Title and escrow study guide UTAH 2023 Already Passed

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Title and escrow study guide UTAH 2023 Already Passed Deed of Trust (Trust Deed) A trust deed, also referred to as a deed of trust is a document that is most commonly used in Utah to create a secu ... rity interest in the real property covered by the trust deed to serve as collateral for a corresponding promissory note (loan). Although technically not a traditional legal "mortgage," it is commonly referred to as that. Encumbrances A claim, lien, charge, or liability attached to and binding real property Solvency The possession of assets in excess of liabilities; ability to pay one's debts. Escrow It is the process of holding monetary funds by a title agency or bank for the purpose of offering or purchasing real property. Title Insurance is the product that is purchased to protect the rights of the owner, purchaser or lien-holder in the event that that there is a defect, loss or damage, unmarketability of the title, or invalidity or unenforceability of any liens or encumbrances on the property. Who in Utah is the title and escrow industry regulated by? The Insurance Department How often in Utah do you need to renew your license? Every two years If there is a change of address or telephone number who needs to be notified? The insurance commissioner How and when do we notify the insurance commissioner of change? 30 days of change and in writing The___________________________ has all the powers reasonable and necessary to enable him to reform the duties imposed by hid title. Commissioner How many years must an escrow officer keep recorded documents? 3 years Searches must be maintained for ____ years. 15 An annual report which contains a statement of financial condition must be filed with the ________________ _______________. Insurance DepartmentWhat are the three types of agent authority? express, implied, apparent Express Authority (Actual Authority) actual authority of agent to act for principal Implied Authority Authority that is not expressed or written into the contract, but which the agent is assumed to have in order to transact the business of insurance for the principal. Apparent Authority The appearance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Reconveyance Deed A deed used by a trustee under a deed of trust to return title to the trustor. conveyance A transfer of title to, or an interest in land, from one person to another Definition of Real Property land and anything attached to it Types of Joint Ownership Tenants in common and Joint tenancy Intestate When a person dies without a will and their property is distributed to their heirs as determined by he statute Testate When a person dies with a will which enumerates how the estate is to be distributed Tenants in Common Joint ownership which is equal between the owners unless otherwise stated. Joint Tenancy The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants, his or her interest automatically passes to the surviving joint tenants. Leasehold Property acquired under a lease How many types of agent authority are there? 3 Free Hold Freehold estates of property are those in which the owner has immediate rights to the property for an undefined amount of time. (owns and can will) Who owns a Navigable Water? State Government In a deed that grants two unmarried people the property and says nothing about how title is to be held, title will be as? Tenants in common How much can you spend on non edible gift? $10 RESPA (Real Estate Settlement Procedures Act) is to help consumers become better shoppers for settlement services and eliminate kickbacks and referral fees that unnecessarily increase the cost of certain settlement services. Types of real property (1) Residential, (2) Commercial, (3) [Show More]

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