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Real Estate > unit 7 title records > Flashcards

unit 7 title records Flashcards

1
Q

Abstractor

A

The individual who prepares a summary report of the results of a title search

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2
Q

Actual notice

A

When a individual is actually aware of a fact they are said to have this type of notice

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3
Q

Chain of title

A

The record of a property’s ownership

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4
Q

Constructive notice

A

The legal presumption that information may be obtained through diligent inquiry

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5
Q

Title insurance

A

A contract under which policyholder is protected from losing arising from defects in the title

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6
Q

Recording

A

The act of placing documented a public

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7
Q

Recording

A

The act of placing documented a public record

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8
Q

Cloud on the title

A

Title problem that is created by a gap in the chain of title are other dispute of ownership

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9
Q

Priority

A

The order of Rights and time such as who recorded first which party was in The Possession first et cetera

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10
Q

Action to quiet title

A

A legal action to remove a cloud on the title and establish legal ownership

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11
Q

Title search

A

Examination of all the public records to determine if any defects exist in the property’s history of ownership

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12
Q

Public record

A

A public record contain the detail information about each parcel of real estate by county

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13
Q

What does public records contain in them

A

A public record contains information regarding deeds encumbrances leans judgements legal description and other documents including covenants and plat Maps

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14
Q

In Colorado how are the public records maintained by

A

Colorado the public records are maintained by the county and Clerk and Recorders Office

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15
Q

What does the title companies do before issuing policy

A

Title companies conduct searches of Records documents prior to issuing a title insurance policy

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16
Q

Recording

A

Recording is it act of adding documents to the public record

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17
Q

States require that any written documents that affect any estate right title or interest in a land must be recorded where

A

You must be recorded in the county where the land is located to serve as a public notice

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18
Q

In order for a document to be recorded it must be what

A

It must be properly executed and witnessed as required and according to the state law and be accompanied by the proper recording fees

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19
Q

How many types of notices are

A

There are three types

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20
Q

There are three types of notices that let others know about the individuals order ships interest in real estate in a public way what are they

A

Number one constructive notice number to actual notice number 3 inquiry notice

21
Q

Constructive notice

A

The legal presumption that information may be obtained by the individual through diligent inquiry

22
Q

Actual notice

A

Actual notice means that not only is information has been provided but that they actually know the information

23
Q

Inquiry notice

A

Inquiry notice is the notice the law presumes a reasonable person would obtain by making further inquiry into a property

24
Q

Public records are maintained by

A 
Recorders of deed
County clerks
County treasures
City clerks
Collectors
Clerks of court
25
Q

Two basic type of notice that can be given are

A

Constructive notice

Actual notice

26
Q

Construction notice

A

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

27
Q

Actual notice

A

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

28
Q

Recording

A

Is the act of placing documents in public record

29
Q

Priority refers to

A

The order in which documents or liens where recorded (many complicated situations can affect the priority rights in a parcel of real estate

30
Q

Unrecorded documents

A

Certian type of liens are not recorded

31
Q

Chain of title

A

Is record of a propertys ownership .beginning with the earliest owner a title may pass to many individuals

32
Q

Title search

A

Is a examination of public records to determine whether antecedents exist in the chain of title

33
Q

Abstract of title

A

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

34
Q

Person who prepares the abstract of title

A

Abstractor

35
Q

Marketable title

A

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

36
Q

To be marketable title must

A

Disclose no serious defects and not depend on doubtful questions of law or fact to prove its validity.
Not expose a purchaser to the hazard of litigation or threaten the quiet enjoyment of property. And convince a reasonably well informed and prudent purchaser acting on buisness principles and with knowledge of the facts and their legal significance that the purchaser could sell or mortgage the property at later time

37
Q

Proof of ownership

A

Evidence that title marketable
Certificate of title
Title insurance
Torrens certificate is commonly used

38
Q

Certificate of title

A

Is a statement of a opinion of the title status on a date of certificate is issued

39
Q

Attorney opinion of title

A

It is based on a review of the abstract is sufficient evidence of title

40
Q

Title insurance

A

How do insurance is a contract under which the policyholder is protected from losses arising from defects and the title

41
Q

After examining the public records the title company usually issued what may be called a

A

Preliminary report of title are a commitment to issue a title policy

42
Q

A Preliminary report of title or a commitment to issue title policy include

A

The name of the insured party to legal description of the real estate the estate or interest covered conditions at stipulations under which the policy is issued and a schedule of all expect sessions including encumbrance and defects found in the public record in any known on record defects

43
Q

When a title company makes a payment to settle a claim color by a policy the company generally acquires the right to any remedy are damages available to the insurer this right is called

A

Subrogation

44
Q

Standard coverage covers

A

Steve Xcel public records forged documents and complete grantor’s incorrect Marital statement and properly deliver Deeds

45
Q

Extended coverage

A

Standard coverage plus defects this cover bolt through the following property inspection included on record rights of a person in possession examination of survey on record liens not known by policyholder

46
Q

Not covered by either policies

A

Defective Lynne listed in policy defect known to buyer charges and land-use brought about by zoning ordinance

47
Q

The Torrens system

A

Is a legal registration system used to verify ownership of real estate where is organized registered in the Torrens system provide evidence the title without the need for additional search of public records

48
Q

The National Do Not Call Registry provides that

A

Consumers who have made a inquiry to a licensee maybe contact up to 3 months later

Real Estate (12 decks)

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