legal aspects chapter 10 Flashcards

legal aspects chapter 10 Flashcards A person named in a will to carry out its provisions as to the disposition of the estate of a deceased person is referred to as a...?executor Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept is known as...?marketable title Voluntary alienation is primarily done through a...?deed There are two types of title insurance, standard coverage and...?extended coverage A person who dies having made no will is said to have died...?intestate A formal declaration made before an authorized person by a person who has executed an instrument stating that the execution was his or her free act, is referred to as a/an...?acknowledgement A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the unlawful claims of third persons, is referred to as a...?warranty deed A written instrument, which when properly executed and delivered, conveys title to real property from one person to another is referred to as a/an...?deed Witnessed will must be notarized...? (t/f) true The process of gradual growth or increase over a period of time from naturally occurring events, resulting in additional layers of matter is known as...?accretion A written, legal declaration of a person expressing his or her desires for the disposition of that person's property after his or her death is referred to as a...?will Title which is not encumbered or burdened with defects is known as...?clear title This is a procedure whereby property pledged for a debt is sold to pay the debt in event of default in payments or terms...?foreclosure All deeds must be in writing...? (t/f)true Title that is encumbered or burdened with defects is known as...?clouded title The reversion of the State of property in event the owner thereof abandons it or dies, without leaving a will and has no distributes to whom the property may pass by lawful descent, is known as...?escheat

Transfer of title freely by the owner is known as...?voluntary alienation Having made a valid will before one dies is referred to as...?testate A method of acquiring title to real property by conforming to statutory requirements is known as...?adverse possession A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest, is known as a...?quitclaim deed The taking of private property for public use, with fair compensation to the owner, is known as...?condemnation One who makes a will is referred to as the...? testator The right of the government to acquire property for necessary public or quasi-public use by condition is known as...?eminent domain Insurance against loss or damage resulting from defects or failure of title to a given parcel of real estate is known as...?title insurance The official proving of a will is referred to as...?probate Which of the following is an example of involuntary alienation...?ForeclosureAdverse possessionCondemnation A deed in which the grantor warrants or guarantees the title only against defects arising during grantor's ownership of the property and not against defects existing before the time of grantor's ownership is referred to as a...?special warranty One who receives a gift of real property by will is referred to as a...?devisee One who disposes of real property by will is referred to as a...?devisor The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public is known as...?police power