ALP Real Estate & Property Law Flashcards
6 cards from real ALP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 ALP Real Estate & Property Law flashcards as text
What legal instrument transfers ownership of real property from a seller to a buyer?
Answer: Deed
A deed is the written instrument that conveys title to real property from the grantor to the grantee.
What is 'eminent domain' in U.S. property law?
Answer: The government's power to take private property for public use with just compensation
Eminent domain is the constitutional power of federal, state, and local governments to take private property for public use, conditioned on payment of just compensation.
A 'lien' on real property represents:
Answer: A legal claim against the property as security for a debt or obligation
A lien is a security interest or legal claim attached to real property that must generally be satisfied before the property can be transferred free and clear.
What does title insurance protect against in a real estate transaction?
Answer: Financial losses from title defects or ownership disputes discovered after closing
Title insurance protects buyers and lenders from financial loss due to defects in title such as undiscovered liens, encumbrances, or competing ownership claims.
An 'easement' in property law is best described as:
Answer: The right to use another person's land for a specific, defined purpose
An easement is a nonpossessory right to use another party's property for a specific purpose, such as access or utility installation.
Which type of deed provides a buyer with the greatest level of title protection?
Answer: General warranty deed
A general warranty deed warrants title against all defects, even those arising before the grantor held the property, providing the most comprehensive buyer protection.