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Real Estate National Key Facts > N13 Deeds & Title Insurance > Flashcards

Flashcards in N13 Deeds & Title Insurance Deck (45)
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1

The document that transfers ownership of real property.

Deed

2

The parties to a deed.

Grantor and Grantee

3

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

4

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

Warranties

5

The deed that warrants the title against all claims.

Warranty Deed

6

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

Special Warranty Deed

7

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

8

The deed that provides no warranties whatsoever.

Quit Claim Deed

9

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

Patent (Land Patent)

10

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

Beneficiary Deed

11

A beneficiary deed takes effect when the _______.

Grantor Dies

12

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

Disclaimer Deed.

13

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

Covenant Against Encumbrances

14

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

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 ___________________.

Covenant of Quiet Enjoyment

16

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

17

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

18

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

Granting Clause

19

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

Habendum Clause aka Have and To Hold Clause

20

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

Testimonium Clause aka Witness Clause

21

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)

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 __________.

Reservation and Exception

23

An acknowledgement is also called.

Notarization

24

Does the deed have to be recorded?

NO

25

Recording a document gives ________ to the world.

Constructive Notice

26

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

Actual Notice

27

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

Affidavit of Value

28

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

Assessor, Sales Price

29

An Affidavit of value must be signed by both _____.

Buyer and Seller

30

A title that is without cloud or defect is ____________.

Marketable Title (Merchantable Title or Clear Title).