Ch 1 Section 2 Real Estate Title and Ownership

Question 1

Title

Answer 1

The right to, or ownership of land
- held jointly or individually
- evidence of ownership such as deed

Question 2

Ownership

Answer 2

The right of possession occupancy, use , enjoyment, and disposition of real property.

Question 3

Alienation of title

Answer 3

Any change in ownership
-transferring ownership rights or interest in real property from one to another.

Question 4

Types of title

Answer 4

-Legal title
- Equitable title
- Bare legal title

Question 5

Legal

Answer 5

The right of ownership, possession, use, occupancy, and enjoyment of a parcel of real property held by an owner

Question 6

Equitable

Answer 6

the interest in a piece of real estate held by a buyer under the real estate sales contract, or a contract deed, to obtain absolute ownership of the property at a future date.
- can be sold, assigned, mortgaged, passes to buyer’s heirs upon his death

Question 7

Bare Legal

Answer 7

-Naked title describes title that lacks the usual rights and privileges associated with ownership upon performance.

Question 8

3 types of Notice recognized

Answer 8

• actual
• constructive
• inquiry

Question 9

Actual notice

Answer 9

an individual has seen or been given, actual information or documents

Question 10

Constructive notice

Answer 10

legal notice, means that information has been made available to the public
- legal concept that charges the public with the responsibility of looking in the public records at the property itself so as to have knowledge of all those who are claiming right or interest in the real property

Question 11

Inquiry notice

Answer 11

that is presumed by law when factors exist that would make a reasonable person inquire further.

Question 12

Title records

Answer 12

include all documents affecting title, interest, and rights to real property are maintained.

Question 13

Acknowledgment

Answer 13

formal declaration made by a person who has signed a document before an authorized officer, usually a notary public.

Question 14

Marketable title

Answer 14

a title free from reasonable doubt at to who the owner is

Question 15

Title search

Answer 15

consist of an examination of the public records usually performed by a title company or abstractor
- 40 to 60 yrs original source

Question 16

Chain title

Answer 16

shows all changes in ownership

Question 17

Cloud on title

Answer 17

revealed by a title search an may be removed by a quitclaim deed or a suit to quite title

Question 18

Abstract title

Answer 18

summarizes what the title searcher found in the public record

Question 19

Certificate of title

Answer 19

based on a full examination to the public record but frequently only identifies the present owner of record and lists only existing encumbrances

Question 20

Survey

Answer 20

measures the boundaries of land area and locates all improvements such as buildings, fences, driveways etc.
- determine of easements and encroachments and set back requirements

Question 21

2 separate title insurance policies:

Answer 21

• Owners
• Lenders

Question 22

Owners Policy

Answer 22

covers the buyer and protects against forged documents, undisclosed heirs, misfiled documents etc.

Question 23

Lenders Policy

Answer 23

insures the lender against the same risks as an owner’s policy plus any circumstance that would invalidate the lenders lien against the property

Question 24

Color of title

Answer 24

title appears to be good and valid but a defect renders its invalid

Question 25

Tacking

Answer 25

under color of title an adverse occupant may tack on his period or possession to that of a prior adverse occupant

Question 26

Legal system that provides for the registration of land to verify ownership

Answer 26

Torrens System