Texas Law of Contracts - Chp. 9 Conveyance of Title

Title

The evidence of right which a person has to the ownership and possession of land, commonly considered as a history of rights.

Voluntary Alienation

Transfer of title freely by the owner.

Deed

Evidence of ownership is shown by the

EVIDENCE of ownership

Title does not show.....it is the RIGHT of ownership

A written document by which ownership of land is transferred from one party to another.

Deed

Grantee

A person who acquires an interest in land by deed, grant, or other written instrument.

Grantor

A person, who by a written instrument, transfers to another the interest in land.

General Warranty Deed

A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the lawful claims of third persons.

Special Warranty Deed

A deed in which the seller warrants or guarantees the title only against defects arising during the period of his or her tenure or ownership of the property.

Bargain and Sale Deed

Any deed that recites a consideration and purports to convey the real estate; a bargain and sale deed with a covenant against the grantor's act is one in which the grantor warrants that grantor has done nothing to harm or cloud the title.

Quitclaim Deed

A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest.

Which of the following is required in a valid deed...?

Consideration

Signature of the grantee

Title insurance

A survey of the property

Consideration

Ely is in the process of purchasing a new house. Since Ely will be acquiring title to the property, he is considered the...?

Grantor

Grantee

Trustor

Trustee

Grantee

Which of the following is an example of voluntary alienation...?

Condemnation

Selling a property

Foreclosure

All of the above

Selling a property

A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the lawful claims of third persons is referred to as a...?

General warranty deed

Special warranty deed

Quitclaim deed

Bargain and sale deed

General warranty deed

A person who acquires an interest in land by deed, grant, or other written instrument is referred to as the...?

Grantor

Grantee

Trustor

Trustee

Grantee

A written document by which ownership of land is transferred from one party to another is referred to as a...?

Title

Promissory note

Deed

Mortgage

Deed

The evidence of right which a person has to the ownership and possession of land is referred to as...?

Title

Deed

Bundle of rights

Warranty

Title

Involuntary Alienation

Transfer of title to real property as a result of a lien foreclosure sale, adverse possession, the filing of a petition in bankruptcy, or condemnation under power of eminent domain or upon the death of the titleholder, to the State when there are no heirs.

Constructive Notice

A fact, imputed to a person by law, which should have been discovered because of the person's actual notice of circumstances and the inquiry that a prudent person would have been expected to make.

Actual Notice

Express or implied knowledge of a fact

Marketable Title

Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept.

Chain of Title

A term applied to the past series of transactions and documents affecting the title to a given parcel of land.

Clouded Title

Title that is encumbered or burdened with defects.

Title Search

An examination of public records, laws, and court decisions to disclose the current facts regarding the ownership of real estate.

Abstract of Title

A condensed history, or summary of all transactions affecting a particular tract of land.

Title Insurance

Insurance against loss or damage resulting from defects or failure of title to a given parcel of real estate.

A condensed history, or summary of all transactions affecting a particular tract of land is known as a...?

Abstract of title

Chain of title

Clouded title

General title

Abstract of title

An examination of public records, laws, and court decisions to disclose the current facts regarding the ownership of real estate is known as a...?

Abstract of title

History of title

General title

Title search

Title search

Title that is encumbered or burdened with defects is referred to as...?

Imperfect title

Marketable title

Clouded title

All of the above

Clouded title

The past series of transactions and documents affecting the title to a given parcel of land is known as...?

Abstract of title

Chain of title

Clouded title

Transferred title

Chain of title

Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept is known as...?

General title

Warranty of title

Marketable title

Reasonable title

Marketable title

The express or implied knowledge of a fact is known as...?

Actual notice

Constructive notice

Recorded notice

Evidence of notice

Actual notice

At closing Buyer Betsy and George were provided a deed to transfer the property to them from the seller. What type of deed would Buyer Betsy and George most likely receive from the seller at closing if there were no issues at all with the title of the property?

ASpecial Warranty Deed

BGeneral Warranty Deed

CQuitclaim Deed

DBargain And Sale Deed

General Warranty Deed

When transferring the property to Buyer Betsy and George the seller would need to sign the deed as the __________ and Buyer Betsy and George would need to sign the deed as __________?

AGrantor / Grantee

BGrantee / Grantor

CTrustor / Trustee

DNone of the above

Grantor / Grantee

Since Buyer Betsy and George decided had to obtain a loan on the property because they did not have the funds to purchase the property outright, this would be what type of encumbrance on the property?

AInvoluntary alienation

BVoluntary alienation

CIntrinsic alienation

DBoth b and c

Voluntary alienation

Which of the following deeds offers the most amount of protection to the buyer...?

AGeneral warranty deed

BSpecial warranty deed

CQuitclaim deed

DBargain and sale deed

General warranty deed

The seller in a residential sales transaction is considered the...?

AGrantor

BGrantee

CTrustee

DTrustor

Grantor

Which of the following is required in a valid deed...?

AAll of the above

BConsideration

CHabendum clause

DA granting clause

All of the below

BConsideration

CHabendum clause

DA granting clause

Liens are generally prioritized based on which of the following...?

AThe date when the lien was recorded

BThe amount of the lien

CThe desire of the property owner

DLiens are not prioritized over one another

The date when the lien was recorded

David recently lost his property through a foreclosure sale. This is an example of...?

AInvoluntary alienation

BVoluntary alienation

CImproper transfer

DVoluntary grant

Involuntary alienation