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Details Title: Florida Real Estate Description: Chapter 9 Total Flash Cards: 62 Created: 06/05/2005 12:16:31	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term abstract of title Definition summary report of what the title search found in public record Term acknowledgement Definition formal declaration before a notary public by a grantor that he/she is signing of free will Term adverse possession Definition method of obtaining title to property by occupying it contrary to the interests of the owner Term alienation Definition act of transferring ownership, title, or an interest in real property Term chain of title Definition listing of all previous owners Term condemnation Definition taking of private property for public purpose under eminent domain Term construction lien Definition claim based on "unjust enrichment" (party performs labor or delivered materials without compensation) Term constructive notice Definition recording of a document that gives adequate "Notice to All" Term deed Definition written instrument that conveys title to real property Term deed restriction Definition provision placed in deeds to control future uses of property Term easement Definition the right to use another's property for a specific use Term eminent domain Definition gives government the power to take land from the owner through a legal process called condemnation Term encroachment Definition unauthorized use of another's property Term escheat Definition reversion of property to the state when an owner dies without a will or known heirs Term further assurance Definition covenant under a General Warranty Deed that guarantees the grantor will sign and deliver any legal documents that might be needed to make the title good in the future Term general lien Definition claim that may affect all of the properties of a debtor Term general warranty deed Definition standard, full-protection deed- Term grantee Definition new owner receiving title Term granting clause Definition provision in deed that specifies 1) names of parties involved, 2) words of conveyance, 3) description of property Term grantor Definition owner giving title Term gross lease Definition tenant pays fixed rent and the landlord pays all other expenses (taxes, insurance, repairs, etc.) Term ground lease Definition tenant leases- land only Term habendum clause Definition have & hold- Term intestate Definition without a will- Term lenders policy Definition 1) issued for unpaid mortgage amount, 2) protects lender against title defects, 3) unlike owners title insurance, lenders title insurance is transferable. Term lien Definition claim on property for payment- Term lis pendens Definition a pending legal action (not a lien) Term net lease Definition typically commercial, the tenant pays a fixed rent plus property costs (maintenance and operating expenses) Term opinion of title Definition a list of any defects on the title and an attorneys opinion if the title is marketable. Term owners policy Definition 1) issued for the total purchase price of the policy, 2) one-time premium is paid when issued, 3) the policy is not transferable. Term percentage lease Definition tenant pays rent based on gross sales received by doing business on leased property Term police power Definition authority of the government to protect the property, life, health, and welfare of its citizens Term quiet enjoyment Definition covenant under a General Warranty Deed that guarantees peaceful possession undisturbed by claims of title Term quitclaim deed Definition current owner (grantor) signs over to new owner all of his/her rights, title, and interest to the property Term restrictive covenants Definition conditions placed by developers that affect how land can be used in a subdivision Term seisin Definition seller gives buyer the right to "seize" the property Term specific liens Definition claims that affect only the property designated in the lien Term testate Definition with a will Term title insurance Definition protects policyholder from losses arising from title defects Term title search Definition examination of all public records to determine whether any defects exist on a title Term variable lease Definition tenant pays specific rent increases as agreed upon Term warranty forever Definition covenant under a General Warranty Deed that guarantees the Grantor will forever warrant the Grantee's title against defect Term Deed conveys (transfers) what? Definition legal title Term Personal Representative Deed Definition person appointed by will or court to settle on behalf of a deceased person Term convey Definition transfer Term private grant Definition a voluntary transfer of title from one private party to another Term public grant Definition a transfer of title from any level of government to a private party Term the three most important subcategories of public or governmental limitations on ownership of real property are Definition police power eminent domain taxation Term for a deed to be a valid competent Definition grantor and two witnesses must sign the instrument Term the sale contract does not specify the type of deed to be delivered use a Definition general warranty deed Term the process of taking property under the power of eminent domain is called Definition condemnation Term the purpose of recording a deed is to Definition give constructive notice of ownership Term the provision in the deed that names the parties and contains the granting clause is the Definition premises Term when a lis pendence is filed properly with the County Clerk it becomes a type of Definition constructive notice Term elements of a deed Definition C-consideration E-execution D-description of property D-delivery and acceptance I-interest or estate being conveyed N-names of grantee and grantor G-granting and the other appropriate clauses CEDDING Term special warranty deed Definition I have the right to sell have no responsibility on title Term guardian deed Definition for minors Term committees deed Definition all members of the committee must sign fiduciary disclosure stating that they are working with your best interest in mind Term testator Definition male Term testatrix Definition female Term decedent Definition deceased person Term devisee Definition recipient of real property