherit property?	The decent’s wife
What does title mean?	Title refers to an abstract concept. What it really means is you hold rights to a real property.
Equitable title	This means you hold rights to the real property for now but someone else will take it in the future.
Marketable title	A title that is free from encumbrances and defects that might prevent the buyer from enjoying the property or eventually selling it.
Chain of title	The chain of title is the entire chronological record of a property’s ownership.
What happens if ownership can not be traced an unbroken chain due to a gap in the chain?	You need to establish ownership through a court action called the suit to quiet title.
Abstract of title	An abbreviated history of a property including information on any transfers, grants, wills, conveyances liens and encumbrances.
Opinión of title	Created by an attorney by searching title records. In Florida licensees aren’t allowed to provide an opinion of title.
Torrens system	A recording system used to record all holding records of land and tittle ownership evidenced by a certificate of title. Florida does not use the torrens system.
Title insurance	Protects the homeowner from certain financial losses due to title issues. Title insurance is not requieres in Florida but it’s still recommended for protection. Title insurance will not cover anything that happens after the policy was given.
Owners title insurance policy	Protects a new owner (the buyer) from claims against the property that existed before the purchase but were discovered afterwards.
Lenders title policy	Will protect the lender from unknown existing defects on the title.
Which type of policy assures a lender that it has a valid first lien against the property?	A lenders title insurance.
Constructive notice	Occurs when a property’s ownership is recorded publicly so everyone can discover the contents of recorded documents.
Actual notice	Occurs when an individual actually knows of a fact. Direct or first hand knowledge.
PET	Police power: right of the state to regulate and restrict land use in order to protect the public including enforcing, zoning, and building code. Eminent domain: Right of the state to seize a citizens private property for public use without the owners consent but with compensation. Taxation: Right of the state to charge real estate taxes to pay for services provided by the government.
Eminent domain	The power of government to seize private property for public use.
Condemnation	The legal process through which the government seized land from a property owner.
Why should you as a sales associate need to know about property taxes?	Taxation is linked to foreclosure. If an owner doesn’t pay their property taxes the government will foreclose upon and seize the home. This can affect a sales associates clients in the future.
Restrictive covenants	A limit on land use that is imposed by a property owner.
A restrictive covenants puts restrictions on a property’s?	Title
Deed restriction	A provision in a deed that restricts the land use of a property. Commonly put in place by a developer.
Deed restriction	A deed restriction does not influence how a title is transferred to a buyer though it does set limits on how the property may be used by the owner.
What are 2 ways private citizens can control how land is used?	Deed restrictions and restrictive covenants
Doctrine of laches	If a neighborhood fails to enforce a deed restriction when the violation happens, they may not be able to enforce it later.
What happens when deed restrictions violate municipal or state laws?	They become unenforceable and should not be followed.
What happens when deed restrictions differ from zoning laws?	Whichever is the most restrictive is the one to follow.
Can deed restrictions discriminate based on religion?	No, deed restrictions can’t discriminate based on religion because it’s against the fair housing act.
Easement	An right to use another individuals land or property generally for a specific purpose.
Affirmative easement	Give someone the right to use a property for a specific purpose. Most easements are affirmative easements.
Negative easement	Prevents a property owner from doing something illegal. Example: property owner can’t build a statue or something big because in can block the neighbors view.
Easement appurtenant	When 2 different parties own adjacent parcels of land and one owner has the ability to cross the others land.
Easement appurtenant	When 2 different parties own adjacent parcels of land and one owner has the ability to cross the others land.
Dominant tenement	The land that benefits from an easement appurtenances by having the right to cross the adjacent land.
Appurtenances	Rights that run with real property ownership.
Servient tenement	The land that must allow the crossing.
Easement in gross	Applies to a person not land. The dominant tenant benefits from this (easement in gross).	A power company has the right to remove limbs from a power line.
Easement by prescription	This is established after the dominant tenement has used the property in a continuous and open manner for a certain period of time without the owners permission. To establish an easement by prescription the area that’s in question would have to have been Used continuously by the non owner of the property for at least 20 years.
What is the difference between easement by prescription and adverse possession?	Easement by prescription grants the use of the property while adverse possesion grants ownership of the property.
Encroachment	Physical property that crosses the boundary into a neighboring landowners property. Encroachments are the unauthorized use of the land.
As a sales associate why should you pay attention to deed restrictions and easements?	Because you can be limited to what you cans do and add to a property.
Lien	A lien is a claim made by a creditor against real or personal property pledged by a debtor as collateral. The person holding the lien is called Leiner. The property owner is called Lienee.
Why are homes with liens hard to sell?	Because the lien will be transferred with the home to the buyer.
Voluntary lien	Created on purpose and with the agreement of the owner.
What is the most common voluntary lien?	A mortgage is the most common voluntary lien.
If a property owner does not pay their taxes the IRS can?	Put a lien on all the property they own.
A specific lien is a claim against what?	Claims against particular parcels of real estate and they do not affect any other property.
A mortgage lien is an example of?	A specific, voluntary lien.
Mortgagor	The person who takes out a loan from a bank or borrower.
Mortgagee	The organization or person who lends the money.
How long does a construction lien stand?	The construction lien stands for one year. During that year the company must take action to get the lien paid off if not they lose the right to do so.
Vendor	The vendor is the seller.
Vendor	The vendor is the seller.
Vendee	The vendee is the buyer.
Vendors lien	A vendors lien is specific, it is used when the buyer doesn’t take out a loan but also doesn’t pay the full price for the property. The buyer makes payments until they finish paying what they owe.
Tax liens	Tax liens take priority over non tax liens
Subordination agreement	A subordination agreement allows a lender to take first position despite being later in time.
D E L L	Deed restriction Easements Liens Leases
Freehold estates	Freehold estates are of indefinite duration.
Leasehold estates	Leasehold estates are of definite duration.
Lease	A lease is a contract in which one party conveys property to another for a specific predetermined period of time, generally in return for periodic payment.
Who should prepare a lease?	A lease should be put together by an experienced attorney.
Who is required to create a commercial lease?	An attorney
Gross lease	A lease in which the tenant is reposnisble of making a monthly payment while the landlord is in charge of paying all operating expenses.
Net lease	A lease in which the tenant pays a base rent rate plus all or part of the operating expenses.
Single net lease	The tenant pays Rent + Property taxes
Single net lease	The tenant pays Rent + Property taxes
Double net lease	The tenant pays rent + 2 property expenses.
Single net lease	The tenant pays Rent + Property taxes
Double net lease	The tenant pays rent + 2 property expenses.
Triple net lease	The tenant pays rent + 3 property expenses.
In a triple net lease the expenses that a tenant pays are fixed or variable?	Both fixed and variable.
Percentage lease for Candy Store Example	A Candy store has a percentage lease for their store front. The fixed rent is $3,000/month + 2% of gross monthly sales. The stores monthly gross sales is $50,000. What is the monthly rent. Step 1. 50,000 x 2% = $1,000 Step 2. $1,000+$3,000=$4,000 $4,000 is the monthly lease.
Variable lease	A leasehold agreement in which the base rent changes according to the lease agreement. The lease will usually increase in specific increments.
Variable lease	Divide the new lease by the old lease and the multiply that by the charge per sq ft. (New lease divided by old lease) price per Square ft=
Ground lease	Ground leases are most often used in the development of commercial property.
Sub lease	A tenants transfer of a part of there right of possession in a leased property to another person for the period of the leases term.
Is subleasing a tenants legal right?	Yes it is, unless in the terms it says that it’s prohibited.
Assignment	The transference of rights and obligations in a contract from one party to another. When a tenant transfers the remaining balance to someone else.
Granting clause	A section of the deed identifying the property to be conveyed, the grantor, the grantee, and the grantors promise to transfer title to the grantee.
Easement	An interest in or a right to use another individuals land or property generally for a specific limited purpose.
What is a Lien?	A Lein is a claim made by a creditor against real or personal property pledged by a debtor as collateral.
Seisin	A protection in which the grantor states they hold the title conveyed in the deed.
Devise	A gift of real property left by a will is known as a devise.
Torrens system	A recording System used in some states in which the state holds all records of land and title ownership, evidenced by a certificate of title. Florida does not use the torrens system.
Easement appurtenant	An easement that exists when two different parties own adjacent parcels of land and one owner has the ability and right to cross the others land.
Dominant tenement	The parcel of land that benefits from an easement appurtenant by having the right to cross another owners adjacent land is called the dominant tenement.
Servient tenement	The parcel that must allow crossing is called servient tenement.
Easement in gross	Applies to the person or entity not the specific land.
Easement by necessity	A type of easemeant by implication that occurs when the dominant tenement could not be used without an easement, even without a long-standing apparent use. So basically when neighbor has to go through Ty our property in order to get to the main rd or out of the neighborhood.
Easement by prescription	Granted after the dominant tenement has used the property in a continuous and Open manner for a prescribed period of time without the owners permission. To establish an easement by prescription in the area and question would have to have been used continuously by the non-owner of the property for at least 20 years. If there is permission then there is no easement by prescription.
Variable lease example	you sign a variable lease with your landlord and agreed to pay $15 per square footage of property. The first year of your lease the index you and your landlord agreed-upon is 1.1. This year the index is 1.4. What is your new rental rate? (New index / original index) x original rent rate = new rent rate. (1.4 / 1.1) x $15 = 1.27 x $15 = $19.09 Your new rent rate is $19.09
What does intestate mean?	A person dies without having left a valid will
A gift of real property left by a will is known as a:	Devise
Deeds and wills convey interest in property. A deed conveys:	A present interest in real estate. While a will conveys no interest in a property until after death.