Chapter 7 National Book

Question 1

Constructive notice

Answer 1

when the law assumes you know info while buying a house
info is publicly available
due diligence

Question 2

Actual notice

Answer 2

has direct knowledge of docs in public notice

facts revealed by inspection

Question 3

Recording

Answer 3

placing documents in the public record

Question 4

Priority

Answer 4

most important info is presented first

Question 5

Chain of title

Answer 5

a record of a properties ownership

Question 6

What document can be used as title evidence?

Answer 6

policies of title insurance

Question 7

Action to quiet title

Answer 7

purchaser is guaranteed ownership

prevents third party from claiming

Question 8

What does title insurance do?

Answer 8

protects from any loses that could happen from defects in the title
standard coverage and extended coverage

Question 9

Abstract of title

Answer 9

report that includes all recorded liens and encumbrances

could be done by abstractor or attorney

Question 10

Marketable title

Answer 10

a title that a reasonably informed buyer would accept, no serious defects