Texas Law of Contracts - Chp. 9 Conveyance of Title

Abstract of Title

A condensed history, or summary of all transactions affecting a particular tract of land.

Special Warranty Deed

A deed in which the seller warrants or guarantees the title only against defects arising during the period of his or her tenure or ownership of the property.

Quitclaim Deed

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

General Warranty Deed

A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the lawful claims of third persons.

Constructive Notice

A fact, imputed to a person by law, which should have been discovered because of the person's actual notice of circumstances and the inquiry that a prudent person would have been expected to make.

Grantee

A person who acquires an interest in land by deed, grant, or other written instrument.

Grantor

A person, who by a written instrument, transfers to another the interest in land.

Chain of Title

A term applied to the past series of transactions and documents affecting the title to a given parcel of land.

A condensed history, or summary of all transactions affecting a particular tract of land is known as a...? Abstract of title Chain of title Clouded title General title

Abstract of title

The express or implied knowledge of a fact is known as...? Actual notice Constructive notice Recorded notice Evidence of notice

Actual notice

Which of the following is required in a valid deed...? AAll of the above BConsideration CHabendum clause DA granting clause

All of the below BConsideration CHabendum clause DA granting clause

Title Search

An examination of public records, laws, and court decisions to disclose the current facts regarding the ownership of real estate.

Bargain and Sale Deed

Any deed that recites a consideration and purports to convey the real estate; a bargain and sale deed with a covenant against the grantor's act is one in which the grantor warrants that grantor has done nothing to harm or cloud the title.

The past series of transactions and documents affecting the title to a given parcel of land is known as...? Abstract of title Chain of title Clouded title Transferred title

Chain of title

Title that is encumbered or burdened with defects is referred to as...? Imperfect title Marketable title Clouded title All of the above

Clouded title

Which of the following is required in a valid deed...? Consideration Signature of the grantee Title insurance A survey of the property

Consideration

A written document by which ownership of land is transferred from one party to another is referred to as a...? Title Promissory note Deed Mortgage

Deed

A written document by which ownership of land is transferred from one party to another.

Deed

Deed

Evidence of ownership is shown by the

Actual Notice

Express or implied knowledge of a fact

At closing Buyer Betsy and George were provided a deed to transfer the property to them from the seller. What type of deed would Buyer Betsy and George most likely receive from the seller at closing if there were no issues at all with the title of the property? ASpecial Warranty Deed BGeneral Warranty Deed CQuitclaim Deed DBargain And Sale Deed

General Warranty Deed

A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the lawful claims of third persons is referred to as a...? General warranty deed Special warranty deed Quitclaim deed Bargain and sale deed

General warranty deed

Which of the following deeds offers the most amount of protection to the buyer...? AGeneral warranty deed BSpecial warranty deed CQuitclaim deed DBargain and sale deed

General warranty deed

A person who acquires an interest in land by deed, grant, or other written instrument is referred to as the...? Grantor Grantee Trustor Trustee

Grantee

Ely is in the process of purchasing a new house. Since Ely will be acquiring title to the property, he is considered the...? Grantor Grantee Trustor Trustee

Grantee

The seller in a residential sales transaction is considered the...? AGrantor BGrantee CTrustee DTrustor

Grantor

When transferring the property to Buyer Betsy and George the seller would need to sign the deed as the __________ and Buyer Betsy and George would need to sign the deed as __________? AGrantor / Grantee BGrantee / Grantor CTrustor / Trustee DNone of the above

Grantor / Grantee

Title Insurance

Insurance against loss or damage resulting from defects or failure of title to a given parcel of real estate.

David recently lost his property through a foreclosure sale. This is an example of...? AInvoluntary alienation BVoluntary alienation CImproper transfer DVoluntary grant

Involuntary alienation

Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept is known as...? General title Warranty of title Marketable title Reasonable title

Marketable title

Which of the following is an example of voluntary alienation...? Condemnation Selling a property Foreclosure All of the above

Selling a property

Liens are generally prioritized based on which of the following...? AThe date when the lien was recorded BThe amount of the lien CThe desire of the property owner DLiens are not prioritized over one another

The date when the lien was recorded

Title

The evidence of right which a person has to the ownership and possession of land, commonly considered as a history of rights.

The evidence of right which a person has to the ownership and possession of land is referred to as...? Title Deed Bundle of rights Warranty

Title

EVIDENCE of ownership

Title does not show.....it is the RIGHT of ownership

An examination of public records, laws, and court decisions to disclose the current facts regarding the ownership of real estate is known as a...? Abstract of title History of title General title Title search

Title search

Clouded Title

Title that is encumbered or burdened with defects.

Marketable Title

Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept.

Voluntary Alienation

Transfer of title freely by the owner.

Involuntary Alienation

Transfer of title to real property as a result of a lien foreclosure sale, adverse possession, the filing of a petition in bankruptcy, or condemnation under power of eminent domain or upon the death of the titleholder, to the State when there are no heirs.

Since Buyer Betsy and George decided had to obtain a loan on the property because they did not have the funds to purchase the property outright, this would be what type of encumbrance on the property? AInvoluntary alienation BVoluntary alienation CIntrinsic alienation DBoth b and c

Voluntary alienation