Unit 7: Title Records Flashcards
What are the two basic types of notice that can be given?
Constructive & Actual Notice
The presumption that information has been obtained by an individual through due diligence is…
Constructive Notice
Means not only that information of an interest in property is available but also that someone is actually aware of it is…
Actual Notice
The act of placing documents in the public record is…
Recording
Refers to the order in which documents or liens were recorded
Priority
The record of a property’s ownership is…
Chain of Title
An examination of the public records to determine whether any defects exist in the chain of title is a…
Title search
A summary report of what the title search found in the public records is…
Abstract of title.
The person who prepares an abstract of title is called an…
Abstractor
Under the real estate contract the seller is required to deliver the buyer _________ to the property- that is, title that is acceptable to a reasonably prudent person and which will not subject the buyer to litigation.
Marketable title
What are commonly used to prove ownership?
Certificate of title,
Title Insurance, and
Torrens Certificate
A statement of opinion of the titles status on the date the certificate is issued ..
Certificate of Title
IN some areas of the country,_____ based on a review of the abstract is sufficient evidence of title.
Attorneys opinion of title
A policy under which the policyholder is protected from losses arising from defects in the title…
Title Insurance
Title insurance protect the insured from an event that occurred_____ the policy was issued
Before
