Chapter 2 - Real Estate 1

Quitclaim Deed

A deed to relinquish any interest in property that the grantor may have, without any warranty of title or interest

Grant Deed

A deed using the word "grant", or like words, containing warranties against prior conveyances and encumbrances. This is the most commonly used deed in California

Fee Simple Defeasible Estate

A fee estate that is subject to particular limitations imposed by the grantor of the estate

Witnessed Will

A formal expression of a person's desires, witnessed by others, as to the disposition of his or her property after death

Holographic Will

A handwritten expression of a person's desires as to the disposition of his or her property after death

Corporation

A legal entity, sanctioned by the state, with rights and liabilities, distinct and apart from those of the persons composing it

Which of the following is an example of a freehold estate?

A life estate

Adverse Possession

A method of acquiring title to real property, though possession of the property for a statutory period under certain conditions, by a person other than the owner

Notary Public

A person authorized by the state to witness the signatures of persons executing documents, sign the certificate, and affix the official seal

Intestate Succession

A process of law by which the state lays out the correct succession of inheritance when a person dies without leaving a valid will

A tenancy at sufferance would occur when

A tenant remains in the property after expiration of a lease without the owner's consent

General and Limited Partnerships

A voluntary association between two or more people to carry on a business with general and limited partners

The owner property adjacent to the water flow can acquire title to additional land by

Accession

A seven-year lease would be considered

An estate for years, personal property, chattel real

Severalty

An estate of a single entity held by a single person alone

Freehold Estate

An estate of interminable duration, e.g. fee simple or life estate

Remainder

An estate that is transferred to a third party (anyone other than the grantor) upon the death of the life estate holder

Reversion

An estate that reverts back to the granter after the life of the tenant expires

Encroachment

An unlawful intrusion onto another's property by making improvements to real property, e.g. a swimming pool built across a property line

Which of the following is needed to transfer property deeded "Mary Smith, a married woman"?

Both husband and wife's signature

Tenancy in Common

Co-ownership of property by two or more persons who hold undivided interest, without right of survivorship. The interests need not to be equal

Constructive Notice

Documents filed with the County Recorder in such a way as to be considered open notice to the world

Which of the following is a type of freehold estate?

Estate in Fee

Duke sold his property to Jane with the condition that Jane must never use it for any purpose other than as a private residence. However, after owning the property for several years, Jane decided to state a board and care facility for handicapped adults. What is the status of the estate?

It may revert to Duke because it is a fee simple defeasible estate

Dick and Jane, brother an sister, own an apartment building in joint tenancy. Dick needs $10,000 to cover unexpected medical expenses, so he borrows the money from a lender and signs a trust deed on the property that was soon recorded in the public records. Forty-five days later, Dick dies. Which of the following in the most correct?

Jane now owns the apartment building free and clear of her brother's $10,000 debt

When selling his home to John, Bert negotiated a leaseback arrangement in order to continue renting and occupying the property for the next two years. John immediately placed the unrecorded grant deed into a safe deposit box for ultimate security. Two days later, Bert "sold" the home a second time to Julie who promptly recorded her deed. Which of the following is most correct?

Julie is the likely owner of the property because she recorded her deed first

Affirmation, Affidavit, Verification

Many different types of statements made before a professional witness

Recording

Placing a document in the official records of the county

If a real estate agent advises a buyer how to take title to real property, he/she may be liable for

Practicing law, giving tax advice, discrimation

Community Property

Property acquired by husband and/or wife during married that is not acquired as separate property. Each spouse has equal rights of management, alienation, and disposition

Accession

The acquiring of additional property

Probate

The course procedure of proving that a will is valid

Delivery

The giving of private land by its owner for a public use; most commonly, the developer who gives it to a city

Abandonment

The intentional and voluntary relinquishment of any ownership interest (such as easement) or possession of real property

Prescription

The means of acquiring interests in land, usually an easement, by continued use

Escheat

The reverting of a private property to the state when there are no valid heirs

Joint Tenancy

Undivided ownership of a property interest by two or more persons, each of whom has a right to an equal share in the interest and a right of survivorshop