Real Estate Quiz Pt 3

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  1. Abandonment
    Failure to occupy or use property that may result in the extinguishment of a right or interest in the property.
  2. Accession
    The acquisition of additional property by the natural processes of accretion, reliction, or avulsion, or by the human process of the addition of fixtures or improvements made in error.
  3. Accretion
    A natural process by which the owner of riparian or littoral property acquires additional land by the gradual accumulation of soil through the action of water.
  4. Administrator
    A person appointed by a probate court to conduct the affairs and distribute the assets of a decedent's estate when there was no executor named in the will or there was no will.
  5. Adverse possession
    the process by which unauthorized possession and use of another's property can ripen into ownership of that other's property without compensation.
  6. After-acquired interests
    All interests in a property acquired subsequent to a transfer of the property
  7. Alluvium
    Addition to land acquired by the gradual accumulation of soil through the action of water.
  8. ALTA policy
    an extended title insurance policy developed by the American Land Title Association.
  9. Ambulatory instrument
    A document that can be changed or revoked, such as a will.
  10. Avulsion
    A process that occurs when a river or stream suddenly carries away a part of a bank and deposits it downstream, either on the same or opposite bank.
  11. Beneficiary
    • (1) The lender under a dead of trust;
    • (2) One entitled to receive property under a will
    • (3) One for whom a trust is created
  12. Bequeath
    To transfer personal property by a will
  13. Bequest
    A gift of personal property by will
  14. Chain of title
    A complete chronological history of all of the documents affecting title to the property
  15. CLTA policy
    A standard title insurance policy developed by the California Land Title Association
  16. Constructive notice
    • (1) Notice provided by public records;
    • (2) Notice of information provided by law to a person who, by exercising reasonable diligence, could have discovered the information
  17. Devise
    • (1) (noun) A gift of real property by will;
    • (2) (verb) To transfer real property by will
  18. Devisee
    A recipient of real property through a will
  19. Eminent domain
    Right of the state to take, through due process proceedings (often referred to as condemnation proceedings), private property for public use upon payment of just compensation
  20. Escheat
    A process whereby property passes to the state if a person owning the property dies intestate without heirs
  21. Executor
    A person named in a will to carry out the directions contained in the will
  22. Gift deed
    A deed used to convey title when no tangible consideration (other than affection) is given. The gift deed is valid unless it was used to defraud creditors, in which cases such creditors may bring an action to void the deed.
  23. Grant deed
    The deed most commonly used in California. It has two implied warranties that are enforced whether or not they are expressly stated in the deed the grantor has not transferred title to anyone else, and the property at the time of execution is free from any encumbrances made by the grantor, except for those disclosed
  24. Grantee
    One who acquires an interest in real property from another
  25. Grantor
    One who transfers an interest in real property to another
  26. Heir
    A person entitled to obtain property through intestate succession
  27. Holographic will
    A will written, dated, and signed by a testator in his or her own handwriting
  28. Instate
    Not having made, or not having disposed of by, a will
  29. Intestate succession
    Transfer of property of one who dies intestate
  30. Legatee
    One who acquires personal property under a will
  31. Nuncupative will
    An oral will; nuncupative will are no longer valid in California
  32. Land patent
    An instrument used to convey government land
  33. Police power
    The power of a government to impose restrictions on private rights, including property rights, for the sake of public welfare, health, order, and security, for which no compensation need be made
  34. Preliminary title report
    A statement by a title insurance company of the condition of the title and of the terms and conditions upon which the company is willing to issue a policy
  35. Prescription
    A method of acquiring an interest in property by use and enjoyment for five yars
  36. Prescriptive easement
    An easement acquired by prescriptions
  37. Probate
    A legal procedure whereby a superior court in the county where the real property is located or where the deceased resided oversees the distribution of the decedent's property
  38. Public dedication
    A gift of an interest in land to a public body for public use, such as for a street, a park, or an easement to access a beach
  39. Public grant
    Public land conveyed, usually for a small fee, to individuals or to organizations, such as to railroads or universities
  40. Quitclaim deed
    A deed that contains no warranties of any kind, no after-acquired title provisions, and provides the grantee with the least protection of any deed; it merely provides that any interest (if there is any) that the grantor has in the property is extinguished.
  41. Reconveyance deed
    A deed executed by the trustee of a deed of trust after the promissory note is paid off in full by the borrower and the lender instructs the trustee to so execute the reconveyance deed, which reconveys legal title to the borrower
  42. Reliction
    A natural process by which the owner of riparian or littoral property acquires additional land that has been covered by water but has become permanently uncovered by the gradual recession of water.
  43. Sheriff's deed
    A deed given at the foreclosure of a property, subsequent to a judgment for foreclosure of a money judgment against the owner or of a mortgage against the property. A sheriff's deed contains no warranties and transfers only the former owner's interest in the property
  44. Statutory will
    Pre-printed "fill-in-the-blanks will provided by statute that must be signed in the presence of two competent witnesses
  45. Testament
    A will
  46. Testator
    One who dies leaving a will
  47. Title plant
    A duplicate of county title records maintained at title insurance companies for use in title searches
  48. Trust deed
    A three-party security device, the three parties being the borrower (trustor), the lender (beneficiary), and a third party (trustee) to whom "bare legal title" is conveyed
  49. Trustee
    A person who holds something of value in trust for the benefit of another; under a deed of trust, a neutral third party who holds naked legal title for security
  50. Trustor
    A borrower who executes a deed of trust
  51. Warranty deed
    A deed in which the grantor warrants that the title being conveyed is good and free from defects or encumbrances, and that the grantor will defend the title against all suits
  52. Will
    A document that stipulates how one's property should be distributed after death; also called a testament
  53. Which deed contains the fewest warranties?
    Quitclaim deed
  54. Which of the following is a valid will?
    nuncupative will
    holographic will
    quitclaim will
    grant will
    Holographic will
  55. If Joe were primarily concerned about protecting against a forged deed in the chain of title to a property hi is acquiring, he would probably obtain a...
    CLTA policy
  56. Eminent domain is...
    the fight of the state to take, through due process proceedings, private property for public use upon payment of just compensation
  57. A holographic will...
    need not be witnessed
  58. Which, of any, is misspelled?
    nuncuptive should be nuncupative
  59. A minor...
    is a competent grantee
  60. Delivery of a deed most importantly rest on...
    the intent of the grantor
  61. After Joe died, both a signed will giving his house to his friend Jane and a deed granting his house to his daughter Susan were discovered in his safe. If the deed was signed later than the will, who will probably acquire the house?
    Jane since if Joe intended for Susan to have the property he would have delivered the deed.
  62. Which of the following terms least belongs with the others?
    real property
    Real property, the others are forms of giving
  63. Bob's home has been in the family for three generations. Nevertheless, the city wants to demolish it to make room for a public park. By which power will the city proceed to acquire Bob's home?
    Eminent domain
  64. Bob dies intestate leaving a spouse and three children. What portion of Bob's separate property would each child receive?
  65. The implied warranties in a grant deed include...
    That the grantor owns the title and has not transferred the title to anyone else.
  66. For a deed to be recorded it must be...
  67. Which of he following concepts least belongs with the others?
    after-acquired interest
    grant deed
    two implied warranties
    no warranties
    No warranties. A grant deed implies two implied warranties and after-acquired interests.
  68. Escheat is...
    what happens to an intestate's property.
  69. You might be able to acquire property by adverse possession if...
    you have been exclusively cultivating a strip of land owned by your neighbor for over five years.
  70. The sudden carrying away of land by the action of a river or stream is called...
  71. Which of the following terms least belongs with the others?
    adverse possession
    eminent domain
    eminent domain is a public power, the others are for individual acquisition
  72. Bob conveys a vacant lot to the city for the use as a public park. This is an example of...
    public grant.
  73. Which of the following statements is incorrect?

    *A statutory will uses a form approved by the state
    *An ALTA policy is an extended title insurance policy
    *To die intestate means to die without leaving a will
    *Both a and b are correct
    Both a and C are correct is incorrect.
  74. Adverse possession requires...
    payment of taxes and claim of title or color of right. It also includes the exclusive possession for the last five years
  75. A valid deed...
    doesn't need to be witnessed, dated, or recorded.
  76. A river gradually deposits soil on Jane's land. This is an example of...
  77. If you discover that someone has been on your property for four years, you can stop that person from acquiring the property be adverse possession by...
    being sure that you timely pay the property taxes on the property and/or immediately sending the trespasser a letter giving him or her the right to stay on your property for another two years.
  78. After acquired interests are conveyed with...
    grant deeds and warranty deeds.
  79. One who inherits a house has received a...
  80. A quitclaim deed...
    warrants nothing but is used to clean any cloud on title.
  81. Anne is selling her house to Betty. Betty will acquire title at the time...
    Ann delivers the deed to Betty
Card Set:
Real Estate Quiz Pt 3
2014-05-02 01:22:15
real estate california 2013

Real Estate Quiz Pt 3 for California Real Estate Exam
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