Title And Ownership

Question 1

The right to, or ownership of land

Answer 1

Title

Question 2

Includes rights of possession, occupancy, use, enjoyment, and disposition of real property

Answer 2

Ownership

Question 3

Any change of ownership; involves transferring ownership rights and interest in real property from one person to another

Answer 3

Alienation of title

Question 4

What are the 3 types of titles?

Answer 4

1. Legal title
2. Equitable title
3. Bare legal title

Question 5

The right of ownership, possession, use, occupancy, and enjoyment of a parcel of real property held by an owner

Answer 5

Legal title

Question 6

The interest held by one party to purchase property before closing

Answer 6

Equitable Title

Question 7

Describes title that lacks the usual rights and privileges associated with ownership (naked title)

Answer 7

Bare legal title

Question 8

On record

Answer 8

Notice

Question 9

What are the 3 types of notice recognized in real estate law?

Answer 9

1. Actual Notice
2. Constructive Notice
3. Inquiry Notice

Question 10

That an individual has seen, or been given, actual information or documentation

Answer 10

Actual Notice

Question 11

A legal notice that means information has been made available to the public

Answer 11

Constructive notice

Question 12

A legal notice that is presumed by law when factors exist that would make a reasonable person inquire further

Answer 12

Inquiry notice

Question 13

The documentation of a title

Answer 13

Deed

Question 14

A formal declaration made by a person who has signed a document before an authorized officer, usually a notary public

Answer 14

Acknowledgment

Question 15

A title free from reasonable doubt as to who the owner is

Answer 15

Marketable title

Question 16

Contingency: makes the contract null and void

Answer 16

Provision

Question 17

Example: one of your neighbors fail to notice that their garden, trees, shed is in the parcels backyard

Answer 17

Encroachment

Question 18

Consist of an examination of the public records usually performed by a title company or abstractor

Answer 18

Title search

Question 19

Shows all changes in ownership; each owner is a link in the chain

Answer 19

Chain of title

Question 20

Any document, claim, unreleased lien, or encumbrance that makes clear title doubtful (gap in the chain of title)

Answer 20

Cloud on title

Question 21

Establish ownership through court action

Answer 21

Suit to quiet title

Question 22

Summarizes what the title searcher found in the public record (grants, conveyances, wills, and judicial proceedings affecting the property)

Answer 22

Abstract of title

Question 23

Based on a full examination of the public record but frequently only identifies the present owner of record and lists only existing encumbrances

Answer 23

Certificate of title

Question 24

Measures the boundaries of a land area and locates all improvements (buildings, fences, driveways)

Answer 24

Survey

Question 25

The title appears to be good and valid, but a defect actually renders it invalid, a person may obtain good title under:

Answer 25

Color of title

Question 26

Under color of title, an adverse occupant may tack on his period of possession to that of a prior adverse occupant

Answer 26

Tacking