PSI Real Estate Exam: Transfer of Title Flashcards

PSI Real Estate Exam: Transfer of Title Flashcards

TestatorA man who makes a will.Voluntary AlienationWhen an owner voluntarily transfers an interest to someone else.LegacyReceiving money by will.DeviseeA recipient of real property under a will.General Warranty DeedA deed in which the grantor warrants title against defects that might have arisen before or during his or her period of ownership.Power of AttorneyAn instrument authorizing one person (called an attorney in fact) to act as another's agent, to the extent stated in the instrument.Deed of TrustAn instrument held by a third party as security for the payment of a note (rarely used in Ohio). Like a mortgage, it creates a voluntary lien on real property to secure repayment of a debt. The parties to a ____ are the grantor or trustor (borrower), benficiary (lender), and trustee (neutral third party). Unlike a mortgage, a _____ includes a power of sale, allowing the trustee to foreclose non-judicially, GranteePerson receiving a grant of real property.Bargain and Sale DeedA deed that implies the grantor owns the property and has the right to convey it, but does not carry any warranties.TestateRefers to someone who has died and left a will.TitleActual lawful ownership of real property. (This is NOT a document, but rather a concept or theory dealing with ownership.) Special Warranty DeedA deed in which the grantor warrants title only against defects arising during the time he or she owned the property, and not against defects arising before his or her time of ownership.Habendum ClauseClause included after granting clause in many deeds; begins 'to have and to hold,' describing the type of estate granted.BequestPersonal property transferred by a will.Devise1. (noun) Real property transferred in a will. 2. (verb) To transfer real property by will.MortgagorA person who borrows money and gives a mortgage to the lender as security.Granting ClauseDeed clause stating a grantor's intent to transfer an interest in real property.

ExecutorA person appointed in a will to carry out the provisions of the will.ProbateA judicial proceeding in which the validity of a will is established and the executor is authorized to distribute the estate property; or, when there is no valid will, a judicial proceeding in which an administrator is appointed to distribute the estate to heirs according to the laws of intestate succession.Covenant1. A contract. 2. A promise. 3. A guarantee (express or implied) in a document such as a deed or lease. 4. A restrictive covenant. (Typical ______s compel or prevent certain actions by the property owner or uses for the property.) GrantorPerson who grants an interest in real property to another.Involuntary AlienationThe transfer of an interest in property against the will of the owner, or without action by the owner, occurring through operation of law, natural processes, or adverse possession.AcknowledgmentWhen a person who has signed a document formally declares to an authorized official (usually a notary public) that he or she signed voluntarily. The official certifies that the signature is voluntary and genuine.ReconveyanceInstrument that releases security property from the lien created by a deed of trust; equivalent of satisfaction of mortgage.Adverse PossessionAcquiring title to someone else's real property by possession of it. The possession must be open and notorious, hostile and adverse, exclusive, and continuous for more than 21 years.Quitclaim DeedA deed that conveys any interest in a piece of real property the grantor has at the time the deed is executed. This type of deed is often used to clear up a cloud on the title. It contains no warranties of any kind.MortgageeA lender who accepts a mortgage as security for repayment of the loan.DeedAn instrument that conveys ownership of real property from the grantor to the grantee.IntestateDying without leaving a will.