Card Set Information

2010-04-08 11:04:09
Broker\'s Exam

Transfer of Ownership
Show Answers:

  1. What 3 things make a valid deed?
    A deed is valid when it is executed, delivered, and accepted
  2. Et al means?
    and others.
  3. Et ux means?
    and wife.
  4. What is another name for the transfer of title known as alienation?
  5. What is another name for acknowledgement?
    It is also known as a formal declaration. This is done before a duly authorized officer or a person who has executed an instrument that such execution is indeed his or her doing.
  6. Does a deed need to be acknowledged, notarized or recorded to be valid and transfer property.
    No it does not.
  7. How is constructive notice given?
    • By recording the deed or by taking possession
    • Even if an individual is ignorant of the recording or possession, he has still received constructive notice
  8. If there is more than one party that has received constructive notice which one is granted ownership in a court of law?
    The one that gives constructive notice first.
  9. What is actual notice?
    It is when an individual actually knows of a thing or fact. It is notice given and received.
  10. What 2 implied warranties must a grant deed contain?
    Does it have to have the word "grant" in it?
    • 1- Than the grantor has not already conveyed to another person
    • 2- That the estate is free from encumbrances suffered by the grantor
  11. The quitclaim deed transfers only the interest of whom?
    It transfers only the interest of the grantor has at the time the conveyance is executed
  12. Does a quitclaim deed contain warranties?
    It contains no express or implied warranties
  13. If a person dies without a will, the law provides for the disposition of the decedent's property through?
    Intestate succession
  14. What happens when a married person dies without a will in regards to intestate succession?
    All community property passes to the surviving spouse.
  15. Intestate succession also provide what when a married person dies without a will?
    All separate property is divided one half to the surviving spouse and one half to an only child, or one third to the surviving spouse and two thirds to two or more children.
  16. What is a holographic will?
    A will that is handwritten
  17. What is needed for the transfer of property through adverse possession?
    • P - Possession
    • A - Adverse and Actual
    • N -Notorious (hostile and adverse)
    • C -Continuous (for 5 years)
    • O -Open (payment of property taxes for a five year period)
  18. What is a quiet title action?
    It is a court process by which title issues are resolved and rights of ownership are clarified
  19. What is accession?
    Accession is an addition to property by man or natural forces.
  20. What is accretion?
    It is an addition to land through natural causes such as soil be added by a river or other moving water.
  21. What is alluvion?
    It is the gradual increase of the earth on the shore of an ocean or the bank of a stream resulting from the action of the water. The sediment that is deposited is called alluvium.
  22. What is reliction?
    It is the increase of land due to the withdrawal of water such as a river or lake
  23. What is avulsion?
    It is the sudden and perceptible loss of land by action of water.
  24. What are the two elements that cause erosion?
    Wind and Water