A deed that contains the covenants of seizin, quiet enjoyment, encumbrances, further assurance, and warranty forever.

Full Covenant and Warranty Deed; General Warranty Deed; Warranty Deed

A publicly available index whereby a person can learn of any pending lawsuits that may affect title

Lis pendens index (judgment roll)

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FIN321 Test 2

FIN321 Chapter 5, 6, and 7

Question	Answer
A written document that, when properly executed and delivered, conveys title to land	Deed
Requires that transfers of real estate be in writing to be enforceable	Statute of Frauds
Person named in a deed that conveys ownership	Grantor
The act of conveying ownership	Grant
Anything of value given to produce a contract	Consideration
Promises and guarantees found in a deed	Covenants and warranties
Any claim, lean, or encumbrance that impairs title to property	Cloud on the title
A deed that contains the covenants of seizin, quiet enjoyment, encumbrances, further assurance, and warranty forever.	Full Covenant and Warranty Deed; General Warranty Deed; Warranty Deed
A deed that contains no covenants; it only implies that the grantor owns the property described in the deed	Bargain and sale deed
A deed with no covenants and no implication that the grantor owns the property that she is deeding to the grantee	Quitclaim deed
To die without a will	Intestate
A will written entirely in one's own handwriting and signed but not witnessed	Holographic will
The process of verifying the legality of a will and carrying out its instructions	Probate (surrogate)
A supplement or amendment to a previous will	Codicil
Acquisition of real property through prolonged and unauthorized occupation	Adverse possession
Some plausible but not completely clear-cut indication of ownership rights	Color of title
Acquisition of an easement by prolonged use	Easement by prescription
Waterborne soil deposited to produce firm, dry land	Alluvion
A document for conveying government land in fee	Land patent
Private land voluntarily donated for use by the public	Dedication
The process of land build-up due to the gradual accumulation of rock, sand, and soil	Accretion
A change in ownership of any kind	Alienation of title
Used to correct an error in a previously executed and delivered deed	Correction deed
A person named in a will to carry out its instructions	Executor
Grantor warrants title only against defects occurring during the grantor's ownership	Special warranty deed
Instructions stating how a person wants his property disposed of after death	Will
Knowledge gained from what one has seen, heard, read, or observed	Actual notice
Notice given by the public records or by visible possession coupled with the legal presumption that all persons are thereby notified	Constructive notice
A formal declaration, made in the presence of a notary public or other authorized individual by a person affirming that he signed a document	Acknowledgment
A person authorized to take acknowledgments	Notary public
A place where a person can enter documents affecting title to real estate	Public recorder's office
A book at the public recorder's office that lists grantors alphabetically by name	Grantor-grantee indexes
The linkage of ownership that connects the present owner to the original source of title	Chain of title
A publicly available index whereby a person can learn of any pending lawsuits that may affect title	Lis pendens index (judgment roll)
A title defect	Title cloud
A complete summary of all recorded documents affecting title to a given parcel of land	Abstract of title
Insurance to protect a property owner against monetary loss if his title is found to be imperfect	Owner's policy
A report made by a title insurance company showing current title condition ((not all loans ever made)	Title report
A title policy written to protect a real estate lender....covers only title problems, not that the loan will be repaid by the borrower	Lender's policy
Title that is free from reasonable doubt as to who the owner is	Marketable title
Court-ordered hearings held to determine land ownership	Quiet title suit
Laws that automatically cut off inactive claims to rights or interests in land	Marketable Title Act
A method of registering land titles that is similar to that of automobile ownership registration	Torrens system
Claims to property rights the law presumes a reasonably diligent person would would find through further investigation	Inquiry notice
A statement as to the ownership of a property that is made by an attorney after reading the abstract	Opinion of title
An insurance policy against loss due to errors in title report preparation and inaccuracies in the public records	Title insurance
A person trained and employed to examine the public records	Title searcher
Possessed by; owned by	Vested
A legally enforceable agreement to do (or not to do) something	Contract
A contract in which one party makes a promise or begins performance without first receiving any promise to perform from the other	Unilateral contract
An act intended to deceive for the purpose of inducing another to part with something of value	Fraud
A person who is considered legally capable to enter into a contract	Competent party
A person who is not old enough to enter into legally binding contracts	Minor
A contract that is not legally binding on any of the parties that made it	Void contract
The party who makes an offer	Offeror
An offer made in response to an offer	Counteroffer
To cancel a contract and restore the parties involved to their respective positions before the contract was made	Rescind
Use of force to obtain contract agreement	Duress
Not to act	Forbear
To transfer one's rights in a contract to another person	Assign
Damages that can be measured in and compensated by money	Money damages
Failure, without legal excuse, to perform any promise called for in a contract	Breach of contract
Contract performance according to the precise terms agreed upon	Specific performance
A sum of money called for in a contract that is to be paid if the contract is breached	Liquidated damages
Laws that set forth the period of time within which a lawsuit must be filed	Statute of limitations
A person or group involved in a legal proceeding	Party
A contract that is able to be voided by one of its parties	Voidable contract
The person holding a power of attorney on behalf of another	Attorney-in-fact
A meeting of the minds	Mutual agreement
To revoke	Disaffirm
An act or promise given in exchange for something	Consideration
Requires all contracts for the sale of land to be in writing to be enforceable in a court of law	Statute of Frauds
To complete, perform, or carry out something	Execute
The substitution of a new contract for an existing one	Novation
Essential elements of a deed?	1. Identify the GRANTOR and the GRANTEE 2. Must state the CONSIDERATION 3. Must contain WORDS OF CONVEYANCE 4. A LAND DESCRIPTION 5. The grantor's SIGNATURE
Words of conveyance	With these words, the grantor 1) clearly states that he is making a grant of real property to the grantee and 2)identifies the quantity of the estate being granted
Acceptable legal descriptions of land?	Metes and bounds, government survey system, recorded plat or by reference to another recorded document that uses one of these methods
For a deed to convey ownership, it must also there must also be?	Delivery and acceptance
The 5 covenants and warranties?	They are SEIZIN, QUIET ENJOYMENT, AGAINST ENCUMBRANCES, FURTHER ASSURANCE AND WARRANTY FOREVER
Under this covenant, the grantor warrants that that he is the owner and possessor of the property being conveyed and that he has the right to convey it	Covenant of seizin
Under this covenant, the grantor warrants to the grantee that the grantee will not be disturbed, after he takes possession, by someone else claiming an interest in the property	Covenant of quiet enjoyment
Under this covenant, the grantor guarantees to the grantee that the title is not encumbered with any easements, restrictions, unpaid property taxes, assessments, mortgages, judgments, etc except as stated in the deed	Covenant against encumbrances
This covenant requires the grantor to procure and deliver to the grantee any subsequent documents that might be necessary to make good the grantee's title	Covenant of further assurance
A guarantee to the grantee that the grantor will bear the expense of defending the grantee's title	Warranty forever
The standard practice of having a grantor appear before a notary public or other public officer and formally declare that he signed the deed as a voluntary act	Acknowledgment
A deed cannot be recorded unless it is...	Acknowledged
"The grantee's heirs and assigns forever" indicates..	a fee simple estate
Here the grantor states that the intent of this document is to pass ownership to the grantee..	Granting clause
Sometimes called the "to have and to hold" clause, forms the deeds words of conveyance..	Habendum clause
Deed where grantor cov's and war's that 1) he has not previously conveyed the estate to another party 2) he has not encumbered the property except as noted in the deed and 3) he will convey to the grantee any title to the property he may later acquire	Grant Deed
Means to renounce all possession, right or interest...	Quitclaim
Gift deed uses what words of conveyance..	IN CONSIDERATION OF HIS NATURAL LOVE AND AFFECTION
Cession deed	street rights
Deed of trust	to a third party as security for a loan
Adverse possession most commonly used to...	Extinguish weak or questionable claims to title....this is enhanced by paying the property taxes and if the possession has been under "color of title" (plausible appearance of ownership interest)
Adverse possession time frame...	3-30 years
Easement by prescription time frame...	5-20 years
The extend of one's ownership of land can be altered by this... (can be natural or man-made)	Accession
When dry land becomes exposed due to water receding	Reliction
A transfer of land by a government body to a public party	Public grant
The grantor's right to reacquire title on the grounds that the grantee did not use the land for a REQUIRED PURPOSE previously agreed upon	Forfeiture of title
To encourage people to use public recording facilities....	1) A deed, mortgage or other instrument affecting real estate is not affective as far as subsequent purchrs and lendrs (w/o actual notice) are concerned if it is not recorded and 2) everyone is presumed notified if recorded
In case of a title break, to regain title sequence, check____ in case of a death.	probate court records
In case of a title break, to regain title sequence, check____ in the case of a foreclosure.	civil court actions
A search made for any outstanding mortgages, judgments, actions pending, liens, and unpaid taxes that may affect the title may in some states use...	Mortgagor and mortgagee indexes
In regards to title insurance, it is the buyer's responsibility to...	make an on-site inspection if uncertain about land's boundaries and to check zoning and any other governmental restrictions on the land.
In connection with the sale of real estate, the title commitment is used to...	Verify that the seller is indeed the owner and alert the buyer and seller as to what needs to be done to bring title to the condition called for in the sales contract
Three main differences of lender's policy from owner's policy...	1)lender's policy protects only for ammt owed on mortgage loan (declines and terminates upon payment) 2)no exceptions for ownership claims that could have been determined via physical inspect. 3)assignable to subsequent holder's of same loan
Added risks taken by lender's policy issuers is balanced by...	the fact that the liability decreases as the loan is repaid.
4 important factors that have caused title insurance to grow...	1)Grantor passes obligation (warranty deed) to insur. company 2) Grantee gets extra protection(in addition to WDeed) 3)Made lending/borowing more attractive,cheaper, easier by removing risk of loss.lower interest rts 4) Titles to land much more marketable
To break a "stalemate" between legal opinions on real property is to locate a title insurance company that will insure the title as being ___ and...	If defect is not serious, the insurance company will accept the risk. If serious, comp. will either accept risk at high fee or recommend a quiet title suit
"I will do this and you will do that"	Bilateral contract
"I will do this if you will do that"	Unilateral contract
The four different legal effects...	Valid contract, void contract, voidable contract, and unenforceable contract
The five requirements of a legally valid, binding and enforceable contract...	1) Legally competent parties 2) Mutual agreement 3) Lawful objective 4) Consideration or cause 5) Contract in writing where required by law
____cannot exist if the terms of the offer are vague, undisclosed and/or the offer does not clearly state the obligations of each party involved.	Mutual agreement
An offer can be revoked by the offeror.....	prior to hearing of its acceptance.
Innocent misrepresentation gives the injured the right still to___if done in a timely manner.	Rescind the contract
Used in contract law; arises from "ambiguity in negotiations and mistake of material fact" thus there is no mutual agreement making the contract void...	Mistake
_______, ________, or ________ cannot be used to obtain agreement; these conditions make a contract revokable.	Duress(use of force); menace(threat of violence); undue influence(unfair advantage)
Three meanings of consideration in real estate...	1) legal requirement for a valid contract 2) money 3) acknowledgment
Under certain circumstances, this permits oral evidence to complete an otherwise incomplete or ambiguous written contract...	Parol evidence rule
The 6 alternatives the injured has after a breach of contract...	1)accept partial performance 2)rescind cont. unilaterally 3) sue for $ damages 4)sue for specific performance 5) accept liq. damages 6) mutually rescind
"if the other party is not going to honor his obligation, I am not going to honor mine"	Unilateral rescission

Created by: KSMattP

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