Real Estate Exam - Deeds

Front 1

Alienation in real estate means

Back 1

To transfer or convey property

Front 2

What are examples of voluntary alienation?

Back 2

Sale
Devise
Gift
Dedication
Deed given in lieu of foreclosure

Front 3

Examples of involuntary alienation are

Back 3

Foreclosure, Adverse Possession, Descent, and Legal action (eminent domain)

Front 4

Who is a grantor?

Back 4

A party who gives the deed

Front 5

Who is a grantee?

Back 5

Party who receives the deed

Front 6

Does a grantee have to sign the deed?

Back 6

No, but they must accept it for the transferance to be valid.

Front 7

What are deed restrictions?

Back 7

Limit the use of property.

Front 8

What are the 3 sections of the deed?

Back 8

Premise
Habendum
Testimonium

Front 9

What section is the introductory section that contains the names of parties, property description, consideration, and granting clause? This section may also contain subject to clauses and the reddendum that contains exceptions and reservations.

Back 9

Premise

Front 10

What section defines the extent interest being granted and conditions affecting the grant?

Back 10

The Habendum

Front 11

What does Habendum mean?

Back 11

To have and to hold

Front 12

IS a Habendum necessary in a Deed?

Back 12

No it's not if the granting clause is found in the deed.

Front 13

What is a granting clause

Back 13

It shows what interests are being granted or transfered to the grantee.

Front 14

What is the testimonium?

Back 14

The ending portion that contains date, signatures, acknowledgement and attestation.

Front 15

Which type of deed is the best for the grantee to receive, and also creates the most liability for the grantor and is used in the majority of real estate transactions?

Back 15

General Warranty Deed

Front 16

What covenants are does a general warranty deed contain?

Back 16

Covenant of Seisin, Quiet Enjoyment, Against encumbrances, warranty forever, and futher assurances.

Front 17

What does the Covenant of Seisin say?

Back 17

It gives assurance of the quantity and quality of title and the grantor warrants that he ownes the property and has the right to convey it.

Front 18

What validates the Covenant of seisin?

Back 18

The grantor must have title and possession at the time of conveyance.

Front 19

What is the covenant of quiet enjoyment?

Back 19

it insures against the consequences of a defective title. Promises noone has a title interest surperior to the grantor's and protects against the interference to ownership claims from third parties.

Front 20

If the title is found to be inferior, who is liable for damages?

Back 20

The Grantor.

Front 21

What Covenant promises that no encumbances exist except those specifically mentioned in the deed?

Back 21

Covenant against encumbrances.

Front 22

What is a guarantee that the grantor will defend the title against the world forever?

Back 22

Covenant of Warranty Forever

Front 23

What is a promsie the grantor will correct errors in the deed or defects in the title?

Back 23

Covenant of Further Assurances

Front 24

What is the process of doing so?

Back 24

"Perfecting the Title."

Front 25

What type of deed limits liability of the grantor to his period of ownership?

Back 25

Special Warranty or Limited Warranty Deed

Front 26

What two warranties does a limited warranty deed contain?

Back 26

The Grantor has title
Grantor did NOT encumber except as noted in the deed.

Front 27

What type of deed implies ownership and possession of property but contains no warranties and covenants?

Back 27

Bargain and Sale Deed

Front 28

What is the best deed a grantor can give because it contains no liabilities for the grantor?

Back 28

Quitclaim Deed

Front 29

Does a Quitclaim deed warrant or claim valid title?

Back 29

No.

Front 30

"I quit or give you whatever interest I have in the property. However, I don't guarantee that I have any interest in this property" is an example of

Back 30

Quitclaim Deed

Front 31

What deed may be used to correct errors or release interests

Back 31

Quitclaim

Front 32

What is the process of settling a decedents estate?

Back 32

Probate

Front 33

What is the act of giving real estate through a will for a person who dies testate

Back 33

Devise

Front 34

A devisee is

Back 34

the party receiving real property through a will.

Front 35

What is the conveyance of personal property through a will?

Back 35

Bequest

Front 36

a person who receives the personal property is called

Back 36

legatee

Front 37

What is a change in a will?

Back 37

Codicil

Front 38

A deed signed under duress or entered into with misrepresentation or fraud is..

Back 38

Voidable

Front 39

A deed that has been forged is.

Back 39

Void

Front 40

What is the difference between a deed covenant and deed condition?

Back 40

The Remedy that can be taken if broken.

Front 41

A deed condition creates

Back 41

a fee simple defeasible title'

Front 42

The Breach of a deed covenant could result in

Back 42

the enforcement of a covenant or a fine.

Front 43

What are the primary and secondary purposes of a deed?

Back 43

Primary - Convey Title
Secondary - Show evidence of Title