Title Escrow Exam Study Guide Utah Latest 2023 with
complete solution
How much can you spend on a special event for a client?
$75
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
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 Department
What are the three types of agent authority?
express, implied, apparent
Express Authority
the authority of an agent, stated in the document or agreement creating the agency
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.
Conveyances
, A transfer of title to, or an interest in land, from one person to another
encumbrance
A claim, charge, or liability that attaches to and is binding on real estate.
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.
Upon death, an owners ____________ passes to their heirs.
Interest
Heir
a person legally entitled to the property or rank of another on that person's death.
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.
Rod
16.5 feet or 5.5 yards
Chain
66 feet, 4 rods, 100 links
Acre
43,560 square feet
Degrees in a circle
A circle has a total of 360 degrees
Minutes in a degree
60 minutes
Seconds to minutes
60 seconds = 1 minute
Legal description of property
appears on the deed
lists only the boundary lines (no structures or physical features)
Monuments
A fixed natural or artificial object used to establish real estate boundaries for a metes-
and-bounds description.
Title Searching Techniques
Hard copy index, computer index, and chain sheet
Leasehold
Property acquired under a lease
How many types of agent authority are there?
3
complete solution
How much can you spend on a special event for a client?
$75
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
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 Department
What are the three types of agent authority?
express, implied, apparent
Express Authority
the authority of an agent, stated in the document or agreement creating the agency
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.
Conveyances
, A transfer of title to, or an interest in land, from one person to another
encumbrance
A claim, charge, or liability that attaches to and is binding on real estate.
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.
Upon death, an owners ____________ passes to their heirs.
Interest
Heir
a person legally entitled to the property or rank of another on that person's death.
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.
Rod
16.5 feet or 5.5 yards
Chain
66 feet, 4 rods, 100 links
Acre
43,560 square feet
Degrees in a circle
A circle has a total of 360 degrees
Minutes in a degree
60 minutes
Seconds to minutes
60 seconds = 1 minute
Legal description of property
appears on the deed
lists only the boundary lines (no structures or physical features)
Monuments
A fixed natural or artificial object used to establish real estate boundaries for a metes-
and-bounds description.
Title Searching Techniques
Hard copy index, computer index, and chain sheet
Leasehold
Property acquired under a lease
How many types of agent authority are there?
3
