Chapter 27 Flashcards
Terra research on a piece of property that the title offers have compiled by putting an abstract from the county recorders office
Abstract of title
When a person sends a written notice to another
Actual notice
The group of underwriters that have written in standardized products
Alta
American land title Association
The historical report of all owners of a piece of property
Chain of title
The first product that the title company provides also known as the preliminary report
Commitment for title insurance
This is what’s provided after the research on a property
Preliminary report
When a person comes across more information by other means of information
Constructive notice
What affects the property listed on the pre-income print like a lien defect something the seller needs to remedy before the buyer takes possession
Encumbrance/defect/cloud on title
Purchased by the buyer and protects the investment of the lender
Lender’s insurance policy
When the seller promises that the title is in the condition to resell at full market value
Marketable title
Seller pay and gifts to buyer to ensure that they bought the property they intended to buy
Owners title insurance policy
When you purchase a policy and sustain a loss, the insurance company pays out on the claim
Subrogation
Title insurance does not predict against
Zoning restrictions
ALTA stands for
American land title Association
An owners title insurance policy covers
Defects found in public records
Forged documents
Improperly delivered deeds
Lender’s extended coverage covers
Everything covered by standard coverage
Un recorded rights of persons in possession
Un recorded not known to the policyholder
If the buyer has a mortgage, the type of title insurance that the buyer purchases protects the
Lender
The type of title insurance policy that the seller buys protects the
Buyer
Bob purchased a property for $300,000. His mortgage was for $220,000. How much title insurance coverage did Bob have to pay for?
$220,000
Which type of policy is specifically mentioned in the REPC
ALTA policy
The following would give a buyer the least amount of protection in a title insurance
Attorney’s opinion
Title insurance is
A limited guarantee of marketable title