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Title and escrow study guide UTAH 2024
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Title and escrow study guide UTAH 2024Deed of Trust (Trust Deed) - Correct Answer A trust deed, also referred to as a deed of
trust is a document that is most commonly used in Utah to create a security 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 - Correct Answer A claim, lien, charge, or liability attached to and
binding real property
Solvency - Correct Answer The possession of assets in excess of liabilities; ability to
pay one's debts.
Escrow - Correct Answer 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 - Correct Answer 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? - Correct Answer The
Insurance Department
How often in Utah do you need to renew your license? - Correct Answer Every two
years
If there is a change of address or telephone number who needs to be notified? - Correct
Answer The insurance commissioner
How and when do we notify the insurance commissioner of change? - Correct Answer
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. - Correct Answer Commissioner
How many years must an escrow officer keep recorded documents? - Correct Answer 3
years
Searches must be maintained for ____ years. - Correct Answer 15
An annual report which contains a statement of financial condition must be filed with the
________________ _______________. - Correct Answer Insurance Department
, What are the three types of agent authority? - Correct Answer express, implied,
apparent
Express Authority (Actual Authority) - Correct Answer actual authority of agent to act for
principal
Implied Authority - Correct Answer 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 - Correct Answer 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 - Correct Answer A deed used by a trustee under a deed of trust
to return title to the trustor.
conveyance - Correct Answer A transfer of title to, or an interest in land, from one
person to another
Definition of Real Property - Correct Answer land and anything attached to it
Types of Joint Ownership - Correct Answer Tenants in common and Joint tenancy
Intestate - Correct Answer When a person dies without a will and their property is
distributed to their heirs as determined by he statute
Testate - Correct Answer When a person dies with a will which enumerates how the
estate is to be distributed
Tenants in Common - Correct Answer Joint ownership which is equal between the
owners unless otherwise stated.
Joint Tenancy - Correct Answer 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 - Correct Answer Property acquired under a lease
How many types of agent authority are there? - Correct Answer 3
Free Hold - Correct Answer 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)
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