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. . . This clause which begins with the words to have and to hold, restates that the grantors intention to convey the quantity of the state such as fee simple or a life estate shown in the granting clause. . d. The son has received title by a legacy. . . Chp 3 - Deeds Flashcards | Quizlet b. b. Which of the following do NOT need to be recorded? . . . Recorded. Determine the sample size needed for each of the following situations. Title to property may be transferred without the owner's consent by. Davis's son becomes the owner of Davis's land because Davis died without a will. . . A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is the person's act and deed is known as what? REF Unit 15 Flashcards | Quizlet . To be recorded the deed requires: . And for a deed to be watertight, it has to contain 6 elements. . . 3- by involuntary alienation. The court would order the home sold and the proceeds divided between the 2 claimants. 4. will. . . . . c. Certificate of title 3. . Best MidTerm Flashcards | Quizlet . Is primarily used in conjunction with subsurface mineral rights, 4. . Kevin is known as who in the transaction? 1,400,000RetainedEarnings. geography. Title that has been cleared by the County Clerk and Recorder's Office, 1. . . a. A provision in a deed limiting uses that may be made of the property, a violation of which results in liability in damages, is a restrictive condition. A tax deduction of 15% of the loss. The 90 -day note is at 11%11 \%11% interest. c. An easement for a fence. . . 3. In a quitclaim deed, the covenant of seizin means . \text{10} & \text{Collects \$400 cash on accounts receivable}\\ Judgment rolls Eminent domain . As a real estate agent, where should you search to find any records of violations on a property? . . a. 4. A deed which conveys simply the grantor's rights or interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or any other covenants is known as what? What type of deed makes such a covenant? You guarantee that no other person has the right to occupy the property. . Identify how each of the following separate transactions 1 through 10 affects financial statements. . . d. Habendum. What was the total finance charge on the loan? Study Hint: One may never claim a loss on the sale principle residence. . . What is the probability that the return was audited by the IRS? b. Ralph has no interest in the property. . Joe is selling his house to Kevin for $520,000. . . The Journal of Applied Business Research (January/February 2011) published a study on the offshoring phenomenon and its prevalence worldwide. b. ( i) It must indicate that the instrument itself conveys some privilege or thing to someone. . - most are warranty deed with covenance Suppose an individual tax return is randomly selected. File in the testate court. \text{2} & \text{Receives \$700 cash for services provided}\\ A person who dies testate has died with a valid will. . . b. d. property. Quitclaim deeds do not have a covenant of seizin. upon death the title transfers without going through probate. . }&{1,400,000}\\ The son has received title by descent. . c. Assemblage. . Premises- describes the facts of the transaction. involuntary alienation. . e. Sold 18,000 shares of treasury common for $7.50 per share. . . a. Although acknowledgment by the grantor on the deed is not essential to it's validity, it is essential before the deed can be recorded. b. Paid-InCapitalinExcessofParCommonStock. \text{6} & \text{Buys equipment for \$300 cash}\\ c. delivered and accepted. . . . A deed with a Habendum clause Is used to convey title to real estate owned by a descendent who dies testate, Is where the consideration is love and affection, and is considered valid unless the purpose of the gift deed is to defraud creditors, Is used by a guardian with permission of the court to transfer title to property owned by a minor, insane person or spendthrift. b. condemnation. 2. involuntary alienation . Which is the best deed he can use to convey the ranch with the least liability to himself? d. trust. a. Foreclosure. . a. an instinctual motivation . If a person dies intestate leaving real property as part of her estate, her heirs will acquire title according to: In a recent property sale, the deed of conveyance contained only the following guarantee: "This property was not encumbered during the time the current owner owned it, except as noted in this deed."