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70 Cards in this Set
- Front
- Back
__ Means ownership |
Title |
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The right to gain ownership interest in the future |
Equitable Title |
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Ownership by physical possession |
Actual notice |
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Legal notice achieved by recording documents in public records |
Constructive notice |
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Title in fee simple that is free from litigation and defects enabling the owner to sell to a reasonable prudent person for fair market value |
Marketable, merchantable or clear title |
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Created by a search of the public records that results in a timeline of recorded documents linking past owners of a parcel of land from root of title to present day |
Chain of title |
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An abstract made by title insurance companies that compiles copies of the documents from public records |
Title plant |
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When a attorney conducts a review of an abstract of title and renders an written opinion it's called |
An opinion of title |
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Title defects is referred to as a |
Cloud on title |
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Provides financial protection against losses sustained as the result of defective title |
Title insurance |
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A mortgagee lender's title insurance policy is ___ if the loan is sold |
Transferable |
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Transference of ownership from one party to another is called |
Alienation of title |
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Document that conveys title from one party to another when sold or conveyed as a gift |
Deed |
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Document that provides transfer of title upon death |
Will |
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Created by law this system provides for the transfer of title to legal descendants upon the death of an individual that died intestate |
Descent and Distribution |
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the reversion of property to the state if someone dies intestate and has no known heirs |
Escheat |
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The governments right to take private property through a process called condemnation for public benefit |
Eminent Domain |
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when an owner loses title to another person who has taken control of the property through open hostile possession for a period of 7 years |
Adverse possession |
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The only legally necessary clause required in a deed |
Premises (granting) clause |
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called the have and to hold clause, it specifies the legal rights being convyed |
Habendum clause |
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This clause names the parties, contains words of conveyance, includes date of transfer and provides legal description of property |
Premises/Granting Clause |
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A claim of ownership by the grantor. Assures the grantee that the grantor has legal right to convey the property |
Seisin Warrant |
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Assures the grantee they will not suffer hostile claims against the ownership of the property |
Quiet enjoyment warrant |
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Promise by the grantor to take whatever action is necessary to protect and defend the title now and in the future |
Further Assurance warrant |
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Deed that contains no warrants of any kind and is considered the best type of deed from the grantor's standpoint |
Quit Claim Deed |
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The grantor grants sells, bargains the property to the grantee but makes no promise to defend the title if problems arise later. Contains a warrant of seisin only |
Bargain Sale Deed |
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Grantor sells, bargains the property but promises to defend the title against any and all claims |
General Warranty Deed |
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Deed that is used to cure defects in title |
Quitclaim Deed |
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Deed used to convey the property of a minor |
Guardian's deed |
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Used to convey the property of a mentally ill/ incompetent person |
Committee's deed |
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Deed used to convey the property of person who died intestate |
Personal Representative Deed |
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used to show ownership in the event of foreclosure |
Certificate of Title |
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3 Ways of Curing Defects in tilte are |
Quitclaim, Suit to Quiet Title and Marketable Record Title to Real Property |
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Cure of title that entails court filing with all potential claimants appearing, and the court decides |
Suit to Quiet Title |
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MARTA or Marketable Record Title To Real Property cures title due to |
Old claims over 30 years |
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The four governmental limitations on private property rights are |
Police Power, Escheat, Taxation, Eminant Domain- PETE |
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Allows the government to restrict the use of land to protect the health, safety, and welfare of citizens- Zoning is an example |
Police Power |
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Eminent Domain or taking power must only be used for |
Public Use |
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The porcess to enforce the sale of an eminent domain property is called |
Condemnation Proceeding |
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There is no __ to the property owner when taking the eminent domain issue to court. |
Cost |
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Ristrictions placed by an owner that affect the use of the porperty by subsequent owners such as party wall agreements |
Private limitations |
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Limited right given to the holder to use a portion of another party's land for a specific purpose |
An Easement |
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Easement __ involves two or more parcels of property and runs with the land, which means the right attaches to the land not to a person or entity |
Easement Appurtenant |
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Easement in __ involves right of access by one party onto a parcel of real estate owned by another party |
Easment in Gross. Example: Utility Company- Cable |
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Unauthorized physical instrusion onto property owned by another such as a fence built over property line |
Encroachment |
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Lease agreements are terminated by |
Destruction of property, lien foreclosure, eminent domain condemnation, expiration of lease, bankruptcy, agreement of parties and breach |
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The statute of frauds requires a lease for a period of more than ___ be in writing and signed in order to be enforceable |
One Year |
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Licensees are __ to modify the fill in the blank residential lease approved by the FL Supreme court |
Not allowed |
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Lease where tenant agrees to pay a fixed rental amount and the landlord pays all expenses related to the property |
Gross Lease |
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Lease where the tenant pays a fixed rent plus all or portion of operating costs such as real estate taxes, insurance and maintenance |
Net Lease-Usually Commercial |
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A lease in which the tenant pays a monthly base rent plus a percentage of the annual or monthly gross sales |
Percentage Lease- Retail and malls |
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a lease with option to buy |
Lease option |
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When a property owner sells the property to an investor and immediately leases the property and becomes a tenant of the investor |
Sale-Leaseback |
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Occurs when a lessee transfers all of the leased space for the remaining time to an assignee, the assignee pays the landlord directly |
Assignment |
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__ liens take precendence over all other types of liens |
Superior |
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Superior liens are |
Property Taxes, Special Assessment Lien and Federal Estate Tax Lien |
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Federal Estate taxes become a lien at the |
Time of Death |
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Junior liens are |
Mortgage, Vendor and construction liens |
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Junior lein where an owner who sells a property is entitled to a lien against the property that is being sold to secure any unpaid balance of the purchase price |
Vendor lien |
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Notice of pending lawsuit against a property owner to a potential purchaser |
Lis Pendens Notice |
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A broker can attempt to collect for unpaid commission with a lien in two exceptions |
1. Owner approved this in listing contract 2. A judgment by a FL court |
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The enforcement of a lien through legal proceedings, terminates the right of the owner and results in public sale of the property |
Foreclosure |
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Occurs if a lessee rents less than 100% of the space that has been leased or makes a transfer for a shorter period of time taen the entire remaining lease and becomes the 2nd landlord |
Sublease |
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Leases over one year must be in _ blank and witnessed by _ to be valid |
Writing and witnessed by 2 persons |
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Which type of deed warrants the title only against claims made by the grantor their heirs, assignors, executors or administrators |
Special warranty deed |
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A owner's title insurance policy guarantees against all __and incumbrances to which no exception has been taken |
Defects |
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A __deed is the instrument used by developer to convey land to a condominium association in anticipation of development |
Master deed |
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A__ deed used to Grant ownership to a government body when the property owner did not pay their property taxes |
Tax deed |
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20 years or more of continuous and uninterrupted use of a portion of another person's property creates a ___ |
Easement by prescription |
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One requirement for the deed to be valid Involves signature by the __ and 2 witnesses |
Grantor |