Unit 7 Flashcards
A title search in the public record may be conducted by
-Anyone
-attorneys and abstractors only
-attorneys and real estate professionals only
-anyone who obtains a court order under the freedom of information act
Anyone
Which statement best explains why instruments affecting RE are recorded
-Recordings give constructive notice to the world of the rights and interests claimed in the identified parcel of RE
-failing to record would void the transfer
- the instruments must be recorded to comply with the terms of the statue of frauds
- recording prices the execution of the instrument
Recordings give constructive notice to the world of the rights and interests claimed in the identified parcel of RE
A purchaser went to the county building to check the recorders records, which showed that the seller was the grantee in the last recorded deed and that no mortgage was on record against the property. It can be assumed that
A-all taxes are paid and no judgements are outstanding
B-the seller has a good title
C-the seller didn’t mortgage the property
D-no one else is occupying the property
C- the seller didn’t mortgage the property
The date and time a document was recorded help establish what?
Priority
Abstract
Subrogation
Marketable title
Priority
A buyer bought a house,received a deed and moved into the residence but neglected to record the document
One week later the seller does and the heirs in another city unaware that the property had been sold, conveyed title to a relative who recorded the deed. Who owns the property?
The buyer
The relative
The sellers heirs
Both the buyer and the relative
The buyer
A property with encumbrance that will outlast the closing
Cannot be sold
Can be sold if the title insurance is provided
Cannot have a deed recorded without a survey
Can be sold if a buyer agrees to take it subject to the encumbrances
C-cannot have a deed recorded w/o a survey
Which of the following would be acceptable evidence of ownership
Brokers opinion
Deed to the current owner signed by the last seller
Land survey
Title insurance policy
Title insurance policy
Chain of title is most accurately defined as
The record of a property’s ownership
Report of the contents of the public record including all legal prices,regarding a particular property
An instrument or document that protects the insured parties( subject to specific exceptions) against defects in the record of a property’s ownership
The record of a property’s ownership
A seller delivered title to a buyer at closing. A title search had disclosed no serious defects and the title did not appear to be based on doubtful questions of law or fact or to expose the buyer to possible litigation. The sellers title did not appear to present a threat to the buyers quite enjoyment and title insurance policy provided was suffient to convince a well informed person that the property could be resold
The title conveyed would commonly be referred to as
A certificate of title
An abstract of title
A marketable title
An attorneys opinion of title
Marketable title
The person who prepares an abstract of title for a parcel of RE does what?
Searches the public records and then summaries the event that affect title
Homeowners are frantic because the want to sell their property and the deed is missing
What is true
The may need to sue for quiet title
The must be title insurance
The do not need the OG deed of is has been recorded
The should execute a replacement deed to themselves
They do not need the OG deed of it has been recorded.
Mortgage title policies protect who
Buyers
Seller
Lenders
Buyers and lender
Lenders
Which are traditionally covered by a standard title insurance policy
Improperly delivered deeds
Changes in land use because of zoning
Unrecorded liens not known to policy holders
Unrecorded rights of persons in possession
Improperly delivered deeds
A written summary of the history of all conveyances and legal proceedings affecting a specific parcel of RE is called
Abstract of title
Which of the following is only covered by an extended coverage title insurance policy ?
Forged documents
Incorrect marital statements
Unrecorded rights of parties in possession
Incompetent grantors
Unrecorded rights of parties in possession
