Fundamentals | Unit 9

Question 1

Actual Notice

Answer 1

An individual has direct knowledge of documents in the public records and facts revealed by an inspection of the property

Question 2

Constructive Notice

Answer 2

Revealed when due diligence is done (search of public records, inspection)

Question 3

Suit to Quiet Title

Answer 3

Required when there is a gap in the chain or other dispute of ownership

Question 4

Abstract of Title

Answer 4

Summary report of what the title search reveals

Prepared by an abstractor or attorney

Question 5

Marketable Title

Answer 5

Does not have any serious defects nor does it rely on doubtful questions of law or fact to prove its validity

Question 6

Proofs of Ownership used in PA (2)

Answer 6

1. Certificate of Title

2. Title Insurance

Question 7

Chattel

Answer 7

A personal possession

Question 8

Uniform Commercial Code (UCC)

Answer 8

Governs the documents when personal property is used as a security for a loan

Question 9

Governs the documents when personal property is used as a security for a loan

Answer 9

Uniform Commercial Code (UCC)

Question 10

Subrogation

Answer 10

A right held by most insurance carriers to legally pursue a third party that caused an insurance loss to the insured. Done in order to recover the amount of the claim paid by the insurance carrier to the insured for the loss.