What is a 'quitclaim deed'?
Why A deed that conveys whatever interest the grantor may have, with no warranties Is Correct
Answer B: A deed that conveys whatever interest the grantor may have, with no warranties
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
Key Escrow & Title Terms in This Question
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
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- A deed that conveys title with the grantor's guarantee of defending the title against all claims is a:Property Ownership
- Which type of deed provides the GREATEST protection to the grantee by warranting title against all claims, both during and before the grantor's ownership?Property Ownership
- A deed that warrants only against defects arising during the grantor's period of ownership is called a:Property Ownership
- A quitclaim deed conveys:Escrow & Title
- Title insurance that protects the lender against losses due to title defects is called:Escrow & Title
- A quitclaim deed transfers:Escrow & Title
- Which type of title insurance policy protects the lender's interest in a mortgaged property?Escrow & Title
Key Terms to Know
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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