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Transfer of Property Progress Exam 3
Terms in this set (28)
Which of the following statements about escrow procedures is true?
When the escrow requirements have been met, the escrow agency changes from a dual agency to a separate agency
the main purpose of a deed is to
provide evidence of the change of title or transfer of interest
Which of the following is not covered by an ALTA owner's extended policy of title insurance?
Governmental regulations concerning occupancy and use
a closing may be terminated by all of the following except
instruction by the selling REA
legally, the grant deed must
name the grantee
recordation of a deed provides which of the following
The law requires the county record to index grant deeds:
alphabetically according to grantor and grantee.
The added protection of an ALTA title insurance policy over a CLTA policy is in guarding against:
a dispute over property lines which would be disclosed by a survey.
When a property is sold by the court, and the proceeds are divided among the owners, this is called a:
When there is a dispute between a buyer and seller over the deposit, escrow would file:
an interpleader action
When a person dies without any heirs and no will, what happens to their estate?
it escheats to the state
Escheat is a legal process in which property reverts to the state because the deceased owner left no will and has no legal heirs. However, the state must wait five years before trying to claim the property.
During escrow, the escrow officer received two structural pest control reports. The escrow officer should:
notify the buyer and seller and obtain written instructions as which report to use
When title to real property, which is encumbered by a deed of trust, is transferred as the result of a sale, it is always necessary to:
have the grantor deliver a deed
All of the following items are normally prorated at the closing, except:
delinquent interest on unsecured loans
A title company conducts a title search by searching the records of the:
all of the above
county recorder's office
county clerks office
federal land office
A deed that contains the following wording, "I, Richard Good hereby grant to Becky Sugar, Lot 5, Block 24, Tract 1009, recorded in Book 124, page 3, Official Maps and Records of Los Angeles County," and is signed and dated by Richard Good, would indicate that:
a fee simple estate is granted
fire insurance should allow the policy holder to
neither gain nor lose in the event of a claim
loss of title results from
Which answer is correct regarding the following two statements? (1) A grant deed, to be effective, must be recorded. (2) To record a deed, it must be acknowledged by the grantor.
The first statement is false and the second statement is true.
when property taxes are prepaid, how would they appear in the escrow closing statement
credit to the seller
Who normally pays for an ALTA Loan Policy of title insurance when a buyer purchases a home?
Most lenders in California demand the protection of a policy of title insurance and make the borrower (trustor) pay for the policy.
An ALTA title insurance policy guards against all of the following except:
neither standard or ATLA protect against zoning regs
The acknowledgment of a deed can be taken by:
an employee of a copr. buying property
usually an escrow officer is authorized to
call for the funding of buyer's loan
On a seller's closing statement, which of the items mentioned below must appear as a debit?
Since rent was prepaid in advance, the buyer must be given credit for this amount; hence, "debit the seller."
Mr. Red passed away intestate. His property can only be sold, if it is sold by the administrator of the estate:
after the court has approved the terms of sale and the price
a standard policy insures against
recorded deed that was not properly delivered and accepted
recording a deed
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