PSI Real Estate Exam: Transfer of Title
(2022/2023) Already Passed
Acknowledgment ✔✔When a person who has signed a document formally declares to an
authorized official (usually a notary public) that he or she signed voluntarily. The official
certifies that the signature is voluntary and genuine.
Adverse Possession ✔✔Acquiring title to someone else's real property by possession of it. The
possession must be open and notorious, hostile and adverse, exclusive, and continuous for more
than 21 years.
Bargain and Sale Deed ✔✔A deed that implies the grantor owns the property and has the right to
convey it, but does not carry any warranties.
Bequest ✔✔Personal property transferred by a will.
Covenant ✔✔1. A contract. 2. A promise. 3. A guarantee (express or implied) in a document
such as a deed or lease. 4. A restrictive covenant. (Typical ______s compel or prevent certain
actions by the property owner or uses for the property.)
, Deed ✔✔An instrument that conveys ownership of real property from the grantor to the grantee.
Deed of Trust ✔✔An instrument held by a third party as security for the payment of a note
(rarely used in Ohio). Like a mortgage, it creates a voluntary lien on real property to secure
repayment of a debt. The parties to a ____ are the grantor or trustor (borrower), benficiary
(lender), and trustee (neutral third party). Unlike a mortgage, a _____ includes a power of sale,
allowing the trustee to foreclose non-judicially,
Devise ✔✔1. (noun) Real property transferred in a will. 2. (verb) To transfer real property by
will.
Devisee ✔✔A recipient of real property under a will.
Executor ✔✔A person appointed in a will to carry out the provisions of the will.
General Warranty Deed ✔✔A deed in which the grantor warrants title against defects that might
have arisen before or during his or her period of ownership.
Grantee ✔✔Person receiving a grant of real property.
(2022/2023) Already Passed
Acknowledgment ✔✔When a person who has signed a document formally declares to an
authorized official (usually a notary public) that he or she signed voluntarily. The official
certifies that the signature is voluntary and genuine.
Adverse Possession ✔✔Acquiring title to someone else's real property by possession of it. The
possession must be open and notorious, hostile and adverse, exclusive, and continuous for more
than 21 years.
Bargain and Sale Deed ✔✔A deed that implies the grantor owns the property and has the right to
convey it, but does not carry any warranties.
Bequest ✔✔Personal property transferred by a will.
Covenant ✔✔1. A contract. 2. A promise. 3. A guarantee (express or implied) in a document
such as a deed or lease. 4. A restrictive covenant. (Typical ______s compel or prevent certain
actions by the property owner or uses for the property.)
, Deed ✔✔An instrument that conveys ownership of real property from the grantor to the grantee.
Deed of Trust ✔✔An instrument held by a third party as security for the payment of a note
(rarely used in Ohio). Like a mortgage, it creates a voluntary lien on real property to secure
repayment of a debt. The parties to a ____ are the grantor or trustor (borrower), benficiary
(lender), and trustee (neutral third party). Unlike a mortgage, a _____ includes a power of sale,
allowing the trustee to foreclose non-judicially,
Devise ✔✔1. (noun) Real property transferred in a will. 2. (verb) To transfer real property by
will.
Devisee ✔✔A recipient of real property under a will.
Executor ✔✔A person appointed in a will to carry out the provisions of the will.
General Warranty Deed ✔✔A deed in which the grantor warrants title against defects that might
have arisen before or during his or her period of ownership.
Grantee ✔✔Person receiving a grant of real property.
