Real Estate Fundamentals - Chapter 11: Title To Real Property

1.

The right of ownership of property is known as "title".
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The term "title" refers to the legal right of ownership or possession of a property. It is a legal concept that establishes the owner's rights and responsibilities regarding the property. Therefore, the statement that the right of ownership of property is known as "title" is true.

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2.

The technical and legal name for "squatter's rights" is naked possession.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The statement is true. "Squatter's rights" refers to the legal concept of adverse possession, where a person can gain ownership of a property by occupying it continuously for a specified period of time without the permission of the owner. The term "naked possession" is another name for squatter's rights, referring to the possession of the property without any legal right or claim.

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3.

Another kind of title is known as "Color of Title".This occurs when the holder has a title that is superior to that of anyone else. It can withstand legal claims of ownership by all others and consequently is insurable.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The kind of title described above is a "Good Title".

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4.

Under "right of possession" a person represents an interest in real property without actual right of ownership. It is the kind of interest that a tenant would have in real property under the terms of a lease. The tenant would have the right to occupy the property known as the right of possession.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Under "right of possession," a person has an interest in real property without actual ownership. This type of interest is similar to what a tenant would have under a lease, where they have the right to occupy the property. Therefore, the statement is true.

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5.

The strongest kind of title is called "equitable title" It has all the features of a good title including full ownership that is good against the claims of others, plus it has the actual physical occupancy contained in naked possession.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The strongest kind of title is Complete Good Title. It has the features of a good title including full ownership that is good against the claims of all others, but adds TWO more components, those of being the RIGHT OF POSSESSION that a tenant would have and the actual PHYSICAL OCCUPANCY contained in naked possession.

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6.

Another category of title called "equitable title" occurs when a party does nto hold legal title but has the right to obtain full legal title at some point in the future when all the provisions of a contract are fulfilled.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Equitable title refers to a situation where a party does not currently hold legal title to a property but has the right to obtain full legal title in the future, once all the conditions of a contract are met. This means that even though the party does not have legal ownership at present, they have a legitimate claim to the property and can acquire legal title in due course. Therefore, the statement "True" is correct in this context.

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7.

The Latin phrase "mei Canis Vescor Osis" means "let the buyer beware"
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The term for "Buyer Beware" is "Caveat Emptor"

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8.

The "chain of title" is the list of previous owners of real property and a record of their transfers of title.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The "chain of title" refers to the history of ownership of a piece of real property, documenting all the previous owners and the transfers of title that have occurred over time. It is an important record that establishes the current owner's legal right to the property. Therefore, the given statement is true as it accurately describes the concept of the chain of title.

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9.

A "suit to quiet title" is a title defect or imperfection.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
A "suit to quiet title" is a lawsuit to establish good title by allowing any and all claimants to present evidence of ownership.

A title defect or imperfection is called a "cloud on the title".

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10.

A "certificate of title" is a summarized list of the recorded claims, conveyances, documents, and legal instruments that affect the title to real property.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
A summarized list of the recorded claims, conveyances, documents, and legal instruments that affect the title to real property is known as an "abstract of title".

A "certificate of title" is the written opinion of an attorney on the status of a title after examining the abstract of title.

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11.

"Title Insurance" provides a policy which insures for claims of title against the new owner during the owner's time of ownership of the property.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Title insurance is a type of insurance that protects the new owner of a property against any claims or disputes regarding the title of the property. This means that if someone were to come forward with a claim to the property, such as a previous owner or a lienholder, the title insurance policy would cover the costs of defending against the claim and potentially compensating the owner for any losses. Therefore, the statement that "Title Insurance provides a policy which insures for claims of title against the new owner during the owner's time of ownership of the property" is true.

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12.

Death of an owner of real property will automatically result in the transfer of title of that property. If an owner dies testate (with a will) the title would automatically convey to whoever is designated to recieve the title in the will.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
When an owner of real property dies, the title of that property automatically transfers to someone else. If the owner dies testate, meaning they have a will, the title will be conveyed to the person designated in the will to receive it. This means that the statement "Death of an owner of real property will automatically result in the transfer of title of that property" is true.

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13.

If an owner dies intestate and there are no heirs, the title to real property will escheat (return) to the county since the property cannot remain unowned.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The property would return to the STATE, not the county.

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14.

When a real estate developer makes a public grant by giving the streets in a subdivision to the local government it is commonly known as "voluntary alienation".
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
This granting of streets in a subdivision is known as a "dedication".

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15.

The taking of a title to real property away from an owner by making a successful claim based on physically occupying an owner's property in an open, visible , continuous manner, against the owner's consent and for a minimum time of 21 years is known as a suit to quiet title.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
This is known as a claim of "Adverse Possession".

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Real Estate Fundamentals - Chapter 11: Title To Real Property

The right of ownership of property is known as "title".

The technical and legal name for "squatter's rights" is naked possession.

Another kind of title is known as "Color of Title".This occurs when the holder has a title that is superior to that of anyone else. It can withstand legal claims of ownership by all others and consequently is insurable.

Under "right of possession" a person represents an interest in real property without actual right of ownership. It is the kind of interest that a tenant would have in real property under the terms of a lease. The tenant would have the right to occupy the property known as the right of possession.

The strongest kind of title is called "equitable title" It has all the features of a good title including full ownership that is good against the claims of others, plus it has the actual physical occupancy contained in naked possession.

Another category of title called "equitable title" occurs when a party does nto hold legal title but has the right to obtain full legal title at some point in the future when all the provisions of a contract are fulfilled.

The Latin phrase "mei Canis Vescor Osis" means "let the buyer beware"

The "chain of title" is the list of previous owners of real property and a record of their transfers of title.

A "suit to quiet title" is a title defect or imperfection.

A "certificate of title" is a summarized list of the recorded claims, conveyances, documents, and legal instruments that affect the title to real property.

"Title Insurance" provides a policy which insures for claims of title against the new owner during the owner's time of ownership of the property.

Death of an owner of real property will automatically result in the transfer of title of that property. If an owner dies testate (with a will) the title would automatically convey to whoever is designated to recieve the title in the will.

If an owner dies intestate and there are no heirs, the title to real property will escheat (return) to the county since the property cannot remain unowned.

When a real estate developer makes a public grant by giving the streets in a subdivision to the local government it is commonly known as "voluntary alienation".

The taking of a title to real property away from an owner by making a successful claim based on physically occupying an owner's property in an open, visible , continuous manner, against the owner's consent and for a minimum time of 21 years is known as a suit to quiet title.