CHAPTER 20 REVIEW
A formal declaration that the person signing a document is doing so by choice, and is doing so in the presence of a notary or other authorized public officer, is called:
ACKNOWLEDGMENT
An ownership interest created by a financial investment in a property by either a lienholder or buyer is known as:
EQUITABLE TITLE
Bill dies without having left a valid will. He has no heirs. There are no claims made by creditors on the property. What will happen to Bill's estate?
If Bill dies without a valid will, no heirs, and no claims by creditors, his estate will escheat to the state.
What is a title that is free from significant encumbrances or defects (such as liens) that might otherwise prevent a purchaser from enjoying or eventually selling the property?
MARKETABLE TITLE
Wills created verbally by a party directly before their death are known as:
Nuncupative wills, aka oral wills, are created verbally by a party directly before their death.
A title transfer that is defective in a way that is unknown to the new owner is known as:
OLOR OF TITLE C
In states where used, the best evidence of title is a(n):
TORRENS CERTIFICATE
What is the term for an instrument that transfers a grantor's interest in real property?
a conveyance
What is something of value exchanged by the parties as evidence of agreement to the terms of a contract?
consideration
What is a deed used to convey ownership interest to the trustee under a land trust?
deed in trust
What is a court's decision to attach a judgement (lien) against a debtor in the event that a property's sale price does not cover outstanding debt?
deficiency judgement
What is a gift of real property left by a will called?
devise
Which instrument of conveyance provides the grantee with the greatest protection?
general warranty deed
What kind of deed conveys property by a court-appointed representative acting on behalf of an incompetent person or a minor who cannot serve as a grantor on their own?
guardian's deed
The beneficiaries of the will are typically called:
heirs
Jack died without a will. His property is disposed of through the laws of descent. That is considered:
involuntary alienation
What is a deed used to convey land to a condominium developer?
master deed
Which of these is the transfer of government-owned land to an individual?
public grant
With which instrument of conveyance does the grantor convey what they own with no covenants, guarantees, or warranties?
quitclaim deed
What happens to an estate if there are no claims made by creditors on the property and no heirs are found?
the estate will escheat to the state
What is a grantee?
the person who receives a conveyance of real property in a transaction
What is dedication?
the voluntary gift of one's land to the government
Out of the following options, which option is considered the BEST evidence of title?
title insurance
The covenants included in a deed are also referred to as:
warranties
What is a grantor?
A grantor is the person who transfers title to real property in a real estate transaction.
Which deed offers the least protection for grantees?
A quitclaim deed offers the least protection for grantees. It carries no covenants or warranties and conveys only such interest that the grantor may have when the deed is delivered. A quitclaim deed basically says, "I'm conveying my ownership interest to you, whatever that may be, and I may not even have ownership interest at all."
What is delivery and acceptance?
Delivery and acceptance are the required actions for the proper execution of a deed, involving delivery of the deed by the grantor with the intention of transferring title and acceptance by the grantee receiving the property.
Which of the following is FALSE regarding deed restrictions?
DEED RESTRICTIONS MUST BE INITIATED BY THE GOVERNMENT
What is involuntary alienation?
Involuntary alienation is the transfer of title to property without the owner's consent, usually carried out by operation of law.
What is a quitclaim deed?
It's a deed that conveys whatever interest in land the grantor has at the time the deed is executed but without representing that there is any interest at all.
What will protect the lender from unknown existing defects on the title?
Lender's title policy
