Chapter 7

Question 1

Title Insurance

Answer 1

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

Question 2

Owner’s Policy

Answer 2

You have title to the property/protects the owner

Question 3

Recording

Answer 3

Placing documents on public records

Question 4

Constructive Notice

Answer 4

Information is available and may be obtained through due diligence.

Question 5

Actual Notice

Answer 5

Not only that information of an interest in property is available but someone is actually aware of it

Question 6

Priority

Answer 6

The order in which documents or liens were recorded.

Question 7

Unrecorded Documents

Answer 7

Certain types of liens are not recorded

Question 8

Chain of Title

Answer 8

Record of a property’s ownership

Question 9

Title Search

Answer 9

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

Question 10

Abstract of Title

Answer 10

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

Question 11

Marketable Title

Answer 11

The acceptable level of rights

Question 12

Proof of Ownership

Answer 12

Evidence that title is marketable

Question 13

What is the most common title search in CT?

Answer 13

Attorney Certificate of Title

Question 14

Certificate of Title

Answer 14

A statement of opinion of the title’s status on the date the certificate is issued