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Unit 13: Title Records > Practice > Flashcards

Practice Flashcards

1
Q

___ contains detailed information about each parcel of real estate in a city or county.

A

Public records

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2
Q

___ are crucial in establishing ownership, giving notice of encumbrances, and establishing priority of liens.

A

Public records

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3
Q

___ protect the interests of real estate owners, taxing bodies, creditors, and the general public.

A

Public records

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4
Q

The real estate ___ system includes written documents that affect title, such as deeds and mortgages.

A

Recording

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5
Q

Public records regarding taxes, judgments, probate, and marriage may offer important information about the ___ to a particular property.

A

Title

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6
Q

In Illinois, which 5 people generally maintain public records?

A

1) Recorder of deeds
2) County treasurer
3) City clerk & collector
4) County clerk
5) Clerks of various courts

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7
Q

In Illinois, a(n) ___ must be elected in counties with populations of 60,000 or more.

A

Recorder of deeds

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8
Q

In Illinois, if a county has a population of less than 60,000, who serves as the recorder of deeds?

A

County Clerk

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9
Q

In Cook County, documents affecting title are recorded at the ___.

A

Cook County Clerk’s Office

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10
Q

The act of recording generally gives legal priority to those interests that were recorded ___.

A

First

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11
Q

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.

A

Drawn and executed

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12
Q

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

A

Recording acts

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13
Q

In Illinois, when must MOST documents be filed or recorded?

A

Illinois law does NOT specify time requirements for this

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14
Q

In Illinois, no instrument that affects title to real property may include any provision that prohibits ___.

A

Recording

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15
Q

In Illinois, the original document (deed) must be filed with the county ___.

A

recorder of deeds

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16
Q

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.

A

Grantor’s name
Signature

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17
Q

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

A

Grantee

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18
Q

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

A

Name and address

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19
Q

In Illinois, in order for a deed to be valid, the permanent tax index number is only required in…

A

some counties

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20
Q

In Illinois, in order for a deed to be valid, the common address of the property is only required in…

A

some counties

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21
Q

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

A

3.5 inch by 5 inch

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22
Q

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 ___.

A

Recorder

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23
Q

In Illinois, the original document must be filed with the county recorder of deeds and must include a completed ___.

A

Real estate transfer declaration

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24
Q

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 ___.

A

Transfer taxes
Exemption

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25
Q

In Illinois, the original document must be filed with the county recorder of deeds and must include proof of payment of municipal ___ when applicable.

A

Transfer tax

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26
Q

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.

A

Plat Act

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27
Q

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.

A

Five acres

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28
Q

In Illinois, a deed written in a language other than English is only valid…

A

Between the parties

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29
Q

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

A

Constructive notice

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30
Q

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

A

English translation

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31
Q

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 ___.

A

recording

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32
Q

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

A

Local consulate of a county

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33
Q

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.

A

recorded

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34
Q

Inheritance taxes and franchise taxes are ___ liens.

A

statutory

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35
Q

Inheritance taxes are statutory liens. When are they placed against all real estate owned by a decendent?

A

At the time of death

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36
Q

Franchise taxes are a statutory lien. When are they placed against a corporation?

A

At the time the taxes become a lien

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37
Q

How are statutory liens similar to real estate taxes and special assessments?

A

They are not recorded

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38
Q

Notice of unrecorded liens must be gained from sources other than the ___.

A

Recorder’s office

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39
Q

In Illinois, a mechanic’s lien that has not been recorded may nonetheless still have ___ over other liens that have been recorded.

A

priority

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40
Q

In Illinois, title search goes back ___ years under the Illinois Marketable Title Act

A

40

41
Q

In Illinois, when possibility of litigation exists, title searches must go back ___ years.

A

75

42
Q

Title searches in Cook and Dupage counties cannot go back before which year?

A

1871

43
Q

Why can’t title searches in Cook and Dupage counties go back before 1871?

A

Most records were destroyed in the Great Chicago Fire

44
Q

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.

A

title search

45
Q

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.

A

sales contract

46
Q

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.

A

title search

47
Q

In most cases, the cost of the title search in Illinois is paid by the ___.

A

Seller

48
Q

A(n) ___ is a condensed history of those items that can be found in public records.

A

Abstract of title

49
Q

A(n) ___ does not reveal items such as encroachments, forgeries, or any interests or conveyances that have not been recorded

A

abstract of title

50
Q

Under terms of the typical real estate sales contract, the seller is required to deliver ___ to the buyer at closing.

A

Marketable title

51
Q

Under terms of the typical real estate sales contract, the ___ is required to deliver marketable title to the ___ at closing.

A

Seller required to deliver to the buyer

52
Q

Under terms of the typical real estate sales contract, when is the seller is required to deliver marketable title to the buyer?

A

at closing

53
Q

For a title to me marketable, it must meet which 4 requirements

A

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

54
Q

In Illinois, a(n) ___ for marketable title is the most common way of assuring a lender and purchaser that the property has marketable title.

A

Title insurance policy

55
Q

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?

A

Cure those defects

56
Q

Before issuing a title insurance policy, the insurer will check the title through a(n) ___.

A

Title search

57
Q

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

A

Clear title

58
Q

A title company’s search occurs after the property has been put ___, before ___

A

Put under contract
Before closing

59
Q

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.

A

Title search

60
Q

A(n) ___ by itself is not considered sufficient evidence of ownership in Illinois.

A

Deed

61
Q

In Illinois, a(n) ___ or ___ is commonly used to prove ownership.

A

Certificate of title or title insurance

62
Q

A certificate of title or title insurance is commonly used to prove ___ in Illinois.

A

Ownership

63
Q

A certificate of title is not a full guarantee of ___.

A

Ownership

64
Q

Which 3 parties may prepare a certificate of title?

A

1) Title company
2) licensed abstractor
3) attorney

65
Q

Unrecorded liens and rights of parties in possession cannot be discovered by a(n) ___.

A

Title search

66
Q

Hidden defects, or fraud cannot be detected in a(n) ___.

A

Title search

67
Q

A certificate of title offers no defense against ___.

A

Unknown defects

68
Q

The person who prepares the certificate of title is liable only for negligence in ___.

A

preparing the certificate

69
Q

What 2 things are used as evidence of title in Illinois?

A

1) abstract of title
2) attorney’s opinion of title

70
Q

An attorney’s opinion of title does not protect against…

A

Defects that can’t be discovered from the title search

71
Q

Title insurance companies determine whether the title is insurable based on a review of ___.

A

public records

72
Q

What is considered to be the best defense of title?

A

Title insurance

73
Q

When is the premium for a title insurance policy paid?

A

At closing

74
Q

How many times is the premium for a title insurance policy paid?

A

One

75
Q

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.

A

title insurance

76
Q

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 ___.

A

Good title

77
Q

Title insurance does not guarantee protection against…

A

all defects

78
Q

The purpose of the ___ is to give legal, public, and constructive notice to the world of parties’ interests in real estate.

A

Recording acts

79
Q

___ provisions have been adopted to create an orderly system for real estate transfer.

A

Recording

80
Q

Without ___, it would be virtually impossible to transfer real estate from one party to another.

A

Recording provisions

81
Q

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.

A

Recorded

82
Q

If a transfer of real estate title is taking place, any provision in the transfer documents that is intended to prevent recording is ___.

A

Void

83
Q

Recording is generally interpreted as ___ notice.

A

Constructive

84
Q

___ notice is knowledge acquired through personal service or by visiting the property.

A

Actual

85
Q

___ shows whether a seller conveys marketable title

A

Title evidence

86
Q

A(n) ___ is evidence that a grantor has conveyed his interest in land, but is not evidence of the title’s kind or condition.

A

Deed of conveyance

87
Q

A deed of conveyance is evidence that a grantor has conveyed his interest in land, but is not evidence of the title’s ___ or ___.

A

kind or condition

88
Q

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.

A

Grantor

89
Q

A(n) ___ title is one that is generally free from significant defects that the purchaser can be insured against having to defend the title.

A

Marketable

90
Q

What are the 3 forms of providing title evidence that are commonly used throughout the USA?

A

1) Abstract and attorney’s opinion of title
2) Certificate of title
3) Title insurance policy

91
Q

Abstract and attorney’s opinion of title, certificate of title, and title insurance policy all reveal the ___ of a title.

A

History

92
Q

Title evidence must be ___ or ___ as a continuation whenever the evidence is reissued

A

Revisited or dated

93
Q

___ are done before closing to assure the new homeowner that the title was clear at the time of conveyance.

A

Title searches

94
Q

Title searches are done before closing to assure the new homeowner that the title was clear at what time?

A

Time of conveyance

95
Q

When are title searches done to assure the new homeowner that the title was clear at the time of conveyance?

A

Before closing

96
Q

Title searches are done before closing to assure which party that the title was clear at the time of conveyance?

A

The buyer

97
Q

A(n) ___ shows that the previous owner’s interest was conveyed, but does not by itself provide assurance of the condition of title.

A

Deed

98
Q

A deed does not by itself provide assurance of the ___.

A

Condition of title

99
Q

In Illinois, ___ is the most commonly used indication of marketable title

A

Title insurance

Unit 13: Title Records (3 decks)

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