A-3 Transfer of Title and Title Insurance Flashcards Preview

Arizona Real Estate July 2018 > A-3 Transfer of Title and Title Insurance > Flashcards

Flashcards in A-3 Transfer of Title and Title Insurance Deck (44)
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1
Q

methods through titles are transferred:

A

Voluntary alienation: sale, will, dedication, gift

Involuntary Alienation: laws of descent, eminent descent, enforcing liens, adverse possession, escheat, naturals forces

2
Q

Transference of a title by choice, is effected through public (government) and private (individual) grants.

A

Voluntary Alienation

3
Q

Proceeds against the owner’s will and includes foreclosure, eminent domain, escheat, and adverse possession.

A

Involuntary Alienation

4
Q

Where title is passed because an individual dies with heirs but no will, the probate court appoints an administrator to distribute the property among the heirs according to law.

A

Descent

5
Q

Deed: a clause that affirms the grantor is giving up ownership and clarifies what is being given up.

A

Granting clause

6
Q

Deed: Used when limiting the interest conveyed in a deed, when grantors wish to convey something less than the estate they own. “To have and to hold…”

A

Habendum clause

7
Q

In a discrepancy between an Habendum clause and a granting clause which prevails?

A

Granting Clause

8
Q

In a deed where an owner reserves the title to a portion of property such as land or mineral rights ; a new right to that which is being granted, such as a life estate.

A

Exceptions or reservations

9
Q

A promise that the grantor owns the property and has the right to convey

A

Covenant of Seizin

10
Q

A promise that the grantor will defend the grantee’s title against claims by third parties and compensate the grantee if the title turns out to be invalid or defective.

A

Covenant of quiet enjoyment

11
Q

The grantor promises the property is free from encumbrances except those already revealed

A

Covenant against further encumbrances

12
Q

Contained in both special and general warranty deeds the grantor agrees to perfect or correct the title if necessary during their lifetime

A

further assurance

13
Q

Contained only in general warranty deeds. If 3rd party wrests the title the grantee may sue for damages up to the value of the property at time of sale

A

Warranty forever

14
Q

First deed in chains of title- transfer real property from the state or federal government to individuals.

A

Patent deeds

15
Q

Include bargain and sale, special warranty and general warranty deeds.

A

Conveying deeds

16
Q

Deed from which the government commonly sells real property, with no warranties and may be used by private grantors who wish to limit their liability

A

Bargain and sale deeds

17
Q

4 types of Bargain and Sale deeds:

A
  1. Sheriff’s deeds 2. Treasurer’s deeds 3. Executors deeds 4. Trustee’s deeds
18
Q

When a grantor accepts responsibility for encumbrances and defects in property arising only during their ownership

A

Special warranty deed

19
Q

A deed where the grantor fully guarantees clear title but not the physical condition of the property.

A

General Warranty Deed

20
Q

Deed which pass only the right, title and interest the grantor has at the time of release, not any subsequent title or interest acquired. No covenants or warranties.

A

Quit claim deed.

21
Q

A type of quit claim deed used between relatives

A

Gift Deed

22
Q

A type of deed that is a statement denying legal responsibility. Husband would sign this if wife wants to purchase sole and separate.

A

Disclaimer deed.

23
Q

A deed used when one person represents another.

A

Fiduciary deed.

24
Q

The loss of property against an owner’s wishes can occur through natural causes and law.

A

Involuntary Alienation

25
Q

The process of acquiring land through soil deposits as a result of the movement of rivers and streams is? The soil deposited this way is?

A

accretion, alluvion

26
Q

Receding of water from its usual watermark in rivers, streams and littoral bodies of water (lakes and oceans)

A

Reliction

27
Q

The property of an individual who dies without a will

A

Intestate

28
Q

In the matter of wills real property is termed

A

Devise

29
Q

There are 3 basic wills

A
  1. Formal (conventional 2. holographic 3. nuncupative
30
Q

Supplement to a will, seldom revokes the original will, requires the signatures of the maker and two witnesses

A

Codicil

31
Q

An accumulation of facts, which, if proven, would enable a person to recover or retain possession of a piece of real property

A

Title

32
Q

Constructive Notice

A

legal notice to the world at large (the law charges the public with responsibility for knowledge of the contents of the chain of title whether or not the public is aware of its existence

33
Q

Actual Notice

A

Not as strong as constructive notice. Direct knowledge “see my house on the property, i live there”

34
Q

A prepared summary of the chain of title and not equivalent to a recorded deed. Attorney’s opinion “certificate of title”

A

“Abstract of Title”

35
Q

A conclusive system first developed in Australia (not in AZ)

A

Torrens’ Certificate

36
Q

Protects property owners and mortgagees against loss through defects in title, liens, or encumbrances. Covers the past not the future. There are two types

A

Title insurance- 1. Owners 2. Lenders

37
Q

Generally referred to as the exchange of a claim for money thereby waiving all further rights, or the substitution of one party for another so the substitute party has the same rights as the former

A

Subrogation

38
Q

An employee of a title company who examines public records for problems or aberrations and renders an evaluation

A

Title Examiner

39
Q

A storage facility often erected by title companies to store copies of documents obtained from public records and county recording offices.

A

Title plant

40
Q

Sets forth the property to be insured, a legal description of the property, the name of the party to be insured, and the type of estate (fee simple)

A

Schedule A

41
Q

Sets forth standard and special exceptions not covered by the policy. Standard exceptions (items never covered by title insurance) including property taxes, a loan being assumed and deed restrictions

A

Schedule B

42
Q

Insures the lender has an enforceable lien against the property. (Also known as ALTA, Broad form coverage, and Extended Coverage)

A

Lenders policy

43
Q

When a condition is placed in a deed a violation of the condition could result in:

A

Forfeiture

44
Q

At what point is a recordation take place

A

When assigned a docket and page number