N13 Deeds & Title Insurance

Question 1

The document that transfers ownership of real property.

Answer 1

Deed

Question 2

The parties to a deed.

Answer 2

Grantor and Grantee

Question 3

The four types of deeds of conveyance used in Arizona are:
a. __________

b. __________
c. __________
d. __________

Answer 3

a. Warranty Deed (General Warranty Deed)
b. Special Warranty Deed
c. Bargain & Sale Deed
d. Quit Claim Deed

Question 4

The differences in the types of deeds is in the _______ given by the grantor to the grantee

Answer 4

Warranties

Question 5

The deed that warrants the title against all claims.

Answer 5

Warranty Deed

Question 6

The deed that protects the grantee against all claims arising out of the grantor’s acts is the __________.

Answer 6

Special Warranty Deed

Question 7

The deed that contains no expressed warranty but has the implied warranty that the grantor has the authority to convey title is the __________.

Answer 7

Bargain & Sale Deed

Question 8

The deed that provides no warranties whatsoever.

Answer 8

Quit Claim Deed

Question 9

The instrument that originally conveys title from government ownership to private ownership is a ______.

Answer 9

Patent (Land Patent)

Question 10

A deed that specifies who will receive ownership of the property when the grantor dies is a ___________.

Answer 10

Beneficiary Deed

Question 11

A beneficiary deed takes effect when the _______.

Answer 11

Grantor Dies

Question 12

A document signed by a spouse to indicate that the spouse has no interest in the property is a _________.

Answer 12

Disclaimer Deed.

Question 13

The covenant in a deed that assures the grantee that there are no undisclosed encumbrances on the property is the ________________.

Answer 13

Covenant Against Encumbrances

Question 14

The covenant in a deed that provides assurance that the grantor is the owner and has power to convey title is the ______________.

Answer 14

Covenant of Seizen

Question 15

The covenant in a deed that assures the grantee that the grantee’s use will not be disturbed due to title defects is the ___________________.

Answer 15

Covenant of Quiet Enjoyment

Question 16

The covenant in a deed that requires the grantor to correct title defects or defects in the deed itself is the ________________.

Answer 16

Covenant of Further Assurances

Question 17

The covenant in a deed by which the grantor promises to compensate the grantee for losses if the title is faulty is the _____________________.

Answer 17

Covenant of Warranty Forever

Question 18

The clause in a deed that includes the words of conveyance is the ___________.

Answer 18

Granting Clause

Question 19

The clause in a deed that defines the interest being transferred is the ______________________.

Answer 19

Habendum Clause aka Have and To Hold Clause

Question 20

The clause in a deed stating the date signed and by whom it was signed is the _____________.

Answer 20

Testimonium Clause aka Witness Clause

Question 21

The three requirements for a deed to be valid are:

a. _________________
b. _________________
c. _________________

Answer 21

a. Signed by the Grantor (Signed)
b. Acknowledged by the Grantor (Sealed)
c. Delivery to and Acceptance by the Grantee (Delivered)

Question 22

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 __________.

Answer 22

Reservation and Exception

Question 23

An acknowledgement is also called.

Answer 23

Notarization

Question 24

Does the deed have to be recorded?

Answer 24

NO

Question 25

Recording a document gives ________ to the world.

Answer 25

Constructive Notice

Question 26

Notice obtained from an inspection of the property or by being given knowledge of a fact is ________.

Answer 26

Actual Notice

Question 27

In Arizona, the document that must accompany a deed in order for the deed to be recorded is an _____________.

Answer 27

Affidavit of Value

Question 28

The purpose of an Affidavit of Value is to inform the _______ as to the ______.

Answer 28

Assessor, Sales Price

Question 29

An Affidavit of value must be signed by both _____.

Answer 29

Buyer and Seller

Question 30

A title that is without cloud or defect is ____________.

Answer 30

Marketable Title (Merchantable Title or Clear Title).

Question 31

The complete history of a parcel of real estate is the _________ .

Answer 31

Chain of Title

Question 32

A summary of the chain of title is an _______.

Answer 32

Abstract of Title

Question 33

A court action to remove claims against the title is a __________.

Answer 33

Quiet Title Action

Question 34

A standard owner’s title insurance policy protects the buyer against defects that could be determined by an inspection of the __________________.

Answer 34

Public Records

Question 35

The page of a title insurance policy that lists the items that are not covered by the policy is the ___________ AKA __________.

Answer 35

Page of Exceptions aka Schedule B

Question 36

The ALTA Title Policy protects ________.

Answer 36

the Lender (Mortgagee)

Question 37

The ALTA Policy insures against defects that could be determined by an inspection of the public records and defects discovered by_______________________.

Answer 37

Actual Notice (inspecting the property)

Question 38

Generally, no title insurance policy protects against:

a. ___________________
b. ___________________
c. ___________________

Answer 38

a. Zoning Ordinances
b. Existing Encumbrances of Record Disclosed in the Title Report
c. Defects known to the insured

Question 39

A set of public records maintained by a title insurance company is known as a _________.

Answer 39

Title Plant

Question 40

The document that is issued to a buyer prior to closing that discloses the condition of the title is a _______________ AKA _______________.

Answer 40

Preliminary Title Report aka Commitment for Title Insurance

Question 41

The substitution of a third person in place of another in relation to a claim or debt is __________.

Answer 41

Subrogation

Question 42

The body of law that governs the transfer and financing of personal property is the ___________.

Answer 42

Uniform Commercial Code UCC

Question 43

The document that is used to secure a lien with personal property is a ___________.

Answer 43

Security Agreement

Question 44

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.

Answer 44

Bulk Sales Affidavit

Question 45

A UCC-1 search is performed through the ___________.

Answer 45

Secretary of State