5 Written questions
5 Matching questions
- General Warranty Deed
- Transfer Tax
- Vested Interest
- a The person transferring title to or an interest in real property to a grantee
- b Deed that offers the most protection in which grantor fully warrants good clear title to the premises
- c A present right, interest or title to property that gives the holder the right to convey it to another, even thought the right might not be enjoyed by one or both of the parties.
- d (1) The right to ownership or the ownership of land. (2) The evidence of ownership of land.
- e Tax on the transfer of real property; may require that stamps be attached to deed
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 legal process by which a court determines who will inherit a decedent's property and what the estate's assets are
- 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
- A written instrument that, when delivered, conveys title to or an interest in real estate
- Person dies without a valid will; his or her property will pass to heirs as provided in the state law of descent
5 True/False questions
Testate → Having made and left a valid will.
General Warranty Deed → 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."
Special Warranty Deed → Deed that offers the most protection in which grantor fully warrants good clear title to the premises
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
Acknowledgment → Formal declaration by someone like a notary that the signature is both voluntary (no force) and genuine (no forgery)