Gold Coast Florida Real Estate Exam - Chapter 9 Complete Questions and Answers

Gold Coast Florida Real Estate Exam - Chapter 9 Complete Questions and Answers Title to Real Property Title means ownership. Constructive Notice also called legal notice, is achieved by recording documents in the public records. Marketable or merchantable title is title in fee simple that is free from litigation and defects A search of the public records, linking all past owners of a parcel of land, from the root of the title to the present day, is called chain of title or an Abstract When an attorney conducts such a review and renders an opinion, it is called an opinion of title Title Insurance Provides protection against losses as the result of a defective title. The policy is not transferrable Transferring or conveying ownership from one party to another is called "alienation of title". Alienation may be voluntary or involuntary. Define a Public Grant Transfer of title from the government to an individual Define a Deed A document that conveys title from one party to another Define a Will A document that provides for the transfer of title upon death Define Adverse Possession A legal principle under which an owner may lose title to another person who has taken control of the property. In adverse possession, the person taking possession must enter into -Open -Adverse -Hostile -Exclusive -For 7 years Define Estoppell A legal principle under which ownership may be lost because of the owner's failure to provide public notice of ownership. Eminent Domain The government's right to take private property for public benefit Escheat Reversion of property to the state if someone dies intestate and with no heirs Transferring or conveying ownership from one party to another is called Alienation of Title Alienation of title is accomplished by executing a document called a deed. Clauses in Deeds A Premises Clause is the only legally necessary clause required in a deed Names the Parties Contains Words of Conveyance States a Consideration Includes Date of Transfer And provides the Legal Description Clauses in Deeds A Habendum Clause Aka To have and to hold Specifies legal rights to be conveyed A Quitclaim Deed contains what kind of warrants? Contains no warrants of any kind In a Quitclaim Deed the grantor does what? relinquishes any interest to the grantee