5 Written Questions
5 Matching Questions
- Special Warranty Deed
- Transfer Tax
- Bargain and Sale Deed
- a A legal process by which a court determines who will inherit a decedent's property and what the estate's assets are
- b A gift of real property by will. The donor is the devisor and the recipient is the devisee
- c A deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of his or her tenure and ownership of the property and not against defects existing before that time, generally using the language, "by, through, or under the grantor but not otherwise."
- d Tax on the transfer of real property; may require that stamps be attached to deed
- e A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. The grantor may add warranties to the deed at his or her discretion
5 Multiple Choice Questions
- "To have and to hold" clause in a deed defining the extent of ownership bing granted; i.e., a life estate or a defeasible fee
- A conveyance by which the grantor transfers whatever interest he or she has in real estate, without warranties or obligations
- Formal declaration by someone like a notary that the signature is both voluntary (no force) and genuine (no forgery)
- Having made and left a valid will.
- A person who has made a valid will. A woman often is referred to as a testatrix, although testator can be used for either gender.
5 True/False Questions
Deed → One who might inherit or succeed to an interest in land under the state law of descent when the owner dies without leaving a valid will
Granting Clause → Words in deed on conveyance that state the grantor's intention to convey the property at the present time. This clause is generally worded as "convey and warrant"; "grant"; "grant, bargain, and sell"; or the like
Grantee → The person who receives a conveyance of real property from a grantor
Reconveyance Deed → A conveyance by which the grantor transfers whatever interest he or she has in real estate, without warranties or obligations
Vested Interest → An instrument that grants a trustee under a land trust full power to sell, mortgage, and subdivide a parcel of real estate. The beneficiary controls the trustee's use of these powers under the provisions of the trust agreement