unit 12 real estate exam

What is title?

The right to and evidence of ownership of real estate.

What are four ways title can be transferred?

Voluntary alienation, involuntary alienation, will, and descent.

Who is the grantor?

The person transferring property.

Who is the grantee?

The person receiving property.

What is a deed?

A written instrument used to transfer title to real estate.

What are the basic Illinois requirements for a valid deed?

Legal-capacity grantor, identifiable grantee, granting clause, legal description, recital of consideration, and grantor's signature.

When does title pass from grantor to grantee?

When the grantor delivers the deed and the grantee accepts it.

Which deed provides the greatest protection?

General warranty deed.

What does a special warranty deed guarantee?

That the property is not encumbered except as stated in the deed.

What does a bargain and sale deed provide?

No warranties, but it implies that the grantor holds title.

What does a quitclaim deed provide?

No warranties; it conveys only whatever interest the grantor possesses.

Which deed provides the least protection?

Quitclaim deed.

What determines the type of deed?

The granting clause and its words of conveyance.

What is testate?

Dying with a valid will.

What is intestate?

Dying without a valid will.

Who receives property under a will?

Devisees.

What happens to real estate when an owner dies intestate?

It passes according to the state's laws of descent and distribution.

What is probate?

The legal process for administering a will.

What is acknowledgment?

Formal confirmation of the authenticity of a signature.

What is recording?

Placing the deed into the public land records.

Who generally pays state and county transfer tax stamps?

The seller.