Eileen Loughlin
Quiz von , erstellt am more than 1 year ago

ICFES/Saber 11 Real Estate Quiz am Chapter 10-Public Records and Title Issues, erstellt von Eileen Loughlin am 16/11/2015.

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Eileen Loughlin
Erstellt von Eileen Loughlin vor etwa 9 Jahre
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Chapter 10-Public Records and Title Issues

Chapter 10-Public Records and Title Issues

Frage 1 von 40

1

The act of placing documents in the public record

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    abstractor
    actual notice
    chain of title
    constructive notice
    title insurance
    recording
    cloud on the title
    priority
    suit to quiet title
    title search

Erklärung

Frage 2 von 40

1

The legal presumption that information may be obtained through diligent inquiry

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    abstractor
    actual notice
    chain of title
    constructive notice
    title insurance
    recording
    cloud on the title
    priority
    suit to quiet title
    title search

Erklärung

Frage 3 von 40

1

A type of notice also known as direct knowledge

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    abstractor
    actual notice
    chain of title
    constructive notice
    title insurance
    recording
    cloud on the title
    priority
    suit to quiet title
    title search

Erklärung

Frage 4 von 40

1

The order of rights in time, such as who recorded first, which party was in possession first, etc.

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    abstractor
    actual notice
    chain of title
    constructive notice
    title insurance
    recording
    cloud on the title
    priority
    suit to quiet title
    title search

Erklärung

Frage 5 von 40

1

The record of a property's ownership

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    abstractor
    actual notice
    chain of title
    constructive notice
    title insurance
    recording
    cloud on the title
    priority
    suit to quiet title
    title search

Erklärung

Frage 6 von 40

1

A legal action to remove a cloud on the title and establish legal ownership

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    abstractor
    actual notice
    chain of title
    constructive notice
    title insurance
    recording
    cloud on the title
    priority
    suit to quiet title
    title search

Erklärung

Frage 7 von 40

1

An examination of all the public records to determine if any defects exist in a property's history of ownership

Klicke und ziehe, um den Text zu vervollständigen.

    abstractor
    actual notice
    chain of title
    constructive notice
    title insurance
    recording
    cloud on the title
    priority
    suit to quiet title
    title search

Erklärung

Frage 8 von 40

1

The individial who prepares a summary report of the results of a title search

Klicke und ziehe, um den Text zu vervollständigen.

    abstractor
    actual notice
    chain of title
    constructive notice
    title insurance
    recording
    cloud on the title
    priority
    suit to quiet title
    title search

Erklärung

Frage 9 von 40

1

A contract under which a policyholder is protected from losses arising from defects in title

Klicke und ziehe, um den Text zu vervollständigen.

    abstractor
    actual notice
    chain of title
    constructive notice
    title insurance
    recording
    cloud on the title
    priority
    suit to quiet title
    title search

Erklärung

Frage 10 von 40

1

Title problem that is created by a gap in the chain or other dispute of ownership

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    abstractor
    actual notice
    chain of title
    constructive notice
    title insurance
    recording
    cloud on the title
    priority
    suit to quiet title
    title search

Erklärung

Frage 11 von 40

1

Any individual who is interested in a particular property may review the public records to learn about the documents, claims, and other issues that affect its ownership

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 12 von 40

1

Any written document that affects any estate, righ, title, or interest in land must be recorded in the county in which the property owner resides.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 13 von 40

1

To be eligible for recording, a document pertaining to real estate must be drawn and executed in accordance with the requirements of the federal government

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 14 von 40

1

Constructive notice means that information about a property is not only available, but that someone has been given access to that information

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 15 von 40

1

A search of the public records will disclose all liens that exist against a property.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 16 von 40

1

The term chain of title refers to the record of a property's ownership

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 17 von 40

1

In a typical title search, the chain of title is examined, beginning with the earliest records of ownership and proceeding forward up to the present owner.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 18 von 40

1

An extended standard coverage title insurance policy protects a homeowner against rights of parties in possession and unrecorded liens.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 19 von 40

1

One of the requirements of marketable title is that it could convince a reasonably well-informed and prudent purchaser, acting on business principles and with full knowledge of the significant facts, that the property could be resold or mortgaged at a later time.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 20 von 40

1

A certificate of title is a guarantee of legal ownership

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 21 von 40

1

A title search of the public records may be conducted by

Wähle eine der folgenden:

  • anyone

  • attorneys and abstractors only

  • attorneys, abstractors, and real estate licensees only

  • anyone who obtains a cour order under the Freedom of Information Act.

Erklärung

Frage 22 von 40

1

Which statement BEST explains why instrucments affecting real estate are recorded?

Wähle eine der folgenden:

  • Recording gives constructive notice to the world of the rights and interests in a particular parcel of real estate

  • The law requires that such instruments be recorded

  • the instruments must be recorded to comply with the terms of the statue of frauds

  • recording proves the execution of the instrument.

Erklärung

Frage 23 von 40

1

A purchaser went to the county building to check the records, which showed that the seller was the grantee in the last recorded deed and that no mortgage was on record against the property. The purchaser may assume which of the following?

Wähle eine der folgenden:

  • All taxes are paid and no judgements are outstanding

  • the seller has good title

  • the seller did not mortgage the property

  • No noe else is occupying the property.

Erklärung

Frage 24 von 40

1

The date and time a document was recorded establish which of the following?

Wähle eine der folgenden:

  • Priority of rights

  • Chain of title

  • Subrogation

  • Marketable title

Erklärung

Frage 25 von 40

1

A buyer bought a house, received a deed, and moved into the residence but neglected to record the document. One week later the seller died, and the heirs in another city, unaware that the property had been sold, conveyed title to a relative, who recorded the deed. Who owns the property?

Wähle eine der folgenden:

  • The buyer

  • The Relative

  • The seller's heirs

  • Both the buyer and the relative

Erklärung

Frage 26 von 40

1

If a property has encumbrances, it

Wähle eine der folgenden:

  • cannot be sold

  • can be sold only if title insurance is provided

  • cannot have a deed recorded without a survey

  • can be sold if a buyer agrees to take it, subject to the encumbrances.

Erklärung

Frage 27 von 40

1

Chain of title is MOST accurately defined as

Wähle eine der folgenden:

  • a summary or history of all instruments and legal proceedings affecting a specific parcel of land

  • a report of the contents of the public record regarding a particular property

  • an instrument or document that protects the insured parties (subject to specific exceptions) against defects in the examination of the record and hidden risks such as forgeries, undisclosed heirs, errors in the public records, and so forth.

  • a record of the property's ownership.

Erklärung

Frage 28 von 40

1

Evidence of the kind of estate and all liens against a parcel of real estate can usually be proven by

Wähle eine der folgenden:

  • a recorded deed

  • a court suit for specific performance

  • one of the forms of proof of ownership

  • a foreclosure suit.

Erklärung

Frage 29 von 40

1

The person who prepares an abstract of title for a parcel of real estate

Wähle eine der folgenden:

  • writes a brief history of the title after inspecting the county records for document affecting the title

  • insures the condition of the title

  • inspects the property

  • issues a certificate of title

Erklärung

Frage 30 von 40

1

A couple is frantic because they cannot find their deed and now want to sell the prperty. They

Wähle eine der folgenden:

  • may need to file a suit to quiet title

  • will have to buy title insurance

  • do not need the original deed in order to sell, if it was recorded

  • should execute a replacement deed to themselves.

Erklärung

Frage 31 von 40

1

When a title insurance policy is being issued, the public records are searched and the title company's record of title is continued to date. When the itle examination is complete, the title company notifies the parties in writing of the condition of title. This notification is referred to as

Wähle eine der folgenden:

  • Chain of title

  • a report of title commintment for title insurance

  • a certificate of title

  • an abstract

Erklärung

Frage 32 von 40

1

When a claim is settled by a title insurance company, the compamy acquires all rights and claims of the insured against any other person who is responsible for the loss. This is called

Wähle eine der folgenden:

  • escrow

  • abstract of title

  • subordination

  • subrogation

Erklärung

Frage 33 von 40

1

A title insurance policy with standard coverage generally covers all of the following EXCEPT

Wähle eine der folgenden:

  • forged documents

  • incorrect marital statements

  • rights of parties in possession

  • incompetent grantors

Erklärung

Frage 34 von 40

1

The document(s) referred to as title evidence include

Wähle eine der folgenden:

  • title insurance

  • warranty deeds

  • security agreements

  • abstract of title

Erklärung

Frage 35 von 40

1

To give notice of a security interest in personal prperty items, a lienholder must record which of the following>

Wähle eine der folgenden:

  • Security agreement

  • Financing statement

  • Chattel agreement

  • Quitclaim deed

Erklärung

Frage 36 von 40

1

Which of the following would NOT be acceptedable evidence of ownership

Wähle eine der folgenden:

  • Attorney's opinion

  • Title insurance policy

  • Abstract

  • Deed signed by the last seller

Erklärung

Frage 37 von 40

1

A seller delivered title to a buyer at closing. A title search had disclosed no serious defects, and the title did not appear to be based on doubtful questions of law or fact or to expose the buyer to possible litigation. The seller's title did not appear to present a threat to the buyer's quiet enjoyment, and the title insurance policy provided was sufficient to convince a resonably well-informed person that hte property could be resold. The title conveyed would commonly be referred to as

Wähle eine der folgenden:

  • a ceritifcate of title

  • an abstract of title

  • a marketable title

  • an attorney's opinion of title

Erklärung

Frage 38 von 40

1

Which of the following are traditionally covered by a standard title insurance?

Wähle eine der folgenden:

  • Unrecorded rights of parties in possession

  • improperly delivered deeds

  • changes in land use due to zoning ordinances

  • unrecorded liens not known to the policy holder.

Erklärung

Frage 39 von 40

1

The BEST reason for a buyer to obtain title insurance is

Wähle eine der folgenden:

  • that the mortgage lender requires it

  • to ensure that the seller can deliver marketable title

  • to ensure that the abstractor has prepared a complete summary of title

  • to pay future liens that may be filed.

Erklärung

Frage 40 von 40

1

The mortgagee received a title insurance policy on the property a buer is pledging as security for the mortgage loan. Which of the following is TRUE?

Wähle eine der folgenden:

  • The policy is issued for the benefit of the buyer

  • The policy guarantees that the buyer's equity will be protected.

  • The amount of coverage is commensurate with the loan amount

  • The amount of coverage increases as the borrower's equity increases

Erklärung

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