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AZ Real Estate Agent License 2020 > Deeds and Title Insurance 13 > Flashcards

Deeds and Title Insurance 13 Flashcards

1
Q

R________ -

Giving Constructive Notice to the General Public - Becomes Public Record

A

Recording -

Giving Constructive Notice to the General Public - Become Public Record

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2
Q

Written Instrument that Transfers Ownership of Real Property.

A

Deed -

Written Instrument that Transfers Ownership of Real Property.

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3
Q

Conveys the Grantor’s Interest and Warrants Title Against All Claims

A

Warranty Deed -

Conveys the Grantor’s Interest and Warrants Title Against All Claims

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4
Q

Conveys the Grantor’s Interest and Warrants Title Against Claims Arising Only From the Grantor’s Actions.

A

Special Warranty Deed (Defeasible Fee) -

Conveys the Grantor’s Interest and Warrants Title Against Claims Arising Only From the Grantor’s Actions.

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5
Q

Conveys that Grantor’s Interest but has No Expressed Warranty.

  1. Implied Warranty that Grantor Has the Right to Convey the Property.
  2. Guardian Deeds, Executor’s Deeds and
  3. Foreclosure Deeds: Sheriff’s Deeds, Trustee’s Deeds
A

Bargain and Sale Deed -

Conveys that Grantor’s Interest but has No Expressed Warranty.

  1. Implied Warranty that Grantor Has the Right to Convey the Property.
  2. Guardian Deeds, Executor’s Deeds and
  3. Foreclosure Deeds: Sheriff’s Deeds, Trustee’s Deeds

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6
Q

Releases All Interest of the Grantor, If Any.

  1. Used to Clear Title Defects
  2. No Warranties - Expressed or Implied
A

Quit Claim Deed -

Releases All Interest of the Grantor, If Any.

  1. Used to Clear Title Defects
  2. No Warranties - Expressed or Implied

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7
Q

An Instrument that Conveys Real Property From the State or F______ Government to an Individual

A

Patent -

An Instrument that Conveys Real Property From the State or F______ Government to an Individual

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8
Q

This Deed Specifies who will Receive Real Estate when the Grantor Dies.

What Document Will Supersede This Deed?

A

Beneficiary Deed -

This Deed Specifies who will Receive Real Estate when the Grantor Dies.

Purchase Contract supersedes Beneficiary Deed.

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9
Q

This Deed Specifies Who Will Receive Real Estate When the Grantor Dies. This Deed is Recorded by the Grantor and Can Be Rescinded/Changed Before Grantor’s Death.

  1. Takes Effect on Grantor’s Death
  2. Deed supersedes Grantor’s Will.
  3. Purchase Contract supersedes This Deed.
A

Beneficiary Deed -

This Deed Specifies Who Will Receive Real Estate When the Grantor Dies. This Deed is Recorded by the Grantor and Can Be Rescinded/Changed Before Grantor’s Death.

  1. Takes effect on Grantor’s Death
  2. Deed supersedes Grantor’s Will.
  3. Purchase Contract supersedes Beneficiary Deed.

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10
Q

Documents Signed by One Spouse, Prior to the Other Spouse Acquiring Property in Order to Prevent it from Becoming Community Property.

A

Disclaimer Deed -

Documents Signed by One Spouse, Prior to the Other Spouse Acquiring Property in Order to Prevent it from Becoming Community Property.

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11
Q

Valid Deed -

  1. S____ by the Gr_____.
  2. Acknowledged/Notarization: For____ De_____ made By Grantor before a No____ Public (Protects Against Forgery) Need to R_____
  3. Delivery and Acceptance of Buyer: R_____ing also Final Step to Transfer Title

Note: Law Does Not R_____ Deed to be Recorded to be Vaiid

A

Valid Deed -

  1. Signed by the Grantor.
  2. Acknowledged/Notarization: Formal Declaration made By Grantor before Notary Public (Protects Against Forgery) Need to Record
  3. Delivery and Acceptance of Buyer: Recording also Final Step to Transfer Title

Note: Law Does Not Require Deed to be Recorded to be Vaiid

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12
Q

What is Importance of Recording?

A

Recording Importance -

Gives Constructive Notice to General Public - Become Public Record

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13
Q

Bargain and Sale Deed -

Conveys Grantor’s Interest but Has No Expressed Warranty. Has “Implied Warranty”

Types:

  1. Guar_____ Deeds, Ex_____’s Deeds and
  2. Foreclosure Deeds: S_____’s Deeds, T_____ee’s Deeds
A

Bargain and Sale Deed -

Conveys Grantor’s Interest but Has No Expressed Warranty. Has “Implied Warranty”

Types:

  1. Guardian Deeds, Executor’s Deeds and
  2. Foreclosure Deeds: Sheriff’s Deeds, Trustee’s Deeds

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14
Q

Notice Given (To Public) when a Document Recorded - becomes Public Record in County of Property

A

Constructive Notice -

Notice Given (To Public) when a Document Recorded - becomes Public Record) in County of Property

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15
Q

Notice by Property Inspection, Other Records or by Actual Knowledge of a Fact.

A

Actual Notice (Inspection)-

Notice by Property Inspection, Other Records or by Actual Knowledge of a Fact.

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16
Q

Affidavit of Value (Prop Taxes)

This Document is Needed for T__ Ass_____

  1. Must Accompany Deed to R_____
  2. ****S____ by Both Par____
  3. Sale Pr____ (Consideration) stated
  4. Pro____ Des_____ stated
  5. Used instead of (Tr____ T__ Stamps)
A

Affidavit of Value (Prop Taxes)

This Document is Needed for Tax Assessors.

  1. Must Accompany Deed to Record
  2. Signed by Both Parties
  3. Sales Price (consideration) stated
  4. Property Description stated
  5. Used instead of (Transfer Tax Stamps)

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17
Q

Haben____ Clause

Clause in Deed that Defines Interest being Conveyed. Starts with “To Have or To Hold”

A

Habendum Clause -

Clause in Deed that Defines Interest being Conveyed. Starts with “To Have or To Hold”

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18
Q

Res________ and Exem______ Clause

Clause in Deed where Grantor Holds Back Some Interest or which List Encumbrances.

A

Reservation and Exemption Clause -

Clause in Deed where Grantor Holds Back Some Interest or which List Encumbrances.

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19
Q

G____ing Clause -

Clause in Deed, Conveys Title to Grantee

A

Granting Clause -

Clause in Deed, Conveys Title to Grantee

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20
Q

T_______ Clause

Witness Clause in Deed or Will Citing the P___, and D___ of Execution.

A

Testimonium Clause -

Witness Clause in Deed or Will Citing the Person and Date of Execution.

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21
Q

Title that is Without Cloud or Defect

A

Merchantable (Marketable) Title -

Title that is Without Cloud or Defect

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22
Q

This Deed Specifies Who Will Receive Real Estate When the Grantor Dies.

This Deed Supersedes What Document?

A

Beneficiary Deed -

This Deed Specifies Who Will Receive Real Estate When the Grantor Dies.

Beneficial Deed Supersedes Grantor’s Will.

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23
Q

Summary of the Chain of Title

A

Abstract Title -

Summary of the Chain of Title

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24
Q

Chain of Title

  1. C_____ H_____ of the Property.
  2. Would Reveal Ga__ in Tile Ownership Record.
  3. Q____ T____ Action - Would Remove Clouds (G__) on that Title.
A

Chain of Title (Complete and Gaps) -

  1. Complete History of the Property.
  2. Would Reveal Gaps in Title Ownership Record.
  3. Quiet Title Action - Would Remove Clouds (Gaps) on that Title.

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25
Q

Merch______ (Mar_____) Title -

Title that is Without Cloud or Defect

A

Merchantable (Marketable) Title -

Title that is Without Cloud or Defect

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26
Q

A Policy that Protects the Policy Holder Against Loss Due to Title Defects.

A

Title Insurance -

A Policy that Protects the Policy Holder Against Loss Due to Title Defects. .

Chap 13

27
Q

Owner’s Title Policy (for Buyer):

  1. Seller Purchases Standard Policy
  2. Protects Buyer From:
  3. F_____ D______
  4. Inc________ Grantor
  5. Improperly Dr____/Del_____/Mis____ Docs
  6. If only __ Spouse Conveyed
  7. Unknown D______ Heirs
  8. Page of Exceptions Sched B - Not Covered
  9. Existing L___ and En_______ of Record
  10. Me______ Liens not yet Recorded
  11. Persons in Pos_______
  12. Encr_______ or Errors a S____ Would Reveal
  13. Extended Coverage: Same Coverage as ALTA Policy -Not Covered - Existing Liens, Encumbrances, Defects, Zoning
A

Owner’s Title Policy (for Buyer):

  1. Seller Purchases Standard Policy
  2. Protects Buyer From:
  3. Forged Documents
  4. Incompetent Grantor
  5. Improperly Drawn/Delivered/Misfiled Docs
  6. If only 1 Spouse Conveyed
  7. Unknown Discovery Heirs
  8. Page of Exceptions Sched B - Not Covered
  9. Existing Liens and Encumbrances of Record
  10. Mechanics Liens not yet Recorded
  11. Persons in Possession
  12. Encroachments or Errors a Survey Would Reveal
  13. Extended Coverage: Same Coverage as ALTA Policy - Not Covered - Existing Liens, Encumbrances, Defects, Zoning

Chap 13

28
Q

Owner’s Standard Title Policy - Page of Exceptions (Sched B)

  1. Existing L___ and E__________ of Record
  2. Me______ Liens not yet Re_____
  3. Persons in Po_______
  4. Enc_______ or Errors a S_____ would Reveal

No Policy Covers: Existing Liens, Encumbrances, Defects Known, or Zoning Ordinances

A

Owner’s Standard Title Policy - Page of Exceptions (Sched B)

  1. Existing Liens and Encumbrances of Record
  2. Mechanics Liens not yet Recorded
  3. Persons in Possession
  4. Encroachments or Errors a Survey would Reveal

No Policy Covers: Existing Liens, Encumbrances, Defects Known, or Zoning Ordinances

Chap 13

29
Q

A Policy that Protects Lender Against Defects which Could be Determined by 1) An Inspection of Public Records (Constructive Notice) or 2) An Inspection of Property (Actual Notice). Buyer “Pu______ this Policy”

Protects Against

  1. For____ Documents
  2. Inc______ Grantor
  3. Improperly Dr____/De______/Mis____ Docs
  4. If only 1 spouse conveyed
  5. Unknown Di_____ Heirs

Also Protects Against:

  1. Me_____ Liens not yet Re_____
  2. Persons in Po______
  3. Enc_______ or Errors a Survey Would Reveal

Not Protected Against:

  1. Existing L___ or Encu_____ of Record
  2. De_____ Known to the Insured
  3. Z_____ Ordances or Changes
A

ALTA Title Policy -

A Policy that Protects Lender Against Defects which Could be Determined by 1) An Inspection of Public Records (Constructive Notice) or 2) An Inspection of Property (Actual Notice). Buyer “Purchases this Policy.”

Protects Against

  1. Forged Documents
  2. Incompetent Grantor
  3. Improperly Drawn/Delivered/Misfiled Docs
  4. If only 1 Spouse Conveyed
  5. Unknown Discovery Heirs

Also Protects Against:

  1. Mechanics Liens not yet Recorded
  2. Persons in Possession
  3. Encroachments or Errors a Survey Would Reveal

Not Protected Against:

  1. Existing Liens or Encumbrances of Record
  2. Defects Known to the Insured
  3. Zoning Ordances or Changes in Zoning

Chap 13

30
Q

Valid Deed -

  1. S____ by the G_____.
  2. Ack______ment/Not________: Formal Dec_____ made before Notary Public. Protects Against Forgery and Needed to Record
  3. Del_____ and Acc______ by Buyer - is Recording also “Final Step” to Transfer Title

Note: Law does not r_____ deed to be recorded to be valid

A

Valid Deed -

  1. ***Signed by the Grantor
  2. Acknowledment/Notarization: Formal Declaration made before Notary Public (Protects Against Forgery) Needed to Record
  3. Delivery and Acceptance By Buyer - is Recording also “Final Step” to Transfer Title

Note: Law does not require deed to be recorded to be valid

Chap 13

31
Q

No Title Policy Covers These Items:

  1. Existing Enc_______ of Record
  2. De____ Known to Insured
  3. Z____ Ordinances or Changes in Zoning
A

No Title Policy Covers These Items:

  1. Existing Encumbrances of Record
  2. Defects Known to Insured
  3. Zoning Ordinances or Changes in Zoning

Chap 13

32
Q

T_____ P_____

A Duplicate Set of Public Records Maintained by a Title Company.

A

Title Plant -

A Duplicate Set of Public Records Maintained by a Title Company

Chap 13

33
Q

Commitment of Title Insurance Issued Prior to Closing of Sale?

A

Preliminary Title Report -

Commitment of Title Insurance Issued Prior to Closing of Sale

Chap 13

34
Q

Subr_______

Substitution of 3rd Person in Place of Another in Relation to Claim/Debt

A

Subrogation -

Substitution of 3rd Person in Place of Another in Relation to Claim/Debt

Chap 13

35
Q

C____ of T_____

  1. Complete Property History and would Reveal Gaps in Title Ownership Record (“Quiet Title Action” Removes Clouds -Gaps and Corrects)
A

Chain of Title -

  1. Complete Property History and would Reveal Gaps in Title Ownership Record (Quiet Title Action” Removes Clouds-Gaps and Corrects)

Chap 13

36
Q

(UCC) Uniform Commercial Code (Governs) -

  1. Co_______ and Bu_____ Transactions
  2. Sale/Finance of P______ Property
A

(UCC) Uniform Commercial Code (Governs) -

  1. Commercial and Business Transactions
  2. Sales/Financing of Personal Property

Chap 13

37
Q

In (UCC) Uniform Commercial Code

Security Agreement -

  1. Places L___ on P______ Property.
  2. UCC-1 establishes Lien Pri____. UCC-1 Filed - with S_______ of State
  3. Business Sold - (UCC-1 Search) by Se_____ of State to Determine Outstanding UCC-1 L____.
A

(UCC) Uniform Commercial Code -

Security Agreement -

  1. Places Lien on Personal Property.
  2. UCC-1 establishes Lien Priority. UCC-1 Filed with Secretary of State
  3. Business Sold - (UCC-1 Search) by Secretary of State to Determine Outstanding UCC-1 Liens.

Chap 13

38
Q

Under (UCC) Uniform Commercial Code

B___ S___ Aff_____ -

“Buyer of Business” - Provided with List of Seller’s Creditors

A

Under (UCC) Uniform Commercial Code -

Bulk Sales Affidavit -

  1. Buyer of Business - Provided with List of Seller’s Creditors

Chap 13

39
Q

Deeds (Transfers of Ownership) -

  1. General Warranty (Fee Simple) - Against A__ C____
  2. Special Warranty (Defeasible Fee) - Only from G_____ Ac_____
  3. Bargain and Sale (Life Estate) - No W______ (Guardian Deed, Executor’s Deed, Trustee’s Deed, Sheriff’s Deed)
  4. Quit Claim (Leasehold Estate) - Releases all Grantor’s Interest, No Warranties, Clears T___ Def___.
A

Deeds (Transfers of Ownership) -

  1. General Warranty (Fee Simple) - Against All Claims
  2. Special Warranty (Defeasible Fee) - Only from Grantor’s Actions
  3. Bargain and Sale (Life Estate) - No Warranties (Guardian Deed, Executor’s Deed, Trustee’s Deed, Sheriff’s Deed)
  4. Quit Claim (Leasehold Estate) - Releases all Grantor’s Interest, No Warranties, Clears Title Defects

Chap 13

40
Q

U______ Com______ C______

Governs the following

  1. Commercial and Business transactions
  2. Sales/Financing of Personal Property
A

(UCC) Uniform Commercial Code - governs

  1. Commercial and Business transactions
  2. Sales/Financing of Personal Property

Chap 13

41
Q

Person who Gives the Deed and Gives Up Ownership.

A

Grantor -

Person who Gives the Deed and Gives Up Ownership.

Chap 13

42
Q

Person Who Receives the Deed and Acquired Ownership.

A

Grantee -

Person Who Receives the Deed and Acquired Ownership.

Chap 13

43
Q

Formal Declaration Made Before an Authorized Official such as a Notary Public

A

Acknowledgement/Notarization

Formal Declaration Made Before an Authorized Official such as a Notary Public (Grantor Conveys Title)

Chap 13

44
Q

Final Step Necessary to Transfer Title, and Recording Implies the Same.

A

Delivery and Acceptance -

Final Step Necessary to Transfer Title, and Recording Implies the Same.

Chap 13

45
Q

Pre______ T____ R_____ -

Commitment of Title Insurance Issued Prior to Closing of Sale?

A

Preliminary Title Report -

Commitment of Title Insurance Issued Prior to Closing of Sale

Chap 13

46
Q

In a Affidavit of Value, what is Another Word for “Sales Price?”

A

Consideration -

In a Affidavit of Value, what is another word for “Sales Price”

Chap 13

47
Q

An Instrument that Conveys Real Property from the State or Federal Government to an Individual

A

Patent -

An Instrument that Conveys Real Property from the State or Federal Government to an Individual

Chap 13

48
Q

Valid Deed -

  1. S____ by the G_____.
  2. Ack______/Not________: For___ Dec_____ made before Notary Public
  3. Del_____ and Acc______- is Recording also Final Step to Transfer Title

Note: Law “Does Not Require” Deed to be Recorded to be Vaiid

A

Valid Deed -

  1. Signed by the Grantor.
  2. Acknowledged/Notarization: Formal Declaration made before Notary Public (Protects Against Forgery) Need to Record
  3. Delivery and Acceptance- is Recording also Final Step to Transfer Title

Note: Law “Does Not Require” Deed to be Recorded to be Vaiid

Chap 13

49
Q

This Deed Specifies Who Will Receive Real Estate when the Grantor Dies.

This Deed Supersedes what Document?

A

Beneficiary Deed

This Deed Specifies Who Will Receive Real Estate when the Grantor Dies.

Beneficial Deed supersedes Grantor’s Will.

Chap 13

50
Q

Beneficiary Deed -

This Deed Specifies Who Will Receive Real Estate when the Grantor Dies.

What document supersedes Beneficiary Deed?

A

Beneficiary Deed -

This Deed Specifies Who Will Receive Real Estate when the Grantor Dies.

Purchase Contract supersedes Beneficiary Deed.

Chap 13

51
Q

C____ of T_____

  1. Complete History of the Property and would Reveal Gaps in Ownership Record.
A

Chain of Title -

  1. Complete History of the Property and would Reveal Gaps in Ownership Record.

Chap 13

52
Q

B_____ and S_____ D_____ -

Conveys that Grantor’s Interest but Has No Expressed Warranty.

  1. Implied Warranty that Grantor has the Right to Convey the Property..
  2. Guardian Deeds, Executor’s Deeds and
  3. Foreclosure Deeds: Sheriff’s Deeds, Trustee’s Deeds
A

Bargain and Sale Deed -

Conveys that Grantor’s Interest but Has No Expressed Warranty.

  1. Implied Warranty that Grantor has the Right to Convey the Property..
  2. Guardian Deeds, Executor’s Deeds and
  3. Foreclosure Deeds: Sheriff’s Deeds, Trustee’s Deeds

Chap 13

53
Q

A Chain of Title is a:

  1. Measurement Used by a Surveyor
  2. Listing of all Recorded Instruments Affecting Title
  3. Certificated of Title
  4. List of the Heirs of a Deceased Owner
A

A Chain of Title is a:

  1. Measurement Used by a Surveyor
  2. Listing of all Recorded Instruments Affecting Title
  3. Certificated of Title
  4. List of the Heirs of a Deceased Owner

Chap 13

54
Q

A Standard Title Insurance Policy Includes Coverage for:

  1. Items of Record which are Not Disclosed in the Policy
  2. Zoning Ordinances
  3. Persons in Possession of the Property
  4. Errors A Survey Would Show.
A

A Standard Title Insurance Policy includes coverage for:

  1. Items of Record which are not disclosed in the Policy
  2. Zoning Ordinances
  3. Persons in Possession of the Property
  4. Errors a Survey would show.

Chap 13

55
Q

In a Standard Owner’s Title Policy “The Page of Exceptions” indicates the:

  1. Legal Description
  2. Type of Interest being Insured
  3. Method of Ownership for the Buyers
  4. Liens and Encumbrances of Record
A

In a Standard Owner’s Title Policy “The Page of Exceptions” indicates the:

  1. Legal Description
  2. Type of Interest being Insured
  3. Method of Ownership for the Buyers
  4. Liens and Encumbrances of Record

Chap 13

56
Q

All of the Following are Required to be in a Deed of Conveyance EXCEPT:

  1. Acknowledgement
  2. Sale Price
  3. Legal Description
  4. Consideration
A

All of the Following are Required to be in a Deed of Conveyance EXCEPT:

  1. Acknowledgement
  2. Sale Price
  3. Legal Description
  4. Consideration

Chap 13

57
Q

Ownership is Transferred When The:

  1. Title is Recorded
  2. Deed is Signed by the Seller
  3. Deed is Delivered to and Accepted by the Buyer
  4. Title Insurance Policy is Issued
A

Ownership is Transferred When The:

  1. Title is Recorded
  2. Deed is Signed by the Seller
  3. Deed is Delivered to and Accepted by the Buyer
  4. Title Insurance Policy is Issued
58
Q

An ALTA Policy Would be Terminated under All of the Following Circumstances EXCEPT:

  1. Sale of the Property and Assumption of the Loan
  2. Sale of the Property with the Buyer Originating new FHA
  3. Refinance of Property
  4. Acceptance of Deed in Lieu of Forclosure by Lender
A

An ALTA Policy Would be Terminated under All of the Following Circumstances EXCEPT:

  1. Sale of the Property and Assumption of the Loan
  2. Sale of the Property with the Buyer Originating new FHA
  3. Refinance of Property (Because New Lender)
  4. Acceptance of Deed in Lieu of Forclosure by Lender (Check for New Liens on Property)

Chap 13

59
Q

Upon Review of a Title Report an Attorney Finds Gaps in the Chain of Ownership. What Should the Owner Do To Correct These Title Defects?

  1. Obtain Title Insurance
  2. File a Quiet Title Action
  3. Secure An Affidavit of Title
  4. Obtain Affidavit of Ownership from County Administrator
A

Upon Review of a Title Report an Attorney Finds Gaps in the Chain of Ownership. What Should the Owner Do To Correct These Title Defects?

  1. Obtain Title Insurance
  2. File a Quiet Title Action
  3. Secure An Affidavit of Title
  4. Obtain Affidavit of Ownership from County Administrator

Chap 13

60
Q

Which is MOST likely to Reveal All of the Owners in the Property’s History?

  1. Certificate of Tile
  2. Abstract of Title
  3. Title Report
  4. Affidavit of Title
A

Which is MOST likely to Reveal All of the Owners in the Property’s History?

  1. Certificate of Tile
  2. Abstract of Title
  3. Title Report
  4. Affidavit of Title

Chap 13

61
Q

Arizona Law Requires that a Document Accompany Every Deed Before the Deed Can Be Recorded. This Document is Signed By:

  1. Buyer
  2. Seller
  3. Buyer and Seller
  4. Buyer, Seller and Broker
A

Arizona Law Requires that a Document Accompany Every Deed Before the Deed Can Be Recorded. This Document is Signed By:

  1. Buyer
  2. Seller
  3. Buyer and Seller (Affidavit of Value)
  4. Buyer, Seller and Broker
62
Q

Deeds, To Be Valid, Must Contain:

  1. Monetary Consideration
  2. Date
  3. Acknowledgement
  4. Grantee’s Signature
A

Deeds, To Be Valid, Must Contain:

  1. Monetary Consideration
  2. Date
  3. Acknowledgement (Grantor Sigs - Notary)
  4. Grantee’s Signature

Chap 13

63
Q

Which Type of Deed Created the GREATEST LIABILITY for the Grantor?

  1. Quit Cliam Deed
  2. Bargain & Sale Deed
  3. Special Warranty Deed
  4. Warranty Deed
A

Which Type of Deed Created the GREATEST LIABILITY for the Grantor?

  1. Quit Cliam Deed
  2. Bargain & Sale Deed
  3. Special Warranty Deed
  4. Warranty Deed

Chap 13

AZ Real Estate Agent License 2020 (23 decks)

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