Real Estate Test One Chapter 4

Front 1

A special form of written contract used to coney a permanent ownership interest in real property

Back 1

Deed

Front 2

The person or entity conveying the real property interest

Back 2

Grantor

Front 3

The recipient of a conveyance of a real property interest

Back 3

Grantee

Front 4

Early in the deed will be words such as "does hereby grant, bargain,sell, and convey unto.." that serve to assure the grantor clearly intends to convey an interest in real property and indicates the type of deed offered by the grantor

Back 4

Words of conveyance

Front 5

Legally binding promises for which the grantor because liable

Back 5

Covenants

Front 6

A promise that the grantor truly has good title and the right to convey it

Back 6

Covenant of seizin

Front 7

A promise that the property is not encumbered with liens, easements, or other such limitations except as noted in the deed

Back 7

Covenant against encumbrances

Front 8

A promise that the property will not be claimed by someone with a better claim to title

Back 8

Covenant of quiet enjoyment

Front 9

Clause in a deed that defines or limits the type of interest being conveyed

Back 9

Habendum clause

Front 10

A clause in a deed that can contain a wide variety of limits on the property interest conveyed

Back 10

Exceptions and reservations clause

Front 11

Confirms that the deed is, in fact, the intention and action of the grantor. It is accomplished by having the grantor's signature notarized

Back 11

Acknowledgement

Front 12

An observable, verifiable intent that the deed is to be given to the grantee.

Back 12

Delivery

Front 13

A deed that contains the full set of legal promises, seizin, no encumbrances, and the covenant of quiet enjoyment. "Highest-quality" deed.

Back 13

General warranty deed

Front 14

Identical to a general warranty deed except that the covenant against encumbrances applies only to the time that the grantor owned the property

Back 14

Special warranty deed

Front 15

A deed that conveys the land itself rather than ownership interest through warranties

Back 15

Bargain-and-sale deed

Front 16

Deed that conveys an individual's property rights to another but has none of the covenants to the warranty deed

Back 16

Quitclaim deed

Front 17

Title to real property that is free of reasonable doubt

Back 17

Marketable title

Front 18

To convey certain lands of a subdivision to the local government

Back 18

Dedicate

Front 19

A deed issued as a result of court-ordered proceedings

Back 19

Judicial deed

Front 20

A deed issued by the trustee in a court-supervised disposition of property

Back 20

Trustee's deed

Front 21

Special kind of deed that conveys title to real property owned by the government to a private party

Back 21

Patent

Front 22

In accordance with a will

Back 22

Testate

Front 23

Without a will

Back 23

Intestate

Front 24

State law that governs the disposition procedure of the conveyance of real property up the death of a property owner

Back 24

Probate

Front 25

Conveyance or distribution of a decedent's real property through a will

Back 25

Devised

Front 26

The laws and procedures controlling how a state will convey a decedent's estate among the heirs if no will exsists

Back 26

Law of descent

Front 27

A right of use not created by an explicit deed or explicit clause in a deed. It is often created when a subdivision map is placed in the public records

Back 27

Implied easement

Front 28

Am implied right of use that llows the owner of a landlocked parcel the right to use a previously existing path across another property for access and egress

Back 28

Easement by prior use

Front 29

A created implied right of use that allows the owner of a landlocked parcel the right to use a path across another property for access and egress

Back 29

Easement of necessity

Front 30

The right of use created if a landowner gives an adjacent landowner permission to depend on her land

Back 30

Easement by estoppel

Front 31

The acquisition of a right of easement by open, notorious, and continuous assertion of the right, hostile to the subservient land owner's interest. The amount of time required to attain the right of easement by prescription varies by state

Back 31

Easement by prescription

Front 32

Involuntary conveyance of real property rights by an individual demonstrating use that is 1. hostile to the interests of the owner 2. actual, 3. open and notorious, 4. continuous, 5. exclusive

Back 32

Adverse possession

Front 33

Growth in size by addition or accumulation of soil to land by gradual, natural deposits.

Back 33

Accreation

Front 34

Receding water line that leaves dry land to be added to an adjacent landowner's property

Back 34

Reliction

Front 35

The common law tradition holds that a person cannot be bound by claims or rules he or she has no means of knowing.

Back 35

Doctrine of constructive notice

Front 36

Provisions adopted by all states requiring that all deeds, long-term leases and mortgages must be in writing to be enforceable. Derives from the original Statute of Frauds on 1677.

Back 36

Statute of Frauds

Front 37

Laws that require that a document conveying an interest in real property must be placed in the public records to be binding on the public.

Back 37

Recording of statutes

Front 38

an assertion of real property interests that is open, continuous, and apparent to all who examine the property.

Back 38

Actual notice

Front 39

The task of examining the evidence of title in the public records

Back 39

Title search

Front 40

A set of deeds and other documents that traces the conveyance of the fee, and any interests that could limit it, down from the earliest time to the current owner

Back 40

Chain of title

Front 41

The compilation of all documents summarizing the chain of title into a chronological colume and then given to an attorney for final interpretation

Back 41

Title abstract

Front 42

Substantiation that demonstrates that good and marketable title is being conveyed as part of a real estate transaction

Back 42

Evidence of title

Front 43

Traditional evidence of title

Back 43

Title abstract with attorney's opinion

Front 44

A commitment to issue a title insurance policy

Back 44

Title insurance commitment

Front 45

Insurance paying monetary damages for loss of property from unexpected superior legal claims or for litigation to protect title. Deemed superior to the traditional abstract with opinion since it offers insurance, in addition

Back 45

Title insurance

Front 46

Unauthorized intrusion of a building or other improvements onto property owned by another

Back 46

Encroachments

Front 47

A rarely used means of providing evidence of title

Back 47

Torrens certificate

Front 48

State laws intended to limit the number of years that title search must "reach back" though the title "chain"

Back 48

Marketable title laws

Front 49

Method of describing real estate in which mete is a unit of measure and a bound is a boundary marker. Essentially, a sequence of directed distances that are the boundaries of the property

Back 49

metes and bounds

Front 50

An unambiguous means to provide a description of property that identifies each parcel in a surveyed map of a subdivision

Back 50

plat lot and block number

Front 51

A line running east-west

Back 51

baseline

Front 52

A line running north-south

Back 52

principal meridian

Front 53

24 mile square

Back 53

Checks

Front 54

6 mile square

Back 54

Townships

Front 55

1 mile square

Back 55

Sections

Front 56

Lines that separate townships by east and west

Back 56

Range lines

Front 57

Lines that are numbered north or south from the baseline, which parallel the baseline

Back 57

Tier lines

Front 58

A measure of land area, with no specific configuration, containing 43,560 square feet.

Back 58

Acre