REA CH 1-5 Set B
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Created by:
davince004 Plus on May 7, 2012
Subjects:
Description:
Real Estate Sales Agent
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24 terms
Terms | Definitions |
|---|---|
 CONSTRUCTIVE NOTICE | Public notice given by recording a document with the county recorder |
| WILL | A written instrument by which a person makes a disposition (final settlement) of his or her property to take effect after his or her death |
| TITLE | Evidence of ownership of land |
| GRANTEE | The person receiving the property or to whom it is being conveyed |
| GRANTOR | The person conveying, or transferring, the property |
| HOLOGRAPHIC WILL | Written in the maker's own handwriting, dated, and signed by the maker |
| GIFT DEED | Used to make a gift of property to a grantee who is usually a close friend or relative |
| ACKNOWLEDGMENT | A signed statement, made before a notary public by a named person; confirming the signature on a document and that it was made of free will |
| CONSIDERATION | Anything of value; one of the essentials of a valid contract |
| INTESTATE | Dying without leaving a will |
| QUITCLAIM DEED | Transfers any interest the grantor may have at the time the deed is signed, with no warranties of clear title |
| CODICIL | A change in a will before the maker's death |
| ACTUAL NOTICE | Notice given by possession of property |
| ABSTRACT OF TITLE | A full summary of all consecutive grants, conveyences, wills, records and judicial proceedings affecting title to a specific parcel or real estate |
| WARRANTY DEED | A deed used to transfer title to property, guaranteeing that the title is clear and the grantor has the right to transfer it; no longer used in California |
| PRINCIPAL | Someone who directs or authorizes another to act in his or her place in regard to relations with third persons; buyer or seller |
| TESTATOR / TESTATRIX | A person who has made a will |
| PUBLIC GRANT | The transfer of title by the government to a private individual |
| BEQUEST | A gift of personal property by will (see legacy) |
| PUFFING | Exaggerated comments or opinions not made as representations of facts and thus not grounds for misrepresentations |
| ACTION | A lawsuit brought to court |
| COUNTEROFFER | The rejection of an original offer that becomes a new offer |
| RELICTION | Occurs when land that has been covered by water is exposed by the receding of the water |
| ADVERSE POSSESSION | Acquiring title to property by continued possession and payment of taxes |
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