180 - Unit 4: Transferring Real Estate (EXAM 1)

Statue of Frauds

contact must be written to be enforceable

Recital of Consideration v. Words of Conveyance

recital of consideration: a minimal statement suffices words of conveyance: grants, bargains, or sells

What document do you need to modify a will?

Codicil

The transfer of property by private grant is also called a (A)note. (B)lien. (C)grant deed. (D)gift.

(C) grant deed.

There is no legal requirement that a deed (A)be witnessed. (B)that the grantor's signature be verified by any third person. (C)be supported by consideration. (D)All of the above

(D) All of the above

A man appointed by the court to settle the estate of a person who has died intestate is called a(n) (A)devisee. (B)testator. (C)executor. (D)administrator.

(D) administrator.

A will written in the testator's own handwriting is called a (A)sealed will. (B)gift certificate. (C)nontransferable will. (D)holographic will.

(D) holographic will.

Steve owns Greenacre but does not want Bob to know. One day, when Steve, Bob, and Mark are together, Bob asks Steve and Mark if one of them owns Greenacre. Mark says yes he owns Greenacre, and Steve (the real owner) doesn't object. Bob then pays Mark for Greenacre. Which of the following is correct? (A)Steve still owns Greenacre since he is the real owner. (B)Bob owns Greenacre based on the doctrine of equitable estoppel. (C)Steve still owns Greenacre and Mark is prosecuted for fraud. (D)Bob cannot transfer title to Greenacre since he does not own it.

(B) Bob owns Greenacre based on the doctrine of equitable estoppel.

What usually happens to a person's property who died intestate? (A)It escheats to the state (B)It is distributed to his/her heirs (C)It is distributed according to his/her will (D)None of the above

(B) It is distributed to his/her heirs

A person who has executed a document can make a declaration, called a(n) _____, that the execution is the person's own act. (A)execution (B)acknowledgment (C)declaration (D)assertion

(B) acknowledgment

The recording of an instrument gives (A)actual notice. (B)constructive notice. (C)positive notice. (D)passive notice.

(B) constructive notice.

A document used to transfer legal title from the trustee back to the borrower (trustor) after the debt has been repaid is called a (A)quitclaim deed. (B)deed of reconveyance. (C)payoff deed. (D)deed of confirmation.

(B) deed of reconveyance.

Prescription most nearly pertains to (A)use. (B)easements. (C)title. (D)conveyance.

(B) easements.

9 Requirements of a Deed

1. Grantor (signature) & grantee 2. Recital of Consideration 3. Words of Conveyance 4. Covenants 5. Habendum Clause 6. Exceptions and Reservations Clause 7. Description of Land 8. Acknowledgement 9. Delivery

Adverse Possession 5 Statutory Requirements

1. Open 2. Notorious 3. Continuous 4. Hostile 5. Adverse to owner's interests for 5 years

4 Ways Real Estate can be acquired?

1. Will or succession 2. Accession (improvements or accretion) 3. Occupancy 4. Transfer

3 Main Covenants

1. covenant of seizin (legally can) 2. covenants against encumbrances (no issues w/ property) 3. covenant of quiet enjoyment (no one has better offer...)

Accretion is the process of accumulating new soil - adjacent to an ocean - along a flowing body of water - close to a baseline - next to a lake

along a flowing body of water

Probate?

formal judicial proceeding to prove or confirm the validity of a will (including collect assets or pay debts)

Actual Notice:

open, continuous, actual possession of property

Transfer by Escheat

the reversion of property to state in case when person dies intestate with no heirs capable of inheritance

When executing a grant deed, the grantor makes certain assertions about the property that the grantee must assume to be true, or the deed would be meaningless. These assertions are called (A)covenants (B)implied warranties. (C)nonverbal assertions. (D)CC&Rs.

(B) implied warranties.

One of the steps necessary to acquire title to real estate by adverse possession is to occupy the property "hostile" to the true owner. In this context, (A)without hiding the fact. (B)without permission. (C)by force. (D)in secret.

(B) without permission.

After California became a state, the legislature redefined what was necessary to evidence transfer of California land. The modern evidence of transfer of ownership is (A)a physical aspect of the land (i.e. twig, dirt) stored at the county recorder's office. (B)a date stamped photograph of the subject property filed at the county recorder's office. (C)a deed that is filed in the county recorder's office to show transfer of ownership. (D)physical possession.

(C) a deed that is filed in the county recorder's office to show transfer of ownership.

A valid deed must contain (A)evidence of recordation. (B)a date. (C)a granting clause. (D)the signature of the grantee

(C) a granting clause.

The building up of new soil adjacent to a river is called (A)avulsion. (B)reliction. (C)accretion. (D)alluvion.

(C) accretion.

The transfer of privately owned land to the public under approval of the Map Act is called (A)gifting. (B)condemnation. (C)dedication. (D)government taking.

(C) dedication.

Dying with a will? Dying without a will?

With = testate Without = intestate succession

Doctrine of constructive notice

a common law tradition stating that if a person is CAPABLE OF KNOWING about a claim or rule, then he or she can be bound by it (must accept it ... if it not seen)

Holographic ?

a will that is written, dated, and signed in the testator's handwriting, but not witnesses

Habendum Clause

defines interest being conveyed (easement or conditional fee) ... requires drafting by a legal professional

Easement v. Easement by prescription

easement: right to use specific land owned by another easement by prescription: acquired by continuous use of property without paying for taxes

The right of a government agency to take private property for a public use is called - escheat - eminent domain - a partition action - a quiet title action

eminent domain

Person who acts as the decedent's representative when ensuring the terms of the will are carried out?

executor

If a person dies without leaving a will, that person dies - administratively - testate - intestate - statutorily

intestate

Transfer by Equitable Estoppel

person may convey or appear to convey a property interest they do not own yet but may acquire some time in the future

A court order directing the county sheriff or another officer to satisfy a judgment out of the debtor's property is called a (A)sheriff's sale. (B)community sale. (C)foreclosure. (D)writ of execution.

(D) writ of execution.

One of the requirements to acquire title by adverse possession is to pay all the property taxes for - 3 yrs - 5 yrs - 7 yrs - 1 r

5 years

Recording Statutes:

contract recorded in public records is considered known

Which type of deed would be used when the purchaser pays off a loan secured by the real estate? - quitclaim deed - grant deed - reconveyance deed - trust deed

reconveyance deed