Florida Real Estate Principles Practices & Law 40Th Edition Unit 9

Front 1

Equitable Title

Back 1

A beneficial interest in real estate implying that an individual will receive legal title at a future future date

Front 2

Equitable Title

Back 2

A beneficial interest in real estate implying that an individual will receive legal title at a future date

Front 3

Alienation

Back 3

The act of transferring ownership title interest in Real Property from run person to another

Hint 3

Maybe voluntary with the owners controlling consent or the transfer may be involuntary by operation of Law Without control and consent of the owner

Front 4

Voluntary alienation

Back 4

An owner May transfer Title by making a gift or selling the property

Front 5

Deed

Back 5

A written instrument used to convey an interest in real property conveys legal title

Hint 5

Used to sell or gift real property to another person or entity during the owners lifetime

Front 6

Will

Back 6

Illegal instrument used to convey title to real and personal property after the person's death

Front 7

Testate

Back 7

The decedent deceased person prepared a will before death

Hint 7

Conveyance of property according to a last will and testament is voluntary alienation because the person who left a will the testator test a strix intended to gift property to a particular individual

Front 8

Bequest

Back 8

A gift of personal property the recipient is the beneficiary

Front 9

Transfer by involuntary alienation

Back 9

Title to property may be transferred without the owner's consent transfers are usually carried out by operation of law

Front 10

Descent

Back 10

When a person dies intestate without leaving a will all the property of the deceased person owned in the time of death descends to the deceased person's legal descendants the legal descendants are called heirs

Hint 10

Transfer of property by descent is a form of involuntary alienation because the state not the deceased determines the disposition of the property

Front 11

Escheat to the state

Back 11

Provides for a government normally a state government to take the property of an owner who dies intestate and who has no known errors in title to receive the

Hint 11

The power is a practical solution to ensure that property is always owned by someone

Front 12

Adverse possession

Back 12

Arises when the true owner of record fails to maintain possession and the property is seized by another

Hint 12

If the true owner sleeps on his right and does not use legal means available to remove a hostile trespasser the owner will lose right to the property after period of time

Front 13

Conditions for alienation by adverse possession hot can

Back 13

H hostile possession of the property

o open possession with no attempt to conceal occupancy

T taxes paid on the property by the adverse possessor during all the years of possession

C claim of title even an imperfect one exists

A adverse possession must contain for 7 or more consecutive years without the consent of the owner in

Notorious and flagrant public possession of the property

Front 14

Eminent domain

Back 14

Gives the government the power to take land away from an owner through the legal process called condemnation

Hint 14

The taking must be for a public purpose the government must pay a fair price for any land taken

Front 15

Actual notice

Back 15

A direct knowledge acquired in the course of a transaction

Front 16

Constructive notice

Back 16

Accomplished by recording a document in the public records

Hint 16

Also called Legal notice

Front 17

Acknowledgement

Back 17

The formal declaration before a notary public declaring that the signing the document is a voluntary Act

Front 18

Chain of title

Back 18

The complete successive record of a property ownership beginning with the earliest owner title may pass too many individuals each owner is linked to the next

Hint 18

Traced through linking conveyance from the present owner back to the earliest recorded owner

Front 19

Abstract of title

Back 19

A search of the recorded documents concerning a parcel of real property

Front 20

Title opinion

Back 20

Some buyers will accept a title of opinion executed by an attorney who has studied the abstract of title

Front 21

Title insurance

Back 21

a contract that protects the policyholder from losses arising in defects in the title

Front 22

Owners policy title insurance

Back 22

Issued for the total purchase price of the property helps to protect the new owner against unexpected wrists such as Forge deed signatures and damages for any defect in the title

Front 23

Lender's policy title insurance

Back 23

Issued for the unpaid mortgage amount protects the lender against title defects

Front 24

Deed

Back 24

A written instrument that conveys title to real property

Hint 24

An instrument of conveyance whereby title to real property is transferred from one party to another

Front 25

Parties to a deed

Back 25

Grantor owner giving title grantee new owner receiving title

Front 26

Statutory

Back 26

Format is defined by state law

Front 27

Four types of statutory Deeds

Back 27

1. General warranty deed special warranty deed bargain and sale deed Quick Claim Deed