Questions and Answers
Which of these can convey property through a deed?
What type of lien is automatically placed on property for unpaid assessments?
Statutory lien
What is the abstract of title?
The written report of the chain of title
What is an example of a voluntary lien?
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What is the problem if there is a break in the chain of title?
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Is the real estate transaction valid if the grantee is not named in the deed?
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Which lien would be filed by a drywall contractor doing a renovation on a house?
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What is the grantor of a deed?
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What do we call the collection of rights the owner of real property can exercise?
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Which of these deeds offers the least amount of protection for the buyer?
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When is an attorney's lien filed?
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What is the legal description on a deed?
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Which of these deeds conveys the most rights?
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What is the closing attorney looking for in the abstract of title?
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How do real estate owners let the world know they own the property?
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Which of these can cause title to not be marketable?
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Aside from the title history, what else is contained in the abstract?
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Is the transaction valid if the grantor does not own the property?
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What is the chain of title?
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What is intestacy?
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How does a corporation convey real estate through a deed?
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In what circumstances will a Sheriff's Deed be issued?
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What is the problem if there is no cancellation of a mortgage?
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What is marketable title?
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How is real property typically conveyed to heirs when a person dies without a will?
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What is an example of a statutory lien?
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Who owns the property if two deeds are issued for the same property?
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What is the simplest way to determine the owner of real estate?
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What power does a court use to involuntarily convey real property?
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What is the purpose of title insurance?
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How does a judgment lien cause involuntary alienation?
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What type of deed should be used when selling property with a mortgage lien?
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What type of deed should be used if the seller guarantees clear title?
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Which bank has the highest priority mortgage?
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What is probate?
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What type of deed should Seldom, Inc. use to protect against unknown legal issues?
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What are the warranties in a deed?
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What is the purpose of a notary seal on a deed?
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What should Jim do to ensure his daughter gets his property when he dies?
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What type of lien will the bank use when lending money for home renovations?
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How is the chain of title constructed?
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What information is typically found on a lien?
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What is the purpose of a lien?
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Who owns the property if Jessica wrote a deed but did not deliver it?
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What does a standard title insurance policy cover?
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What is special about a tax deed?
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What are the two purposes of a deed?
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What may cause a break in the chain of title?
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What process and deed will First State Bank use if Bill has not been paying the mortgage?
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What is the Habendum clause?
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What does a general lien cover?
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What happens to real estate when the owner dies?
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When might a court issue an equitable lien?
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Is the real estate transaction valid if Bill does not have the authority to sign?
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Is a deed valid if it is not signed by the grantor?
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Is a deed valid if it lacks a notary seal?
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Who may file an involuntary lien?
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What is escheat?
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Study Notes
Property Conveyance and Ownership
- Property can be conveyed by any person or entity through a deed.
- The grantee in a deed must be specifically named for a valid transaction.
- The grantor is the party conveying or selling the property.
- The grantee is the party receiving title to the property.
Types of Liens
- Statutory liens arise by law, e.g., a homeowner's association lien for unpaid assessments.
- Mechanic's liens are filed by contractors, such as a drywall contractor performing renovations.
- Voluntary liens, like mortgages, are created by agreement, while involuntary liens can be filed by judgment creditors.
Title and Abstracts
- The abstract of title is a written report detailing the chain of title of a property.
- A break in the chain of title can occur if a deed is missing or invalid, affecting marketability.
- Marketable title means a buyer would reasonably purchase the property given its title conditions.
Types of Deeds
- A warranty deed conveys the most rights and protections to the buyer.
- A quitclaim deed provides the least protection, as it only transfers the grantor's current interest without guarantees.
- A limited warranty deed offers some assurances about the property title, but with limitations.
Real Estate Transactions
- All parties in a transaction must have proper authority; a deed signed by an unauthorized person is invalid.
- Property transfers must be recorded in county real estate records to provide constructive notice of ownership.
- Title insurance protects against losses from defects in title discovered after closing.
Specific Scenarios
- If a property owner dies without a will, the estate is settled via intestacy laws, typically by administrator's deed.
- A tax deed holds superior status in the chain of title over most other interests.
- The chain of title is constructed by reviewing recorded deeds that link past owners to the current one.
Legal Terms and Processes
- Probate is the legal process for verifying a will and distributing property.
- Foreclosure can occur when a debtor defaults, using a Deed Under Power as part of the process.
- An equitable lien may be issued by a court over property held by a third party for a debtor.
Ownership Transfer and Notification
- To notify the world of property ownership, owners must record their deed.
- The Habendum clause in a deed specifies the interest conveyed, such as fee simple or life estate.
- After a property owner's death, the estate must be managed and distributed according to state laws regarding heirs.
Miscellaneous
- A general lien affects all real estate owned by the debtor within a county.
- Common failure points for real estate transactions include missing signatures or notary seals on deeds.
- If a party's debts exceed their assets, escheat laws may allow the state to claim the property.
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Description
Test your knowledge on real estate concepts with this quiz focused on Chapter 7. Explore key terms such as deeds, liens, and abstract of title, and enhance your understanding of property laws and regulations. Perfect for students or professionals in the field of real estate.