Level 11 MAIN SUMMARY EXAM QUESTIONS

Level 11 MAIN SUMMARY EXAM QUESTIONS of property happens when the current owner gives up the title to the property by deed or will. voluntary alienation A ____ is the voluntary alienation and transfer of an interest and rights in real property, such as a home or commercial real estate conveyance 00:0601:17 ownership rights in real property-interest in property and BUNDLE of rights title 6E (1) in TREC 1-4 family is REQUIRED notice LH must give buyer get title insurance or have abstract examined by attorney Written instrument used to TRANSFER title by VOLUNTARY CONVEYANCE deed Deed Recorded (not mandatory) in Public Record serves as physical proof of title holder's owership rights Deeds are recorded at county clerk's office where property is located A deed does NOT have to be recorded, but serves as CONSTRUCTIVE notice deed used to CORRECT title defect (misspelling, incorrect legal description, recorded easement missed, transfer in DIVORCE quitclaim-"I convey whatever interest I MIGHT have" Most frequently used deed: greatest protection w 5 warranties general warranty deed covenant of seisin-seller is owner covenant agst encumbrances-NO LIENS covenant of quiet enjoyement-good against 3rd party bringing suit covenant of further assurance-seller will make good any title problem covenant of warranty forever-IF title FAILS, seller will compensate buyer Process/Act of transferring property from ONE party to another alienation 2 types of alienation voluntary sale, gift, will VIA DEED (most common) involuntary operation of law *owner dies INTESTATE=law of descent (owner didn't get to choose 00:0201:17 Descedent dies WITH a will testate *will is similar to DEED=voluntary alienation Descedent dies WITHOUT a will intestate state determines heirs-law of descent=INVOLUNTARY Recipient of real property by will devisee Changing a will before death codicil Deeds are recorded (where) county clerk office where property is located voluntary alienation and TRANSFER of interest/rights in real property conveyance 3 recognizable conveyances (FREEHOLDS) -fee simple (absolute) -fee simple defeasable -life estate two parties to conveyance seller/owner=grantor (MUST SIGN DEED) grantee=gifted or purchases conveyance that may have limitations or conditions; may REVERT to original owner or 3rd party if violated fee simple defeasable determinable=NO COURT subject to condition subsequent=COURT interest in property measured by duration of individual's live life estate broadest property interest-PRESENT and FUTURE interest can sell or will fee simple (absolute) Person develops LEGIT ownership interest in another person's property via OPENLY HOSTILE, continuous use/occupation of land adverse possession *main use to settle boundary disputes In adverse possession, person doesn't have PERMISSION to occupy, BUT...has some kind of claim/right to land *claim on title *pays property taxes OWNER FAILS to take action to reclaim To protect themselves from fraud, homeowners can give 2 types of notice actual-possession constructive-record deed