N13 Deeds & Title Insurance Flashcards
The document that transfers ownership of real property.
Deed
The parties to a deed.
Grantor and Grantee
The four types of deeds of conveyance used in Arizona are:
a. __________
b. __________
c. __________
d. __________
a. Warranty Deed (General Warranty Deed)
b. Special Warranty Deed
c. Bargain & Sale Deed
d. Quit Claim Deed
The differences in the types of deeds is in the _______ given by the grantor to the grantee
Warranties
The deed that warrants the title against all claims.
Warranty Deed
The deed that protects the grantee against all claims arising out of the grantor’s acts is the __________.
Special Warranty Deed
The deed that contains no expressed warranty but has the implied warranty that the grantor has the authority to convey title is the __________.
Bargain & Sale Deed
The deed that provides no warranties whatsoever.
Quit Claim Deed
The instrument that originally conveys title from government ownership to private ownership is a ______.
Patent (Land Patent)
A deed that specifies who will receive ownership of the property when the grantor dies is a ___________.
Beneficiary Deed
A beneficiary deed takes effect when the _______.
Grantor Dies
A document signed by a spouse to indicate that the spouse has no interest in the property is a _________.
Disclaimer Deed.
The covenant in a deed that assures the grantee that there are no undisclosed encumbrances on the property is the ________________.
Covenant Against Encumbrances
The covenant in a deed that provides assurance that the grantor is the owner and has power to convey title is the ______________.
Covenant of Seizen
The covenant in a deed that assures the grantee that the grantee’s use will not be disturbed due to title defects is the ___________________.
Covenant of Quiet Enjoyment
The covenant in a deed that requires the grantor to correct title defects or defects in the deed itself is the ________________.
Covenant of Further Assurances
The covenant in a deed by which the grantor promises to compensate the grantee for losses if the title is faulty is the _____________________.
Covenant of Warranty Forever
The clause in a deed that includes the words of conveyance is the ___________.
Granting Clause
The clause in a deed that defines the interest being transferred is the ______________________.
Habendum Clause aka Have and To Hold Clause
The clause in a deed stating the date signed and by whom it was signed is the _____________.
Testimonium Clause aka Witness Clause
The three requirements for a deed to be valid are:
a. _________________
b. _________________
c. _________________
a. Signed by the Grantor (Signed)
b. Acknowledged by the Grantor (Sealed)
c. Delivery to and Acceptance by the Grantee (Delivered)
The clause in a deed by which the grantor may hold back some interest and which notes all the exceptions to clear title such as liens and encumbrances is the __________.
Reservation and Exception
An acknowledgement is also called.
Notarization
Does the deed have to be recorded?
NO
Recording a document gives ________ to the world.
Constructive Notice
Notice obtained from an inspection of the property or by being given knowledge of a fact is ________.
Actual Notice
In Arizona, the document that must accompany a deed in order for the deed to be recorded is an _____________.
Affidavit of Value
The purpose of an Affidavit of Value is to inform the _______ as to the ______.
Assessor, Sales Price
An Affidavit of value must be signed by both _____.
Buyer and Seller
A title that is without cloud or defect is ____________.
Marketable Title (Merchantable Title or Clear Title).
The complete history of a parcel of real estate is the _________ .
Chain of Title
A summary of the chain of title is an _______.
Abstract of Title
A court action to remove claims against the title is a __________.
Quiet Title Action
A standard owner’s title insurance policy protects the buyer against defects that could be determined by an inspection of the __________________.
Public Records
The page of a title insurance policy that lists the items that are not covered by the policy is the ___________ AKA __________.
Page of Exceptions aka Schedule B
The ALTA Title Policy protects ________.
the Lender (Mortgagee)
The ALTA Policy insures against defects that could be determined by an inspection of the public records and defects discovered by_______________________.
Actual Notice (inspecting the property)
Generally, no title insurance policy protects against:
a. ___________________
b. ___________________
c. ___________________
a. Zoning Ordinances
b. Existing Encumbrances of Record Disclosed in the Title Report
c. Defects known to the insured
A set of public records maintained by a title insurance company is known as a _________.
Title Plant
The document that is issued to a buyer prior to closing that discloses the condition of the title is a _______________ AKA _______________.
Preliminary Title Report aka Commitment for Title Insurance
The substitution of a third person in place of another in relation to a claim or debt is __________.
Subrogation
The body of law that governs the transfer and financing of personal property is the ___________.
Uniform Commercial Code UCC
The document that is used to secure a lien with personal property is a ___________.
Security Agreement
In the sale of a business with inventory or trade fixtures, the seller must provide the buyer with a _________which lists all the seller’s creditors.
Bulk Sales Affidavit
A UCC-1 search is performed through the ___________.
Secretary of State
