A3 Flashcards
Who collects the tax stamp fee for state fee that is required by the state of Arizona?
County treasurers office
Buyers agent
County recorders office
Escrow company
County recorders office
QUESTION RATIONALE
Arizona law requires the county recorder to collect the real estate transfer fee
In Arizona, one may obtain title under which of the following?
License action
Easement by prescription
Adverse possession
Disclaimer deed
Adverse possession
Standard title insurance policy would be for the benefit of the:
Grantor
Grantee
Trustee
Beneficiary
Grantee
When a person dies with a will, which of the following statements would be false?
Heir may contest the will
An executor would oversee the probate process
The estate could be subject to taxes before any property is transferred
The estate would not be subject to probate because the party died with a will
The estate would not be subject to probate because the party died with a will
QUESTION RATIONALE
“The estate would not be subject to probate because the party died with a will” is a false statement. A will is probated.
Who signs a deed of conveyance?
Grantor
Beneficiary
Vendee
Trustee
Grantor
An Affidavit of Value requires which of the following?
All of these
Grantee’s name and signature
Grantor’s name and signature
Sales price of the property
All of these
QUESTION RATIONALE
An affidavit is a written? sworn statement and this one is swearing to the value of the property. It takes the buyer AND the seller to establish the value with stating the sales price. Note: a., b. and c. read together define what an affidavit of value is.
An ALTA title insurance policy would cover which of the following?
Methods of repayment
Errors in survey
Environmental problems
Unrecorded IRS liens
Errors in survey
Rent control would least likely benefit who
Property Owner
Two people own property and one of them passes away. How was the title held if the heirs receive no interest in the property?
Joint Tenancy
RATIONALE
They held title as joint tenants because in joint tenancy the property passes to remaining owners of the property. Since the question states that the heirs receive no interest then it couldn’t have been tenancy in common. All the other answers allow property to pass to heirs. Sole and separate and in severalty are the same answer and are used if only one person owned.
A property is held in joint tenancy and one of the parties dies testate, what happens with the property?
Goes to the joint tenant survivor
Who is covered by an ALTA policy
Beneficiary
Redecoration of the deed is the responsibility of the
Grantee
A standard form of title insurance would insure against
Defects recorded but overlooked
If a property owner does not evict a trespasser after a period of time, they may acquire an
Easement by Prescription
When a simple assumption is done, who is responsible for the loan
Both buyer and seller are responsible for the loan
