title licensing Flashcards
The act of deeding or transferring title to another
Convey
The law directing the descent of property acquired without consideration from a spouse by a decedent subsequently dying without issue
Half and Half Statute
A condensed history or summary of all transactions affecting a particular tract of land
Abstract of Title
A preclusion preventing one from asserting a fact as a result of his own previous acts
Estoppel
Where two or more persons hold real estate jointly for life, the survivors to take the interest of the one who dies
Joint Tenancy
One who might inherit or succeed to an interest in lands under the rules of law applicable where an individual dies without leaving a will
Heir
That part of a deed which defines the extent of ownership being granted
Habendum Clause
An interest in real property, the duration of which is not fixed by a specified or certain period of time
Freehold Estate
The price, cause or motive inducing the parties to a contract to enter into said contract
Consideration
A reversion of property to the state in those cases where an individual dies without heirs or devisees and without a will
Escheat
An encumbered or defective title
Clouded Title
The sale of land, either public or private, by a fiduciary under supervision of the court
Landsale
The imperfected interest which the law gives a wife/husband in the lands of her/his husband/wife, that may ripen into possession and use
Inchoate Dower
The court action by which an interest in land is extinguished in favor of another interest
Foreclosure
A term applied to the past series of transactions and documents affecting the title to a particular parcel of land
Chain of Title
The transfer of lands from one to another
Alienation (double check this one in the book)
The charge upon the lands of a debtor resulting from the decree of a court property entered in the judgement docket.
Judgement Lien
An agreement providing for the installment sale of realty with title to pass when payment is complete
Land contract
One acting in a capacity of trust, for the benefit of the trust;
Fiduciary
The act of witnessing the execution of an instrument
Attestation
The estate or condition of failing to leave a will at death
Intestate
The unwritten law, binding by reason of continual , traditional usage
Common Law
The doctrine by which one may become the owner of land by occupying it adversely for more than 21 years
Adverse Possession
Those laws which prescribe intestate succession
Descent and Distribution
inheritance where there is no will
The right of ownership of everything above the physical surface of the land
Air Rights
One who holds a Power of Attorney allowing him to execute legal documents such as deeds, mortgages, etc, on behalf of the grantor
Attorney in Fact
The exemption of certain real estate occupied by a debtor as a home forced sale for payment of debts
Homestead
Anything so annexed to land or used with it that it will pass with the conveyance of the land
Appurtenance
A possible, but not assured estate conditioned upon the occurrence of certain events
Contingent Estate
A right or interest in land which is not a legal estate but is recognized by a court of equity
Equitable Title
Those additions to raw lands tending to increase value, such as buildings, streets, sewers, etc
Improvements
A fixture, such as a house, wall or fence, which intrudes upon another’s property
Encroachment
An Estate of land for a period of time
Leasehold
A lien, liability, or charge upon a parcel of land
Encumbrance
Legal Seizure of property to force payment of debt
Attachment
A procedure whereby a disinterested third party handles legal documents and funds on behalf of a seller and buyer
Escrow
A sworn statement in writing
Affidavit
Taking private property for public use through court proceedings
Condemnation
One who makes an assignment, such as of a mortgage or contract
Assignor
A title which is not encumbered nor burdened with defects
Clear Title
A written document by which the ownership of land is transferred from one person to another
Deed
The inchoate right to life estate in the lands of one’s spouse, which vests (if not released) at the death of such spouse
Dower
The process of measuring land to determine its size, location and physical description
Survey
A document prepared for filing with the county recorder and secretary of State indicating that property or fixtures is encumbered by debt
Financing Statement
The right to enter and leave a tract of land from a public way
Access
The right to leave a tract of land
Egress
A person holding property in a trust
Trustee
A written document properly witnessed, providing for the distribution of property owned by the maker thereof
Will
A person appointed by a probate court to settle the affairs of an individual dying without a will
Administrator
The estate or condition of leaving a will at death
Testate
The right to enter a tract of land
Ingress
A loan in which the buyer assumes the obligations of an already existing mortgage on a property
Assumed Mortgage
An estate or interest in land held by persons each having equal rights to possession and enjoyment but without right of survivorship
Tenancy in Common
Law that states all conveyances, leases, transfers of estates, and interests in real property must be in writing and signed by the party granting the interest in the property
Statute of Frauds
Any person in possession of real property with the owner’s permission
Tenant
The greatest interest in a parcel of land that is possible to own
Fee Simple Estate
A report issued by a title insurance company, or its agent, showing the conditions of the title and committing the insurance on compliance
Commitment to insure
The right to ownership of everything beneath the physical surface
Subsurface rights
The disposition of land by will. A term used for land alone and never for personal property
Devise
An indemnity contract which guarantees title as revealed by public records
Title Guaranty
One who takes lands upon a lease
Lessee
An estate designed to pass successfully to heirs of the body of the grantee
Fee tail Estate
A gap or space unintentionally left between, when attempting to describe adjacent parcels of land
Hiatus
A form of grant under which two or more grantees obtain interests for life with the remainder to the survivor
Survivorship
A right running with the land to use other lands for a specific purpose
Easement
The evidence or right which a person has to the ownership and possession of land
Title
A person or legal entity who transfers an interest in land to another by deed, grant or other written instrument
Grantor
An area of land
Tract
The records search when looking for the names of grantees
Reverse Index
Insurance against loss of damage resulting from defects or failure of title to a particular parcel of real property
Title Insurance
An easement with no dominant estate to benefit
Easement in Gross
The organization of official records affecting real property into a system which allows quick and efficient recovery of title information
Title Plant
Authority issued by the superintendent to a person to act as an insurance agent
License
Any form of insurance offered in connection with an extension of credit that is limited to partially or wholly extinguishing that credit obligation
Limited line credit insurance
The application of principles of insurance risk and risk management to real estate titles
Title insurance
An agreement from one insurance company to indemnify another insurance company against loss to the insured on a policy
Reinsurance
An agent has the actual authority to bind its principal, the UW, in the issuance of all title forms, policies and guaranties of agency contract and UW guidelines
Express authority
By signing a policy and delivering it to the insured, the agent binds the ___________ to the terms of that policy
Underwriter
An agent has _________authority to act for its UW in the correction of minor errors or procedures not clearly stated in the guidelines but is in the best interest
Implied
When an agent allegedly has authority and makes decisions,the UW could be binded to a third party because of the agents actions appearing to have authority
Apparent authority
A promise supported by adequate consideration for the breach of which the law gives a remedy or of which the law recognizes as a duty
Contract
Elements of a legal contract: 4 items
- Competent parties
- Legal purpose
- Offer and acceptance
- Consideration
A person that sells, solicits or negotiates one or more forms of limited line credit individuals through various types of policies
Limited line credit insurance agent
Lines of authority set forth in divisions of the revised code for purposes of complying with the revised code
Limited lines Insurance
What type of license does not require pre licensing, exam, or CE?
Limited Lines License
Ex:Marketing rep
What type of license requires appointment by a licensed title insurance agent
Limited lines license
If a licensed agent changes addresses, how long do you have to file a change of address with the superintendent
30 days
If the superindant of insurance determines certain violations by a licensed agent has occurred, they can assess a civil penalty fee not to exceed how much?
$25,000
When a new title company is formed, the articles of incorporation must be forwarded to ________________ who shall submit them to _______________ for examination
Secretary of State, Attorney General
What two ways can a new title company name be rejected?
- similar to one already in use
2. misleads the public
Every title company incorporated in this state after December 12, 1967, shall have a minimum ___________ and ___________ as required by the Revised Code.
capital and surplus
No title insurance company shall be incorporated until the superintendent has certified that a sum has been escrowed with a bank or trust company to meet a minimum of $_________paid in capital and $____________ contributed to surplus
$30,000 and $45,000
After a new title insurance company has deposited their mimimum capital and surplus and proved they had insurance management experience, the insurance company will need to issue a final deposit of $____________ paid in capital and $____________ contributed to surplus before commencing the business.
$100,000 and $180,000
A title insurance company must establish a second escrow account for the benefit of stockholders with a bank or trust company and shall deposit all proceeds of any offer of its securities necessary a minimum of $_____________ and $______________
$120,000 and $180,000
How many days does an insurance company have to report to the superintendent when an agency contract is executed or terminated?
30 days
In what way is an agency supposed to report an appointment or termination to the superintendent?
electronically
If an insurer appoints or terminates 25 or fewer agents annually, how can they submit to the superintendent?
they may make non-electronic submissions
If an insurer appoints or terminates more than 25 agents annually but are unable to process electronically, how can they submit to the superintendent?
They must provide adequate documentation explaining its inability to comply
How often does a title insurance company need to report the names of agents to the superintendent representing their company?
annually
What does IOTA stand for
Interest on trust account
All interest earned on a title company’s trust account must be transmitted where?
Treasurer of state in the legal aid fund
Can the interest earned in a title company’s trust account be paid to the title company?
No, it must go to the treasurer of state in a legal aid fund. (Page 47 #3 sec C)
Any settlement, closing, or security deposit account owned or maintained by the title agent
Escrow account
a promise supported by adequate consideration for the breach of which the law gives a remedy or the performance of which the law recognizes as a duty
Contract
An expression of agreement to the terms of an offer (one element of a legal contract)
Acceptance
Statements made to the best of the applicants knowledge on an application for insurance
Representations
Statements made an application for insurance that are false
misrepresentation
Withholding of material info known to a party but not disclosed by that party
concealment
Actual concealment of a material fact with an intention to mislead the other party
Fraud
Attached or affixed to the land, including rights to what is above and below the surface of the land and cannot be moved
real property
Everything other than real property and can be moved
personal property
Are mobile homes considered personal or real property
personal property (if it later becomes attached to a foundation, it can become real property)
What are the 5 types of real property?
Residential, commercial, industrial, agriculture and special purpose
What type of real property pertains to single family, duplex and some multi family homes?
Residential property
What type of real property pertains to land where business or commerce takes place?
Commercial property
What type of real property pertains to land that has factories, warehouses and power plants?
Industrial property
What type of real property pertains to land with farms, ranches and orchards?
Agricultural Property
What type of real property pertains to churces, cemeteries, schools, public roads, parks and government uses?
Special Purpose property
What kind of title is actual ownership of the property
Legal Title
What kind of title pertains to someone who holds legal title for the benefit for others?
Equitable Title
Conveyance terminates upon the occurrence of a stated event
Qualified Fee
An estate that automatically terminates upon the happening of a stated event
Fee Simple Determinable
An estate that may terminate upon the happening of a stated event
Fee Simple on condition Subsequent
The future estate of a third party (not the grantor) to become effective upon the occurrence of a certain event.
Remainder Estate
The absorption of one estate into another when both estates are held by the same person
Merger of Estates
When ownership rights are conveyed to insure the buyer will have the peaceable enjoyment and control of the land
Marketable title
Which deed is used when the grantor warrants that the property is free from all encumbrances.
General Warranty Deed
Which deed is used when the grantor warrants that the property is free from an encumbrance made or caused by him personally
Limited Warranty Deed
