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RE Ch 5 Q&A

Real Estate Q&As for Chapter 5

QuestionAnswer
What are some examples of when one might own equitable title rather than legal title? The buyer, during the period of contract contingency; a mortgagee who has the right to execute a strict foreclosure of the mortgage property (in a lien-theory state); a mortgagor (borrower) in a title-theory state
Why is "notice" important in determining who holds title to real estate? Ownership is a function of evidence. The best evidence is a combination of actual and constructive notice. Actual = direct knowledge; constructive = "could-have-should-have-known" knowledge (especially, public records).
What is the function of a deed? The deed is a transaction document, not an ownership document. It conveys title, when properly delivered and accepted.
What is the overall bargain and sale covenant? "I own, but won't defend."
What is the overall general warranty covenant? "I own and will defend."
What is the overall special warranty covenant? "I own and will defend against my acts only."
What is the overall quit claim covenant? "I may or may not own, and I won't defend."
When does a partition suit terminate? when one or more co-owners want to dissolve their relationship and are unable to do so without the assistance of a court
What are some exemptions from transfer tax? transfer within the immediate family; consideration less than a certain amount; transfer between government entities or non-profit organizations; trust deed transfer and reconveyance; tax deed
What does a last will and testament describe? How the maker of the will wants the property distributed
When does a last will and testament take effect? Only after the testator's death
What are the 4 types of wills? Witnessed Holographic Approved Nuncupative
Probate of real property occurs where? Under jurisdiction of courts in the state where the property is located, regardless of where the deceased resided.
What are the objectives of the probate court? validate the will, if one exists identify and settle all claims and outstanding debts against the estate distribute the remainder of the estate to the rightful heirs
What are the three possible channels of probable deliberation? testate proceeding intestate with heirs intestate without heirs
What is the difference between a bargain and sale deed and a general warranty deed? A b&s deed covenants valid title but may not warrant against encumbrances or promise to defend against claims. A general warranty deed includes assurances of valid title, no encumbrances, and willingness to defend against all claims.
Describe the four types of will Witnessed—written, two witnesses; holographic-handwritten or typed, signed by testator; approved-on a pre-printed form approved by the state; nuncupative-written by a witness from testator's oral statement; generally not valid for real estate transfer.
How can an adverse possessor claim legal title? By showing a claim of right or color of title; have notorious possession; maintain a consistent claim of hostile possession
What are some important purposes of title records? Avoid ownership disputes, public notice, buyer protection, lienholder protection
What are the conditions necessary for an involuntary transfer by adverse possession to occur? The adverse possessor must show: a claim of right; possession without concealment; possession without consent; possession for a statutory period; possibly, payment of taxes
What are the important reasons for creating and maintaining title records? Maintain chain of title by listing previous owners and encumbrances; avoid ownership disputes; give notice of who owns the property and who has claims against it; reveal the marketability of the title; give notice of liens and establish lien priority
What are the four principal forms of title evidence? Torrens certificate, title insurance policy, attorney's opinion of abstract, title certificate
Created by: medct