Section 2 Barney Fletcher GA Exam Questions and Answers (Graded A)

Section 2 Barney Fletcher GA Exam Questions and Answers (Graded A) Title - Ans ️️ The right to, ownership of land. Alienation of title - Ans ️️ any change of ownership THREE TYPES OF TITLES - Ans ️️ LEGAL TITLE EQUITABLE TITLE BARE LEGAL TITLE legal title - Ans ️️ The right of ownership possession,use,occupancy,and enjoyment of a parcel of real property held by an owner. Equitable Title - Ans ️️ The interest in a piece of a real estate held by a buyer under a real estate sales contract, or a contract for a deed, obtain absolute ownership of the property at a future Special Warranty Deed - Ans ️️ A deed in which the grantor warrants only against claims that arise from his ownership Right of Survivorship - Ans ️️ The right whereby a surviving joint tenant gains sole title to the property Junior Lien - Ans ️️ A lien whose claim upon the asset is subordinate to another lien. The order of priority is usually established according to date of recordation. indefeasible title - Ans ️️ Title which is guaranteed by the court under the Torrens system or registered land system Grant, Grantor, Grantee - Ans ️️ To transfer the title to real property by deed The grantor is the person making the transfer; the grantee is the recipient. Grantee/Grantor Index alphabetically lists documents in public recorders office according to grantees or grantors. freehold - Ans ️️ An interest in real property of a life estate or greater Trust Deed - Ans ️️ An instrument held by a third party as security for the payment of a note. Unlike a mortgage, a trust deed has a power of sale, allowing the trustee to foreclose non-judiciary. Title Theory State - Ans ️️ A state where the mortgage lender has title to the property until the debt is repaid quiet title action - Ans ️️ A court action brought to establish clear title; to remove a cloud on the title It is used to determine who has rightful ownership in real property