Title, Title Insurance, And Closing

Question 1

Who receives title through a deed of conveyance?

Answer 1

Grantee

Question 2

Deed restrictions that run with the land and liens are

Answer 2

Encumbrances

Question 3

Escrow company works for

Answer 3

Buyer and seller

Question 4

A deed is legally enforceable when it is

Answer 4

Recorded

Question 5

What is the purpose of a closing statement?

Answer 5

Show all money/costs involved in a transaction

Question 6

Who signs the settlement sheet

Answer 6

Buyers, seller and escrow agent

Question 7

The covenant of seisin promises

Answer 7

The grantor has the right to convey the property

Question 8

What impact does title insurance have on a property value?

Answer 8

None

Question 9

How do you know the title search has been completed?

Answer 9

The abstract of title will be complete

Question 10

When must PMI be paid at closing?

Answer 10

When a loan is greater than 80% LTV

Question 11

Owners title insurance protects

Answer 11

The buyer

Question 12

Do principal payments show on a closing statement?

Answer 12

No

Question 13

Who gets credited and debited for taxes at the close of escrow?

Answer 13

Debit seller, credit buyer

Question 14

The difference between debits and credits is the amount…

Answer 14

Needed to close escrow and balance

Question 15

Are security deposits prorated when buying rental property?

Answer 15

No, they are transferred.

Question 16

Owners title insurance policy does not cover

Answer 16

Parties in possession

Question 17

Which deeds have the best warranties

Answer 17

General warranty

Question 18

When the escrow company turns he matter over to the court to settle the dispute it is called

Answer 18

Interpleader

Question 19

If a property is sold with no ingress or where is must be stated on the

Answer 19

Deed

Question 20

The document that is recorded with the deed is the

Answer 20

Affidavit of value

Question 21

What is used to help the assessor determine property value for taxation?

Answer 21

An affidavit of valor is used by the county assessor.

Question 22

The point when the docket and page number are assigned is

Answer 22

Recordation

Question 23

Can real estate sales people give advice on how to take title

Answer 23

No

Question 24

Is there a transfer tax when selling property in Arizona?

Answer 24

No

Question 25

An extended policy of title insurance covers

Answer 25

Encroachments

Question 26

In order for the deed to be recorded it must be

Answer 26

Signed and acknowledged

Question 27

When a party is given a life estate based on the life of another person it’s called

Answer 27

Pur Autre Vie

Question 28

Is color of title a title?

Answer 28

No