The act of placing documents in the public record ❌
The legal presumption that information may be obtained through diligent inquiry ❌
A type of notice also known as direct knowledge ❌
The order of rights in time, such as who recorded first, which party was in possession first, etc. ❌
The record of a property's ownership ❌
A legal action to remove a cloud on the title and establish legal ownership ❌
An examination of all the public records to determine if any defects exist in a property's history of ownership ❌
The individial who prepares a summary report of the results of a title search ❌
A contract under which a policyholder is protected from losses arising from defects in title ❌
Title problem that is created by a gap in the chain or other dispute of ownership ❌
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
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.
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
Constructive notice means that information about a property is not only available, but that someone has been given access to that information
A search of the public records will disclose all liens that exist against a property.
The term chain of title refers to the record of a property's ownership
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.
An extended standard coverage title insurance policy protects a homeowner against rights of parties in possession and unrecorded liens.
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.
A certificate of title is a guarantee of legal ownership
A title search of the public records may be conducted by
anyone
attorneys and abstractors only
attorneys, abstractors, and real estate licensees only
anyone who obtains a cour order under the Freedom of Information Act.
Which statement BEST explains why instrucments affecting real estate are recorded?
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.
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?
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.
The date and time a document was recorded establish which of the following?
Priority of rights
Chain of title
Subrogation
Marketable title
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?
The buyer
The Relative
The seller's heirs
Both the buyer and the relative
If a property has encumbrances, it
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.
Chain of title is MOST accurately defined as
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.
Evidence of the kind of estate and all liens against a parcel of real estate can usually be proven by
a recorded deed
a court suit for specific performance
one of the forms of proof of ownership
a foreclosure suit.
The person who prepares an abstract of title for a parcel of real estate
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
A couple is frantic because they cannot find their deed and now want to sell the prperty. They
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.
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
a report of title commintment for title insurance
a certificate of title
an abstract
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
escrow
abstract of title
subordination
subrogation
A title insurance policy with standard coverage generally covers all of the following EXCEPT
forged documents
incorrect marital statements
rights of parties in possession
incompetent grantors
The document(s) referred to as title evidence include
title insurance
warranty deeds
security agreements
To give notice of a security interest in personal prperty items, a lienholder must record which of the following>
Security agreement
Financing statement
Chattel agreement
Quitclaim deed
Which of the following would NOT be acceptedable evidence of ownership
Attorney's opinion
Title insurance policy
Abstract
Deed signed by the last seller
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
a ceritifcate of title
an abstract of title
a marketable title
an attorney's opinion of title
Which of the following are traditionally covered by a standard title insurance?
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.
The BEST reason for a buyer to obtain title insurance is
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.
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?
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
