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Social Science Law Civil Law Unit 3 taxation, deeds, title 113 questions and correct answers (elaborations) with 100% accurate , verified , latest fully updated , 2024/2025 ,already passed , graded a+, complete solutions guarantee distinctions rationales|
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Social Science Law Civil Law Unit 3 taxation, deeds, title 113 questions and correct answers (elaborations) with 100% accurate , verified , latest fully updated , 2024/2025 ,already passed , graded a+, complete solutions guarantee distinctions rationales| 5-star rating
STUVIA 2024/2025
1. Social Science
2. Law
3. Civil Law
Unit 3 taxation, deeds, title
Terms in this set (113)
Original
Abstract and Opinion
A historical record of the documents on a property PLUS the written opinion of an attorney concerning
the quality of the chain of title.
Abstract of Title
A complete historical summary of all recorded documents affecting the title of a property.
Accelerated Depreciation
is any method of depreciation used for accounting or income tax purposes that allows greater
deductions in the earlier years of the life of an asset.
also allows the deduction of higher expenses in the first years after purchase and lower expenses as
the depreciated item ages.
Acceptance
%
Communication to an offeror that the recipient (offeree) finds the terms and conditions of an offer
acceptable. Turns an offer to a binding contract.
Acknowledgement
Written declaration by a person who signs a document that he or she is actually who he or she claims
to be. Are witnessed by a notary public or other authorized official.
Actual notice
Knowledge gained from what one has seen, heard, read, or observed.
Adjusted Basis
Original cost of a property + the cost of capital improvements made, minus depreciation.
Adjusted Gross Income
An accounting term used for purposes of tax calculations. ——- income minus adjustments to
income.
Administrator/Administratrix
A person chosen by the court to be the legal representative of a deceased person's estate in cases
where the individual dies without a will or without having named an executor.
Administrator's Deed
A document transferring real estate from a deceased person who did not identity an executor.
Adverse Possession
A claim of title based on knowingly occupying a property for an uninterrupted and continuous period
of time without the owner's consent. The time is set by state law.
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, STUVIA 2024/2025
After Acquired Interest
An interest the grantor acquires after title has passed to a grantee.
Alienation
Transfer of ownership, title or interest in real property; either voluntarily (sale, gift or lease) or
involuntarily (foreclosure).
American Land Title Company (A.L.T.A.)
An association of title companies that created uniform title forms and policies, with standardized
requirements and title exceptions, enabling lenders to rely on the security and thus make out-of-state
loans.
does not cover facts which a survey should show, parties in possession, unrecorded mechanics' liens,
or governmental limitations (zoning).
Bargain and Sale Deed
does not warrant against any encumbrances. It does imply that the grantor holds title to the property.
Basis
Original cost of a property for tax purposes.
Bequest
A gift of personal property under a will, as well as the property itself.
Bill of Sale
A written document by which one person transfers personal property to another.
Boot
%
Money or unlike property given to make up any difference in equity in a 1031 tax deferred exchange.
It is taxable to the recipient.
Capital gain
the difference between the selling price and purchase price.
Certificate of Title
A statement of opinion prepared by a title company, licensed abstractor or attorney on the status of
title to a parcel of real property, based on an examination of public records.
Chain of Title
linked from the first recorded title of a property down through each subsequent conveyance.
Cloud on Title
Any claim or encumbrance which, if valid, affects the title or interest that a present owner claims to
have in the property.
Codicil
A written supplement or amendment to an existing will.
Commercial Assessed Valuation
A percentage of actual value for non-residential property used to compute property tax.
Condition Precedent
must be met prior to the transfer of title.
Conservation Easement
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