National & State Exam Real Estate Licensing Exam | Questions & Answers (100% Verified)

National & State Exam Real Estate Licensing Exam | Questions & Answers (100% Verified) National & State Exam Real Estate Licensing Exam | Questions & Answers (100% Verified) Severalty Ownership - ANSWER - Ownership by one person Joint Tenancy - ANSWER - Shared ownership by two or more people having the right of survivorship. Automatic Survivorship - upon death, the interest passes automatically to the surviving person Community Property - ANSWER - At death, the deceased spouse's half passes to his/hers heirs. The surviving spouse retains his or her half share. No automatic right of survivorship Tenancy in Common - ANSWER - co-ownership by two or more persons with no right of survivorship. at a persons death, his/her share goes to his/her heirs. NOT MARRIED PEOPLE. Warranty Deed - ANSWER - conveys the seller's interest and warrants title against all claims. greatest protection to buyer Special Warranty Deed - ANSWER - Conveys the seller's interest and warrants title against claims arising only from the seller's actions Patent (land patent) - ANSWER - an instrument that conveys real property from the state or federal government to an individual Beneficiary Deed - ANSWER - a deed which specifies who will receive real estate when the owner dies. Disclaimer Deed - ANSWER - document signed by one spouse prior to the other spouse acquiring property in order to prevent it from becoming community property Habendum Clause - ANSWER - Explains or defines the title being transferred. Includes the words "to have and to hold" Requirements for a valid deed - ANSWER - Signed by the grantor. Notarized Delivered (recorded) Affidavit of Value - ANSWER - must accompany a deed in order to be recorded. SIGNED BY BOTH PARTIES must have property description