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60 Cards in this Set
- Front
- Back
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How far back does a Title Insurance policy go? |
Title Insurance looks back in time to 1848 |
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What are the two primary types of Title Insurance? |
The Owners Policy and The Lenders Policy |
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How many counties are there in WI? |
There are 72 counties in WI |
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How long are deeds enforceable? |
Deeds are valid forever |
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How long are mortgages enforceable? |
Mortgages are valid for 30 yrs |
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How long are Federal tax liens enforceable? |
Federal tax liens are valid for 10 yrs and are able to be renewed |
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How long are Federal US Marshal liens and Federal judgments good for? |
Federal US Marshal liens and judgments are valid for 20 yrs and are also eligible for renewal |
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How long are Commercial Broker liens good for? |
Commercial broker liens are valid for 2 yrs |
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How long are Medicade liens good for? |
This varies as the total cost may not be available until the owner has passed away. |
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How long are Lis Pendens good for? |
Lis Pendens indicates pending litigation. Once litigation has been filed or Lis Pendens has been withdrawn it is removed from title. |
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How long are Easements good for? |
Easements are valid for either 40 or 60 yrs. 40 yrs if recorded prior to 1980 60 yrs if recorded after 1980 |
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How do counties index the Register of Deeds? |
Grantor/ Grantee index: Shows names of all buyers and sellers of real property Tract Index: Index of land records by legal description |
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What is the Clerk of Courts? |
A Government body where people file lawsuits and bring claims against another person |
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How long are Money judgments enforceable? |
Valid for 10 yrs after the date the judgment is entered |
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How long are Construction liens enforceable? |
Valid for 2 yrs after date filed |
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How long are State tax warrants enforceable? |
Varies based on date filed |
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How long are Foreign or transfer judgments enforceable? |
Transfer judgment is valid for 10 yrs from the date the judgment is entered |
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How long are Condo liens enforceable? |
Valid for 3 yrs |
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How long are HOA liens enforceable? |
HOA liens do not expire, but can only lien for 6 months of assessment |
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How long are Wage Claim liens enforceable? |
Wage claim liens docketed in 1 county make the lien against real property in all WI counties |
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How long are Divorces enforceable? |
This is not actually a lien, but a decree may divest interest in real property |
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Where are Child Support liens docketed? |
Liens are docketed on file with WI Dept of Children and Families |
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How long are Child Support liens enforceable? |
Liens are enforceable for 5 yrs from the original filing date |
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How many Federal Courts are in the State of WI? |
There are 2 Federal Courts in WI Eastern and Western |
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How are the Federal courts divided in WI? |
Eastern District: Milwaukee Division and Green Bay (Brown County) District Western District: Madison (Dane County) and a Bankruptcy branch in Eau Claire |
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What is Probate Court? |
Government body which administers death/estate actions |
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What type of probate action occurs when an individual dies with a will? |
Testate |
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What type of probate action occurs when an individual dies without a will? |
Intestate |
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What are the two types of administrations for probate estates? |
Formal administration: Probate with a judge Informal administration: Probate with the Register of probate (elected official, not a judge) |
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What is a probate Transfer by affidavit? |
A less formal administration under which people sign affidavits to transfer the decedent's property (value less than $50,000 |
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What is a Guardianship? |
Probate action where the owner is alive, but not competent due to age or other infirmary |
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Do Guardians own the real property? |
No, the Guardian needs to obtain court approval to sell the property |
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What does it mean to Devise? |
An assignment of property in a will. (the recipient would be a Devisee) |
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When is the assessment for Real Estate taxes completed? |
Is equal to the assessed value of the property as of Jan 1st |
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When must the County clerk deliver the Tax roll to the treasurers office? |
The roll must be delivered by the 3rd Monday in December. |
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Real Estate taxes are considered a lien against the property. These are generally superior to most other liens except... |
for certain Environmental liens in favor of the State of WI |
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What kinds of properties can be exempt from property taxes? |
Government owned property and Churches can be exempt from taxes. Churches can be assessed for Water and Sewer |
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When are taxes considered delinquent? |
If Taxes are not paid, or installment payments made by Jan 31st the entire remaining balance is deemed delinquent dating to Feb 1st. |
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When are tax bills issued? |
Tax bills are issued in mid-December |
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When are tax bills due? |
Tax bills are due by Jan 31st. |
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What happens if the county forgets to add a property to the tax roll? |
Taxes can still be collected for a a period of 2 yrs thereafter. |
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What happens if a Church is sold to a private owner and the county does not add the property to the tax bill for 2 yrs? |
WI Stats include a provision where the county can collect for 3 yrs. |
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What is a property legal description? |
A unique description of a parcel of land (not an address or a pin) |
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What are the 3 types of legal descriptions? |
Rectangular Subdivision/ CSM Monument Description Metes and Bounds A combination of the above |
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What is a Township? |
A 6 sq mile area containing 36 sections |
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What is a Section? |
Each section contains 640 acres which is equal to 1 sq Mile |
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What is a Quarter Section? |
A Quarter section is equal to 160 acres |
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What is a Quarter Quarter Section? |
AQuarter Quarter Section is equal to 40 acres |
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What is a Government lot? |
Irregular section containing less than 640 acres (often located on water) |
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What happens upon the death of a tenant in common? |
The decedent's interest in the property passes to his/her heirs |
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What happens upon the death of a join tenant? |
On the death of one of 2 joint tenants, the survivor becomes the sole heir |
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What happens upon the death of one of three joint tenants? |
The Survivors become joint tenants of the entire interest |
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What is an HT-110 Form? |
A form recorded with the Register of deeds to give public notice of the passing of title. (Does not convey the property, only serves as a public notice) |
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When would Tenants in Common be used on title? |
When 2 or more people are named as owners in a document of title. |
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When would Joint Tenants be used on title? |
The deed must express the intent to create a joint tenancy stating; as joint tenants, as joint owners, etc |
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When would Survivor-ship of Marital property be used? |
When the property is part of a marital homestead, or the document express states as survivor ship of marital property, if title is held by two spouses with no 3rd party. |
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A deed is recorded from Jeff and Craig, joint tenants to Jeff and Craig as tenants in common. This would be an example of what kind of Joint Tenancy termination? |
Voluntary termination |
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Title is held in Jeff and Craig, joint tenants. Jeff signs a deed to himself as tenant in common. This is an example of what type of termination? |
Unilateral termination |
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Can Bankruptcy terminate joint tenancies? |
Not always, requires a bankruptcy court order |
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Title was originally held as John and Jane Smith, joint tenants. After resolution of Divorce how would title be held? (Assuming both parties remain on title) |
Tenants in common |
