Practice Flashcards
___ contains detailed information about each parcel of real estate in a city or county.
Public records
___ are crucial in establishing ownership, giving notice of encumbrances, and establishing priority of liens.
Public records
___ protect the interests of real estate owners, taxing bodies, creditors, and the general public.
Public records
The real estate ___ system includes written documents that affect title, such as deeds and mortgages.
Recording
Public records regarding taxes, judgments, probate, and marriage may offer important information about the ___ to a particular property.
Title
In Illinois, which 5 people generally maintain public records?
1) Recorder of deeds
2) County treasurer
3) City clerk & collector
4) County clerk
5) Clerks of various courts
In Illinois, a(n) ___ must be elected in counties with populations of 60,000 or more.
Recorder of deeds
In Illinois, if a county has a population of less than 60,000, who serves as the recorder of deeds?
County Clerk
In Cook County, documents affecting title are recorded at the ___.
Cook County Clerk’s Office
The act of recording generally gives legal priority to those interests that were recorded ___.
First
To be eligible for recording, a document must be ___ and ___ as stipulated in the recording acts of the state in which the real estate is located.
Drawn and executed
To be eligible for recording, a document must be drawn and executed as stipulated in the ___ of the state in which the real estate is located
Recording acts
In Illinois, when must MOST documents be filed or recorded?
Illinois law does NOT specify time requirements for this
In Illinois, no instrument that affects title to real property may include any provision that prohibits ___.
Recording
In Illinois, the original document (deed) must be filed with the county ___.
recorder of deeds
In Illinois, the original document must be filed with the county recorder of deeds and must have the ___ name typed or printed below his/her ___ in order to be valid.
Grantor’s name
Signature
In Illinois, the original document must be filed with the county recorder of deeds and must full address of the ___ in order to be valid
Grantee
In Illinois, the original document must be filed with the county recorder of deeds and must include the ___ and ___ of the person who prepared the deed in order to be valid
Name and address
In Illinois, in order for a deed to be valid, the permanent tax index number is only required in…
some counties
In Illinois, in order for a deed to be valid, the common address of the property is only required in…
some counties
In Illinois, the original document must be filed with the county recorder of deeds and must include a(n) ___ by ___ blank space for use by the recorder
3.5 inch by 5 inch
In Illinois, the original document must be filed with the county recorder of deeds and must include a 3.5 by 5 inch blank space for use by the ___.
Recorder
In Illinois, the original document must be filed with the county recorder of deeds and must include a completed ___.
Real estate transfer declaration
In Illinois, the original document must be filed with the county recorder of deeds and must include proof of payment of state and county ___ or indication of an applicable ___.
Transfer taxes
Exemption
In Illinois, the original document must be filed with the county recorder of deeds and must include proof of payment of municipal ___ when applicable.
Transfer tax
In Illinois, when the parcel of land being transferred is a division of a larger parcel and smaller than five acres, the recording provisions of the ___ apply.
Plat Act
In Illinois, when the parcel of land being transferred is a division of a larger parcel and smaller than ___, the recording provisions of the Plat Act apply.
Five acres
In Illinois, a deed written in a language other than English is only valid…
Between the parties
In Illinois, a deed written in any language other than English does not give ___ unless an official English translation of the document is attached at the time of recording
Constructive notice
In Illinois, a deed written in any language other than English does not give constructive notice unless an official ___ of the document is attached at the time of recording
English translation
In Illinois, a deed written in any language other than English does not give constructive notice unless an official English translation of the document is attached at the time of ___.
recording
Which of the following is a credible source to translate a deed to English in order for it to give constructive notice in Illinois?
a) Google Translate
b) Local consulate of a county
c) A bilingual realtor
d) A bilingual county sheriff
Local consulate of a county
Real estate taxes and special assessments are liens on specific parcels of real estate that are usually not ___ until some time after they are due.
recorded
Inheritance taxes and franchise taxes are ___ liens.
statutory
Inheritance taxes are statutory liens. When are they placed against all real estate owned by a decendent?
At the time of death
Franchise taxes are a statutory lien. When are they placed against a corporation?
At the time the taxes become a lien
How are statutory liens similar to real estate taxes and special assessments?
They are not recorded
Notice of unrecorded liens must be gained from sources other than the ___.
Recorder’s office
In Illinois, a mechanic’s lien that has not been recorded may nonetheless still have ___ over other liens that have been recorded.
priority
In Illinois, title search goes back ___ years under the Illinois Marketable Title Act
40
In Illinois, when possibility of litigation exists, title searches must go back ___ years.
75
Title searches in Cook and Dupage counties cannot go back before which year?
1871
Why can’t title searches in Cook and Dupage counties go back before 1871?
Most records were destroyed in the Great Chicago Fire
In Illinois, a(n) ___ usually is not ordered until after the major contingencies in a sales contract have been cleared - such as a loan commitment being secured.
title search
In Illinois, a title search usually is not ordered until after the major contingencies in a(n) ___ have been cleared - such as a loan commitment being secured.
sales contract
In Illinois, before providing money for a loan, a lender or the attorney orders a(n) ___ to ensure that no lien is superior to its mortgage lien.
title search
In most cases, the cost of the title search in Illinois is paid by the ___.
Seller
A(n) ___ is a condensed history of those items that can be found in public records.
Abstract of title
A(n) ___ does not reveal items such as encroachments, forgeries, or any interests or conveyances that have not been recorded
abstract of title
Under terms of the typical real estate sales contract, the seller is required to deliver ___ to the buyer at closing.
Marketable title
Under terms of the typical real estate sales contract, the ___ is required to deliver marketable title to the ___ at closing.
Seller required to deliver to the buyer
Under terms of the typical real estate sales contract, when is the seller is required to deliver marketable title to the buyer?
at closing
For a title to me marketable, it must meet which 4 requirements
1) Disclose no serious defects
2) not expose purchaser to hazard of litigation
3) Not threaten the quiet enjoyment of property
4) Convince a well informed purchaser that he could sell or mortgage property at a later time
In Illinois, a(n) ___ for marketable title is the most common way of assuring a lender and purchaser that the property has marketable title.
Title insurance policy
If a subsequent buyer and lender wants a marketable title, but the seller only received insurable title with its acknowledgment of known defectors, what will the seller need to do before a title company will be willing to issue a marketable title policy?
Cure those defects
Before issuing a title insurance policy, the insurer will check the title through a(n) ___.
Title search
Unknown liens, illegal deeds, missing heirs, forgeries, undiscovered encumbrances, unknown easements, boundary/survey disputes, undiscovered wills, and false impersonation of a previous owner are common issues and errors that can hinder a(n) ___ in public records
Clear title
A title company’s search occurs after the property has been put ___, before ___
Put under contract
Before closing
If there is an issue with title, a(n) ___ ordered by the seller before putting the property on the market may help ward off trouble that might pop up at or before closing.
Title search
A(n) ___ by itself is not considered sufficient evidence of ownership in Illinois.
Deed
In Illinois, a(n) ___ or ___ is commonly used to prove ownership.
Certificate of title or title insurance
A certificate of title or title insurance is commonly used to prove ___ in Illinois.
Ownership
A certificate of title is not a full guarantee of ___.
Ownership
Which 3 parties may prepare a certificate of title?
1) Title company
2) licensed abstractor
3) attorney
Unrecorded liens and rights of parties in possession cannot be discovered by a(n) ___.
Title search
Hidden defects, or fraud cannot be detected in a(n) ___.
Title search
A certificate of title offers no defense against ___.
Unknown defects
The person who prepares the certificate of title is liable only for negligence in ___.
preparing the certificate
What 2 things are used as evidence of title in Illinois?
1) abstract of title
2) attorney’s opinion of title
An attorney’s opinion of title does not protect against…
Defects that can’t be discovered from the title search
Title insurance companies determine whether the title is insurable based on a review of ___.
public records
What is considered to be the best defense of title?
Title insurance
When is the premium for a title insurance policy paid?
At closing
How many times is the premium for a title insurance policy paid?
One
In Illinois, a(n) ___ is most the commonly used evidence that an owner of real property tenders to a prospective purchaser or lender as proof of good title.
title insurance
In Illinois, title insurance is most the commonly used evidence that an owner of real property tenders to a prospective purchaser or lender as proof of ___.
Good title
Title insurance does not guarantee protection against…
all defects
The purpose of the ___ is to give legal, public, and constructive notice to the world of parties’ interests in real estate.
Recording acts
___ provisions have been adopted to create an orderly system for real estate transfer.
Recording
Without ___, it would be virtually impossible to transfer real estate from one party to another.
Recording provisions
The interests and rights of various parties in a particular parcel of land must be ___ so that such rights are legally effective against third parties who do not have knowledge or notice of the rights.
Recorded
If a transfer of real estate title is taking place, any provision in the transfer documents that is intended to prevent recording is ___.
Void
Recording is generally interpreted as ___ notice.
Constructive
___ notice is knowledge acquired through personal service or by visiting the property.
Actual
___ shows whether a seller conveys marketable title
Title evidence
A(n) ___ is evidence that a grantor has conveyed his interest in land, but is not evidence of the title’s kind or condition.
Deed of conveyance
A deed of conveyance is evidence that a grantor has conveyed his interest in land, but is not evidence of the title’s ___ or ___.
kind or condition
A deed of conveyance is evidence that a(n) ___ has conveyed his interest in land, but is not evidence of the title’s kind or condition.
Grantor
A(n) ___ title is one that is generally free from significant defects that the purchaser can be insured against having to defend the title.
Marketable
What are the 3 forms of providing title evidence that are commonly used throughout the USA?
1) Abstract and attorney’s opinion of title
2) Certificate of title
3) Title insurance policy
Abstract and attorney’s opinion of title, certificate of title, and title insurance policy all reveal the ___ of a title.
History
Title evidence must be ___ or ___ as a continuation whenever the evidence is reissued
Revisited or dated
___ are done before closing to assure the new homeowner that the title was clear at the time of conveyance.
Title searches
Title searches are done before closing to assure the new homeowner that the title was clear at what time?
Time of conveyance
When are title searches done to assure the new homeowner that the title was clear at the time of conveyance?
Before closing
Title searches are done before closing to assure which party that the title was clear at the time of conveyance?
The buyer
A(n) ___ shows that the previous owner’s interest was conveyed, but does not by itself provide assurance of the condition of title.
Deed
A deed does not by itself provide assurance of the ___.
Condition of title
In Illinois, ___ is the most commonly used indication of marketable title
Title insurance
