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Unit 13: Title Records > Assessment > Flashcards

Assessment Flashcards

1
Q

The act of placing documents in the public record

A

Recording

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2
Q

The legam presumption that information may be obtained through diligent inquiry

A

Constructive notice

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3
Q

When an individual is actually aware of a fact, they are said to have this type of notice

A

Actual notice

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4
Q

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

A

Priority

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5
Q

The record of a property’s ownership

A

Chain of title

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6
Q

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

A

Action to quiet title

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7
Q

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

A

Title search

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8
Q

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

A

Abstractor

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9
Q

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

A

Title insurance

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10
Q

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

A

Cloud on the title

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11
Q

To protect the buyer, in some states, a(n) ___ is conducted as soon as an offer to purchase has been accepted

A

Preliminary title search

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12
Q

The type of notice that means the information is not only available but that someone has given the information and is aware of it is called ___.

A

Actual notice

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13
Q

If a title has no serious defects, does not expose a purchaser to litigation, and does not cause the property to have a poor likelihood of resale, it is called ___.

A

Marketable title

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14
Q

Rather than a certificate of title, in some parts of the country an attorney’s ___ is used as evidence of title.

A

Opinion of title

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15
Q

The premium for a title insurance policy is paid at closing how many times ?

A

Once

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16
Q

When is the premium for a title insurance policy paid?

A

at closing

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17
Q

Uninsurable losses, such as zoning ordinances, named in a title insurance policy are called ___.

A

Exclusions

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18
Q

A summary report of what a title search found in the public record is called a(n) ___.

A

Abstract of title

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19
Q

The standard coverage title policy insures against hidden effects such as ___.

A

Improperly delivered deeds

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20
Q

Registration in the ___ provides evidence of title without needing to make an additional search of public records.

A

Torrens system

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21
Q

The legal presumption that information about rights in a property may be obtained by a person through diligent questioning and research is called ___.

A

Constructive notice

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22
Q

The following is the complete title record for Lot 27, block 6 of a subdivision. At which point is the chain of title broken?
1. Grantor: Ferris-bumper bulders, Inc. Grantee: Barton & Jane Doyle. By Instrument: Warranty Deed. Conveyance Date: January 19, 1909
2. Grantor: Barton & Jane Doyle. Grantee: Market Title & Trust Company. By Instrument: Trust Deed. Conveyance date: January 20, 1909.
3. Grantor: Market Title & Trust Company. Grantee: Barton & Jane Doyle. By Instrument: Reconveyance Deed. Conveyance date: June 10, 1935
4. Grantor: Barton & Jane Doyle. Grantee: Anton Feldspar. By Instrument: Bargain and Sale Deed. Conveyance date: March 7, 1940
5. Grantor: Peter & Mary Parker. Grantee: Lamont Cranston and Gloria Reeve. By Instrument: Warranty deed. Conveyance date: November 16, 1958
6. Grantor: Lamont Cranston & Gloria Reeve. Grantee: Brookfield Bank & Trust Company. By Instrument: Mortgage. Conveyance date: November 8, 1958
7. Grantor: Lamont Cranston & Gloria Reeve. Grantee: Gerald & Lydia Carlos. By Instrument: Warranty Deed. Conveyance date: September 4, 1979
8. Grantor: Brookfield Bank & Trust Company. Grantee: Lamont Cranston & Gloria Reeve. By Instrument: Release. Conveyance date: May 2, 1995.

A

Point 5: grantor and grantee

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23
Q

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

A

Public records

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24
Q

A written document that affects any estate, right, title, or interest in land must be recorded in the ___.

A

County

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25
Q

To be eligible for ___, a document pertaining to real estate must be drawn and executed in accordance with the requirements of the recording acts of the state in which the property is located.

A

Recording

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26
Q

To be eligible for recording, a ___ must be drawn and executed in accordance with the requirements of the recording acts of the state in which the property is located.

A

document pertaining to real estate

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27
Q

To be eligible for recording, a document pertaining to real estate must be drawn and executed in accordance with the requirements of the ___ of the state in which the property is located.

A

recording acts

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28
Q

___ means that not only is the information about property available, but someone has been made aware of that information.

A

Actual notice

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29
Q

A search of the ___ will disclose all recorded liens that exist against a property.

A

Public records

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30
Q

The ___ is the record of a property’s ownership, beginning with the earliest owner.

A

Chain of title

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31
Q

In a typical ___, the chain of title is examined beginning with the present owner and tracking backwards to the earliest records of ownership, or a definite period of years depending on state law.

A

Title Search

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32
Q

In a typical title search, the ___ is examined beginning with the present owner and tracking backwards to the earliest records of ownership, or a definite period of years depending on state law.

A

chain of title

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33
Q

In a typical title search, the chain of title is examined beginning with the ___.

A

present owner

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34
Q

A(n) ___ insurance policy protects a homeowner against rights of parties in possession and unrecorded liens.

A

Extended coverage title insurance policy

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35
Q

Extended coverage title insurance is provided by a(n) ___.

A

American Land Title Association (ALTA)

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36
Q

___ title insurance policies include the protections of a standard title insurance policy plus additional protections.

A

Extended coverage

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37
Q

One of the requirements of ___ 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

Marketable title

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38
Q

A(n) ___ should disclose no serious defects, should not depend on doubtful questions of law, and should 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

Marketable title

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39
Q

A certificate of title is evidence of, but not a guarantee of ___.

A

Ownership

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40
Q

A(n) ___ is evidence of ownership, but not a guarantee of ownership.

A

Certificate of title

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41
Q

A(n) ___ is a statement of opinion of the title’s status on the date it is issued.

A

Certificate of title

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42
Q

Cause for a buyer of real estate to become worried would be if the seller’s evidence of title was a(n) ___.

A

Recorded deed

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43
Q

To serve as public notice, a deed is recorded in the ___.

A

county

44
Q

Five years ago, a lien was recorded against a parcel of property by a construction company. When the lien was recorded, X was the owner of the property and Z was an active partner in the construction company. The property is in Cook County, but the lien was recorded in Dupage County. Now, Z is trying to buy the property from X. A title search in Cook county disclosed no liens against the property. Because of the mistake in recording, Z has ___ of the liens, but not ___.

A

Z has actual notice but does not have constructive notice

45
Q

Shortly after closing on the purchase of a parcel of real estate, the buyer discovered that there were serious flaws in the title that made it unlikely that the property could be resold in the future. Because the buyer has accepted the deed, the only recourse is to…

A

Sue the seller under any covenants contained in the deed

46
Q

The reason that deeds and liens and other claims are recorded is to give ___.

A

Constructive notice

47
Q

A history of all recorded liens and encumbrances is revealed in the ___.

A

Abstract

48
Q

The person who prepares a certificate of title

A

the abstractor

49
Q

Which of these would be covered in a standard title insurance policy?
a) defects discoverable by physical inspection
b) unrecorded liens
c) forged documents
d) easements and restrictive covenants

A

Forged documents

50
Q

A title insurance policy that protects the interest of a mortgage is called a(n) ___.

A

Lender’s policy

51
Q

In the states in which it has been adopted, the ___ limits the time beyond which title records must be searched.

A

Marketable Title Act

52
Q

Who may conduct a title search in the public records?

A

Anybody

53
Q

___ gives constructive notice to the world of the rights and instruments of a party in a particular parcel of real estate.

A

Recording

54
Q

A purchaser went to the county building to check the recorder’s records. She found that the seller was the grantee in the last recorded deed, and no mortgage was on record against the property. The purchaser may assume that…

A

The seller did not mortgage the property

55
Q

The date and time a document was recorded establishes ___.

A

Priority

56
Q

What establishes priority?

A

The date and time a document was recorded

57
Q

Mary sold her home to Lynn. Lynn moved into the home but did not record the deed. A few weeks later, Mary died. Her heirs in another city were unaware that she had sold the home. The heirs conveyed title to David, who actually recorded the deed. Who owns the property?

A

Lynn

58
Q

If a property has encumbrances that will outlast the closing, the property can be sold if…

A

A buyer agrees to take it subject to the encumbrances

59
Q

An abstract and attorney’s opinion constitutes acceptable proof of ___.

A

Ownership

60
Q

Chain of title refers to….

A

A record of a property’s ownership

61
Q

___ refers to a record of a property’s ownership

A

Chain of title

62
Q

A seller delivered a deed to a buyer at the closing. A title search disclosed no serious defects, and the title did not appear to be based on doubtful questions of law or fact nor did it appear 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 policy was sufficient to convince a reasonably well-informed person that the property could be resold. The title conveyed would commonly be called a(n) ___.

A

Marketable title

63
Q

The person person who prepares an abstract of title for a parcel of real estate searches the ___ and then summarizes the events and proceedings that affect title.

A

public records

64
Q

The person person who prepares an abstract of title for a parcel of real estate searches the public records and then summarizes the ___ and ___ that affect title.

A

events and proceedings

65
Q

The person person who prepares an abstract of title for a parcel of real estate searches the public records and then summarizes the events and proceedings that affect ___.

A

Title

66
Q

The person person who prepares a(n) ___ for a parcel of real estate searches the public records and then summarizes the events and proceedings that affect title.

A

abstract of title

67
Q

A homeowner wants to sell her property but cannot find her deed. In this situation, she does not need the deed to sell if it was ___.

A

Recorded

68
Q

Mortgage title policies protect which parties from loss?

A

Mortgage companies

69
Q

Which of these is traditionally covered by a standard title insurance policy?
a) unrecorded rights of persons in possession
b) changes in land use due to zoning ordinances
c) improperly delivered deeds
d) unrecorded liens not known of by the policyholder

A

Improperly delivered deeds

70
Q

The documents called ___ include title insurance.

A

title evidence

71
Q

The legal presumption that information can be obtained through diligent inquiry is called ___.

A

Constructive notice

72
Q

What is necessary for a deed to be recorded in Illinois?
a) Full address of the grantee
b) The names of the grantor and grantee typed or printed below their signatures
c) An escrow exemption statement
d) Permanent tax index number

A

Full address of the grantee

73
Q

The act of recording gives legal priority to those interests recorded ___.

A

First

74
Q

A Chicago resident purchases farmland in southern IL as an investment. The deed to the Chicago resident should be recorded in the recorders office of the…

A

County where the farmland is located

75
Q

The population of Outlet County is 54,000. Who is the recorder of deeds?

A

County clerk

76
Q

The act of placing documents in the public record

A

Recording

77
Q

___ is a contract under which the policy holder is protected from losses arising from defects in the title

A

Title insurance

78
Q

The record of a property’s ownership

A

Chain of title

79
Q

A summary report of what the title search found in the public record

A

Abstract of title

80
Q

An examination of all public records to determine whether any defects exist in the chain of title

A

Title search

81
Q

In a title search, the title is traced…

A

Backward to its origin

82
Q

The ___ searches all the public records and then summarizes the various events and proceedings that affected the title throughout its history

A

Abstractor

83
Q

A listing of all conveyances from owner to owner

A

Chain of title

84
Q

Examination of public records

A

Title search

85
Q

Title free from major defects

A

Marketable title

86
Q

Judicial action to remove clouds on the title

A

Quiet title suit

87
Q

Legal presumption that information may be obtained

A

Constructive notice

88
Q

Contract that protects against losses from title defects

A

Title insurance

89
Q

History of all documents affecting title

A

Abstract of title

90
Q

What is considered the best defense of title?

A

Title insurance

91
Q

A statement of opinion regarding title status on the date that the certificate is issued

A

Certificate of title

92
Q

A(n) ___ is not a full guarantee of ownership, but instead it certifies the condition of the title’s history based on a title search.

A

certificate of title

93
Q

A certificate of title is not a full guarantee of ___.

A

Ownership

94
Q

A certificate of title certifies the condition of the title’s ___ based on a title search

A

history

95
Q

A certificate of title certifies the condition of a title’s history based on a(n) ___

A

Title search

96
Q

The ___ will defend any lawsuit based on an insurable defect and pay claims if the title proves to be defective.

A

Title insurance company

97
Q

The title insurance company will defend any lawsuit based on a(n) ___ and pay claims if the title proves to be ___.

A

Insurable defect
Defective

98
Q

The title insurance company will defend any lawsuit based on an insurable defect and pay claims if the ___ proves to be defective.

A

Title

99
Q

the documents called ___ include title insurance

A

title evidence

100
Q

In Illinois, what is used as evidence of title and is an opinion of title status?

A

Abstract and attorney’s opinion of title

101
Q

A(n) ___ must be recorded within one year after expiration of the redemption period or it will become null and void.

A

Tax deed

102
Q

A tax deed must be recorded within ___ after expiration of the redemption period or it will become null and void.

A

one year

103
Q

A tax deed must be recorded within one year after ___ of the redemption period or it will become null and void.

A

Expiration

104
Q

A tax deed must be recorded within one year after expiration of the ___ or it will become null and void.

A

redemption period

105
Q

A tax deed must be recorded within one year after expiration of the redemption period or it will become ___ and ___.

A

Null and void

Unit 13: Title Records (3 decks)

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