Real Estate Q&As for Chapter 5
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| 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
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| 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).
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| 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.
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| What is the overall bargain and sale covenant? | "I own, but won't defend."
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| What is the overall general warranty covenant? | "I own and will defend."
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| What is the overall special warranty covenant? | "I own and will defend against my acts only."
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| What is the overall quit claim covenant? | "I may or may not own, and I won't defend."
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| 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
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| 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
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| What does a last will and testament describe? | How the maker of the will wants the property distributed
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| When does a last will and testament take effect? | Only after the testator's death
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| What are the 4 types of wills? | Witnessed
Holographic
Approved
Nuncupative
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| Probate of real property occurs where? | Under jurisdiction of courts in the state where the property is located, regardless of where the deceased resided.
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| 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
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| What are the three possible channels of probable deliberation? | testate proceeding
intestate with heirs
intestate without heirs
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| 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.
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| 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.
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| 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
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| What are some important purposes of title records? | Avoid ownership disputes, public notice, buyer protection, lienholder protection
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| 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
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| 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
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| What are the four principal forms of title evidence? | Torrens certificate, title insurance policy, attorney's opinion of abstract,
title certificate
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