AZ Real Estate Exam Study Guide With Accurate Solutions.

AZ Real Estate Exam Study Guide With Accurate Solutions. Descent, law of - answerA system whereby title to property passes by operation of law to the heir of one who dies owning property without a will Adminstrator - answerCourt-appointed personal representatives of an estate for someone who dies intestate May be called adminstratrix if female Beneficiary deed - answerIn AZ, a deed that is used to transfer title of real property to a beneficiary upon the death of the property O to avoid the cost and delay of probate Disclaimer deed - answerA denial of a spouses' interest in real property; signed only on or before the time of purchase Constructive notice - answerNotice given by publication in a newspaper, recording, or other method. Abstract of title - answerA full summary of the chain of title Deed - answera written instrument transferring an interest in real property when delivered to the grantee Actual notice - answerActual knowledge of a fact Bargain and sale deed - answerA deed that conveys ownership from the grantor to the grantee without any expressions of warranty Often used in a legal proceeding Also called grant deed Affidavit of value - answerA sworn statement under oath that indicates the purchase price paid by the buyer in a transaction; must be filed with the deed and signed by both buyer and seller Executor - answerA person appointed by the testator in a will to carry out the terms of the will and to dispose of any property to the provisions of the will Chain of title - answerThe complete record of all deeds, liens, etc., as disclosed in the public record Delivery and acceptance of Deed - answerThe legal act of transferring title to property to the grantee. Alienation - answerThe transfer of ownership or an interest in property from one person to another, by any means. Adverse possession - answerAcquiring title to land because of a long-term, open and notorious use of the land. The time period required is 10 years Executor's deed - answerA deed signed by the personal representative of an estate, as assigned by the testator General Warranty Deed - answerA deed in which the grantor warrants the title against any and all defects that might have arisen before or during his or her period of ownership Grantee - answerA person receiving a grant of real property from the grantor Grantor - answerA person transferring title to real property Involuntary alienation - answerThe transfer of title to property during the O's lifetime without his consent Lender's Policy - answerA title insurance policy issued for the benefit of a lender as well as any future holder of the loan Generally, a lender's policy, unlike an O's policy, cover's mechanic's liens and encroachments Owner's policy - answerA type of title insurance issued in the name of the property O. Coverage runs from the time of the purchase for as long a s the policyholder owns the property Also called: Standard Policy Patent deed - answerA deed from the government to a private individual Preliminary title report - answerA search of liens, encroachments, easements and any recorded documents in the county records in order to issue title insurances