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
Chap 13
2
Q
Written Instrument that Transfers Ownership of Real Property.
A
Deed -
Written Instrument that Transfers Ownership of Real Property.
Chap 13
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
Chap 13
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.
Chap 13
5
Q
Conveys that Grantor’s Interest but has No Expressed Warranty.
- Implied Warranty that Grantor Has the Right to Convey the Property.
- Guardian Deeds, Executor’s Deeds and
- Foreclosure Deeds: Sheriff’s Deeds, Trustee’s Deeds
A
Bargain and Sale Deed -
Conveys that Grantor’s Interest but has No Expressed Warranty.
- Implied Warranty that Grantor Has the Right to Convey the Property.
- Guardian Deeds, Executor’s Deeds and
- Foreclosure Deeds: Sheriff’s Deeds, Trustee’s Deeds
Chap 13
6
Q
Releases All Interest of the Grantor, If Any.
- Used to Clear Title Defects
- No Warranties - Expressed or Implied
A
Quit Claim Deed -
Releases All Interest of the Grantor, If Any.
- Used to Clear Title Defects
- No Warranties - Expressed or Implied
Chap 13
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
Chap 13
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.
Chap 13
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 This Deed is Recorded by the Grantor and Can Be Rescinded/Changed Before Grantor’s Death.
- Takes Effect on Grantor’s Death
- Deed supersedes Grantor’s Will.
- 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 This Deed is Recorded by the Grantor and Can Be Rescinded/Changed Before Grantor’s Death.
- Takes effect on Grantor’s Death
- Deed supersedes Grantor’s Will.
- Purchase Contract supersedes Beneficiary Deed.
Chap 13
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.
Chap 13
11
Q
Valid Deed -
- S____ by the Gr_____.
- Acknowledged/Notarization: For____ De_____ made By Grantor before a No____ Public (Protects Against Forgery) Need to R_____
- 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 -
- Signed by the Grantor.
- Acknowledged/Notarization: Formal Declaration made By Grantor before Notary Public (Protects Against Forgery) Need to Record
- Delivery and Acceptance of Buyer: Recording also Final Step to Transfer Title
Note: Law Does Not Require Deed to be Recorded to be Vaiid
Chap 13
12
Q
What is Importance of Recording?
A
Recording Importance -
Gives Constructive Notice to General Public - Become Public Record
Chap 13
13
Q
Bargain and Sale Deed -
Conveys Grantor’s Interest but Has No Expressed Warranty. Has “Implied Warranty”
Types:
- Guar_____ Deeds, Ex_____’s Deeds and
- 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:
- Guardian Deeds, Executor’s Deeds and
- Foreclosure Deeds: Sheriff’s Deeds, Trustee’s Deeds
Chap 13
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
Chap 13
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.
Chap 13
16
Q
Affidavit of Value (Prop Taxes)
This Document is Needed for T__ Ass_____
- Must Accompany Deed to R_____
- ****S____ by Both Par____
- Sale Pr____ (Consideration) stated
- Pro____ Des_____ stated
- Used instead of (Tr____ T__ Stamps)
A
Affidavit of Value (Prop Taxes)
This Document is Needed for Tax Assessors.
- Must Accompany Deed to Record
- Signed by Both Parties
- Sales Price (consideration) stated
- Property Description stated
- Used instead of (Transfer Tax Stamps)
Chap 13
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”
Chap 13
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.
Chap 13
19
Q
G____ing Clause -
Clause in Deed, Conveys Title to Grantee
A
Granting Clause -
Clause in Deed, Conveys Title to Grantee
Chap 13
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.
Chap 13
21
Q
Title that is Without Cloud or Defect
A
Merchantable (Marketable) Title -
Title that is Without Cloud or Defect
Chap 13
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.
Chap 13
23
Q
Summary of the Chain of Title
A
Abstract Title -
Summary of the Chain of Title
Chap 13
24
Q
Chain of Title
- C_____ H_____ of the Property.
- Would Reveal Ga__ in Tile Ownership Record.
- Q____ T____ Action - Would Remove Clouds (G__) on that Title.
A
Chain of Title (Complete and Gaps) -
- Complete History of the Property.
- Would Reveal Gaps in Title Ownership Record.
- Quiet Title Action - Would Remove Clouds (Gaps) on that Title.
Chap 13
25
**Merch\_\_\_\_\_\_ (Mar\_\_\_\_\_) Title -**
**Title** that is **Without Cloud or Defect**
**Merchantable (Marketable) Title -**
**Title** that is **Without Cloud or Defect**
**Chap 13**
26
**A Policy that _Protects_ the _Policy Holder Against Loss_ Due to Title Defects.**
**Title Insurance -**
**A Policy that _Protects_ the _Policy Holder Against Loss_ Due to Title Defects. .**
**Chap 13**
27
**_Owner's Title Policy (for Buyer):_**
1. **Seller Purchases Standard Policy**
2. **_Protects Buyer From:_**
1. **F\_\_\_\_\_ D\_\_\_\_\_\_**
2. **Inc\_\_\_\_\_\_\_\_ Grantor**
3. **Improperly Dr\_\_\_\_/Del\_\_\_\_\_/Mis\_\_\_\_ Docs**
4. **If only __ Spouse Conveyed**
5. **Unknown D\_\_\_\_\_\_ Heirs**
3. **_Page of Exceptions Sched B - Not Covered_**
1. **Existing L\_\_\_ and En\_\_\_\_\_\_\_ of Record**
2. **Me\_\_\_\_\_\_ Liens not yet Recorded**
3. **Persons in Pos\_\_\_\_\_\_\_**
4. **Encr\_\_\_\_\_\_\_ or Errors a S\_\_\_\_ Would Reveal**
4. **_Extended Coverage_**: **Same Coverage as ALTA Policy -Not Covered - Existing Liens, Encumbrances, Defects, Zoning**
**_Owner's Title Policy (for Buyer):_**
1. **Seller Purchases Standard Policy**
2. **_Protects Buyer From:_**
1. Forged Documents
2. Incompetent Grantor
3. Improperly Drawn/Delivered/Misfiled Docs
4. If only 1 Spouse Conveyed
5. Unknown Discovery Heirs
3. **_Page of Exceptions Sched B - Not Covered_**
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**
4. **_Extended Coverage_**: **Same Coverage as ALTA Policy - Not Covered - Existing Liens, Encumbrances, Defects, Zoning**
**Chap 13**
28
**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**
**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
**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**
**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
**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**
**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
**_No Title Policy Covers These Items_:**
1. **Existing Enc\_\_\_\_\_\_\_ of Record**
2. **De\_\_\_\_ Known to Insured**
3. **Z\_\_\_\_ Ordinances or Changes in Zoning**
**_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
**T\_\_\_\_\_ P\_\_\_\_\_**
**A Duplicate Set of Public Records Maintained by a Title Company.**
**Title Plant -**
**A Duplicate Set of Public Records Maintained by a Title Company**
**Chap 13**
33
**Commitment of Title Insurance Issued Prior to Closing of Sale**?
**Preliminary Title Report -**
**Commitment of Title Insurance Issued Prior to Closing of Sale**
**Chap 13**
34
**Subr\_\_\_\_\_\_\_**
**Substitution of 3rd Person in Place of Another in Relation to Claim/Debt**
**Subrogation -**
**Substitution of 3rd Person in Place of Another in Relation to Claim/Debt**
**Chap 13**
35
**C\_\_\_\_ of T\_\_\_\_\_**
1. **_Complete Property History_ and would _Reveal Gaps in Title Ownership_ Record ("Quiet Title Action" Removes Clouds -Gaps and Corrects)**
**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
**(UCC) Uniform Commercial Code (Governs) -**
1. **Co\_\_\_\_\_\_\_ and Bu\_\_\_\_\_ Transactions**
2. **Sale/Finance of P\_\_\_\_\_\_ Property**
**(UCC) Uniform Commercial Code (Governs) -**
1. **Commercial and Business Transactions**
2. **Sales/Financing of Personal Property**
**Chap 13**
37
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\_\_\_\_.**
(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
Under (UCC) Uniform Commercial Code
**B\_\_\_ S\_\_\_ Aff\_\_\_\_\_ -**
**"_Buyer of Business_**" - **Provided with List of Seller's Creditors**
Under (UCC) Uniform Commercial Code -
**Bulk Sales Affidavit -**
1. _**Buyer** **of Business**_ - **Provided with List of Seller's Creditors**
**Chap 13**
39
**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\_\_\_.**
**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
**U\_\_\_\_\_\_ Com\_\_\_\_\_\_ C\_\_\_\_\_\_**
Governs the following
1. **Commercial and Business** transactions
2. **Sales/Financing of Personal** **Property**
**(UCC) Uniform Commercial Code** - governs
1. **Commercial and Business** transactions
2. **Sales/Financing of Personal** **Property**
**Chap 13**
41
Person who Gives the Deed and Gives Up Ownership.
**Grantor -**
Person who Gives the Deed and Gives Up Ownership.
**Chap 13**
42
Person Who Receives the Deed and Acquired Ownership.
**Grantee -**
Person Who Receives the Deed and Acquired Ownership.
**Chap 13**
43
**Formal Declaration Made Before an Authorized Official such as a Notary Public**
**Acknowledgement/Notarization**
**_Formal Declaration_ Made Before an Authorized Official such as a Notary Public (Grantor Conveys Title)**
**Chap 13**
44
**Final Step Necessary to Transfer Title, and Recording Implies the Same.**
**Delivery and Acceptance -**
**Final Step Necessary to Transfer Title, and Recording Implies the Same.**
**Chap 13**
45
**Pre\_\_\_\_\_\_ T\_\_\_\_ R\_\_\_\_\_ -**
**Commitment of Title Insurance Issued Prior to Closing of Sale?**
**Preliminary Title Report -**
**_Commitment of Title Insurance_** **Issued Prior to Closing of Sale**
**Chap 13**
46
**In a Affidavit of Value, what is Another Word for "Sales Price?"**
**Consideration -**
In a Affidavit of Value, what is another word for "Sales Price"
**Chap 13**
47
**An Instrument that Conveys Real Property from the State or Federal Government to an Individual**
**Patent -**
**An Instrument that Conveys Real Property from the State or Federal Government to an Individual**
**Chap 13**
48
**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**
**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
**This Deed Specifies Who Will Receive Real Estate when the Grantor Dies.**
## Footnote
**This Deed Supersedes what Document?**
**Beneficiary Deed**
**This Deed Specifies Who Will Receive Real Estate when the Grantor Dies.**
**Beneficial Deed _supersedes Grantor's Will._**
**Chap 13**
50
**Beneficiary Deed -**
This Deed Specifies Who Will Receive Real Estate when the Grantor Dies.
**What document supersedes** **Beneficiary Deed?**
**Beneficiary Deed -**
This Deed Specifies Who Will Receive Real Estate when the Grantor Dies.
**_Purchase Contract_ supersedes** **Beneficiary Deed**.
**Chap 13**
51
**C\_\_\_\_ of T\_\_\_\_\_**
1. **_Complete History_** **of the** **Property and** would **Reveal Gaps in Ownership** **Record.**
**Chain of Title -**
1. **_Complete History_** **of the** **Property and** would **Reveal Gaps in Ownership** **Record.**
**Chap 13**
52
**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_**
**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_**
1.
**Chap 13**
53
**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 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
**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 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
**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
**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
**All of the Following are Required to be in a Deed of Conveyance EXCEPT:**
1. Acknowledgement
2. Sale Price
3. Legal Description
4. Consideration
**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
**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
**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
**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
**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
**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
**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
**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
**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
**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
**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
**Deeds, To Be Valid, Must Contain:**
1. Monetary Consideration
2. Date
3. Acknowledgement
4. Grantee's Signature
**Deeds, To Be Valid, Must Contain:**
1. Monetary Consideration
2. Date
3. **Acknowledgement (Grantor Sigs - Notary)**
4. Grantee's Signature
**Chap 13**
63
**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
**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**
