Title Records Flashcards

1
Q

Constructive Notice

A

the legal presumption that information has been obtained by an individual through due diligence

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2
Q

Actual Notice

A

not only that information of an interest in property is available but also that someone is actually aware of it

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3
Q

Recording

A

the act of placing documents in the public record

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4
Q

Priority

A

the order in which documents or liens were recorded

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5
Q

Chain of Title

A

the record of a property’s ownership

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6
Q

Action to Quiet Title

A

when there is a cloud on the title it is necessary to establish ownership by court action

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7
Q

Title Search

A

an examination of the public records to determine whether any defects exist in the chain of title

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8
Q

Abstract of Title

A

a summary report of what the title search found in the public records

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9
Q

Abstractor

A

the person who prepares the full abstract of title by searching public record

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10
Q

Marketable Title

A

title that is acceptable to a reasonably prudent person and which will not subject the buyer to litigation

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11
Q

Certificate of Title

A

a statement of opinion of the title’s status on the date the certificate is issued; it is not a guarantee of ownership

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12
Q

Attorney’s Opinion of Title

A

based on the review of the abstract of title; does not protect against defects

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13
Q

Title Insurance

A

a contract under which the policyholder is protected from losses arising from defects in the title

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14
Q

Subrogation

A

the title company’s right to any remedy or damages available to the insured

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15
Q

American Land Title Association (ALTA)

A

extended coverage for title insurance

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16
Q

Owner’s Policy

A

issued for the benefit of the owner (new buyer)

17
Q

Mortgagee

A

issued for the benefit of the mortgage lender

18
Q

Uniform Commercial Code (UCC)

A

commercial law statute concerned with personal property transactions

19
Q

Torrens System

A

a legal registration system used to verify ownership of real estate