Real Estate Principals - Chapter 2 - Ownership & Transfers of Real Estate

Delivered

In order for a deed to transfer title it must be:

Effective delivery of a deed depends upon the

Knowledge of its existence by the grantee A personal transfer of the deed to the grantee Intention of the grantor Valid acknowledgement by the granto

Severalty ownership of real estate

Ownership by several persons There are several ways to own real estate Sole ownership by one person Severance resulting from condemnation proceedings

The four unities required under a joint tenancy are: Time, title, Interest and possession. (not necessarily stated in that order)

Possession, title, interest and time

you hold title to property in joint tenancy with another or others, you may:

Sell your interest in the property Will your interest to the property Hold a lesser interest than the other joint tenants Not transfer your interest in any manner without the consent of the other joint tenants

Escheat is a legal term

That a fraud has been committed Property has reverted to the State An Agent's license has been revoked Property under a trust deed has been reconveyed property of a deceased person reverts to the State when the deceased has no heirs and no will. Requires 5 years waiting period. (Property managed and held in Probate court) State, cities, counties, public utilities may exercise power of eminent domain.

A quitclaim deed

The deed which transfers title to real property but contains no express or implied warranty is:

Accretion

The gradual and imperceptible accumulation of soil on property bordering a stream or river is

Survivorship

The most distinguishing characteristic of a joint tenancy holding is:

Possession

The one unity held with the other co-owner(s) in a tenancy in common relationship is: Time Title Interest Possession

A devisee

The person who acquires real property under the terms of a will is known as:

Escheat

The reverting of property to the State after five years for lack of heirs, is known as:

Grantor

The signature on a deed is acknowledged by the:

Sufferance

Under California law, title to real property can be transferred in all of the following ways except by:

A deed would be void and invalid if the grantee:

Was a deceased person

Holographic will

A will in which the signature and the material provisions of the will are in the handwriting of the maker

Community Property

is property owned by: Churches A husband and wife The children of deceased parents The community

A creditor of the grantor

gift deed that has been delivered and recorded could be set aside or voided by:

½ of the community property

married woman can will: None of the community property ½ of the community property All of the separate property of her husband All of her property held in joint tenancy