unit 7 title records

Question 1

Abstractor

Answer 1

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

Question 2

Actual notice

Answer 2

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

Question 3

Chain of title

Answer 3

The record of a property’s ownership

Question 4

Constructive notice

Answer 4

The legal presumption that information may be obtained through diligent inquiry

Question 5

Title insurance

Answer 5

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

Question 6

Recording

Answer 6

The act of placing documented a public

Question 7

Recording

Answer 7

The act of placing documented a public record

Question 8

Cloud on the title

Answer 8

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

Question 9

Priority

Answer 9

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

Question 10

Action to quiet title

Answer 10

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

Question 11

Title search

Answer 11

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

Question 12

Public record

Answer 12

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

Question 13

What does public records contain in them

Answer 13

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

Question 14

In Colorado how are the public records maintained by

Answer 14

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

Question 15

What does the title companies do before issuing policy

Answer 15

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

Question 16

Recording

Answer 16

Recording is it act of adding documents to the public record

Question 17

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

Answer 17

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

Question 18

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

Answer 18

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

Question 19

How many types of notices are

Answer 19

There are three types

Question 20

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

Answer 20

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

Question 21

Constructive notice

Answer 21

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

Question 22

Actual notice

Answer 22

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

Question 23

Inquiry notice

Answer 23

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

Question 24

Public records are maintained by

Answer 24

Recorders of deed
County clerks
County treasures
City clerks
Collectors
Clerks of court

Question 25

Two basic type of notice that can be given are

Answer 25

Constructive notice | Actual notice

Question 26

Construction notice

Answer 26

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

Question 27

Actual notice

Answer 27

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

Question 28

Recording

Answer 28

Is the act of placing documents in public record

Question 29

Priority refers to

Answer 29

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

Question 30

Unrecorded documents

Answer 30

Certian type of liens are not recorded

Question 31

Chain of title

Answer 31

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

Question 32

Title search

Answer 32

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

Question 33

Abstract of title

Answer 33

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

Question 34

Person who prepares the abstract of title

Answer 34

Abstractor

Question 35

Marketable title

Answer 35

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

Question 36

To be marketable title must

Answer 36

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

Question 37

Proof of ownership

Answer 37

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

Question 38

Certificate of title

Answer 38

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

Question 39

Attorney opinion of title

Answer 39

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

Question 40

Title insurance

Answer 40

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

Question 41

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

Answer 41

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

Question 42

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

Answer 42

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

Question 43

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

Answer 43

Subrogation

Question 44

Standard coverage covers

Answer 44

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

Question 45

Extended coverage

Answer 45

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

Question 46

Not covered by either policies

Answer 46

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

Question 47

The Torrens system

Answer 47

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

Question 48

The National Do Not Call Registry provides that

Answer 48

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