Unit 8 Quiz Flashcards
- A title search in the public records may be contacted by
A. anyone
B. attorneys and abstractors
C. only attorneys abstractors in real estate professionals only
D. anyone who obtains a “order under the freedom of information act
A. Anyone
- Which statement best explains why instruments affecting real estate are recorded?
A. Recording is constructive notice to the world of the rights and interests claimed any identify parcel of real estate.
B. Failing to report will void the transfer. C. The instruments must be reported to comply with the terms of the statues of fraud.
C. Recording provides an execution of the instrument.
A. Recording is constructive notice to the world of the rights and interests claimed any identify parcel of real estate.
- A purchaser went to the counties building to check the reporters records, which show the seller was the guarantee in the last recorded deed and that no mortgage was on the record against the property. The purchaser may assume which of the following?
A. All taxes are paid and no judgments are outstanding.
B. The seller has a good title.
C. The seller did not mortgage the property.
D. No one else is occupying the property.
C. The seller did not mortgage on the property.
- The date and time on a document was recorded help establish which of the following?
A. Priority
B. abstract of title
C. subrogation
D. marketable title
A. Priority
5. The buyer bought a house, received a Deed, and moved into the residence but neglected to record the document. One week later, the seller died and the heirs in another city, Unaware the property had been sold, convey title to a relative, recorded the deed. Who owns the property? A. The buyer B. the relative C. the sellers And heirs D. both the buyer and the relative
A. The buyer
- A property with encumbrances that will outlast the closing
A. Cannot be sold
B. Can be sold on if the title insurance is provided.
C. Cannot have a deed recorded without a survey.
D. Can be sold if a buyer agrees to take it subject to the encumbrances.
D. Can be sold if a buyer agrees to take it subject to the encumbrances.
- Which of the following would not be acceptable evidence of ownership?
A. Attorneys opinion
B. Title insurance policy
C. Abstract
D. Deed to the current owner signed by the last seller.
D. Deed to the current owner signed by the last seller
- Chain of title is MOST accurately defined as?
A. The history of all documents and legal proceedings.
B. A report of the contents of public record recordings in particular property.
C. An instrument or document that protects the insured parties against defects.
D. The examination of the record and hidden with such as forgeries, disclosures errors errors in public records and so on.
D. The examination of the record and hidden with such as forgeries, disclosures errors errors in public records and so on.
- The seller deliver title to a buyer at closing the title search I disclose no serious defects in the title did not appear to be based on doubtful questions of law. The title insurance policy provided was significant and reasonably well informed the property cannot be resold if there was a problem this were commonly referred to as?
A. Certification of title
B. Marketable title
C. Abstract of title
B. Marketable title
- A person who prepares an abstract of title for a parcel of real estate
A. search is the public records and then summarizes the events and proceedings that affect title
B. insures is the condition of the title
C. inspect the property
D. issues title insurance
A. search is the public records and then summarizes the events and proceedings that affect title
- Homeowners are frantic because they want to sell their property and the deed is missing. Which of the following is true?
A. They may need to sue for a quiet title.
B. They must buy a title insurance.
C. They do not need the original deed if it has been reported.
D. They should execute a replacement deed to themselves.
C. They do not need the original deed if it has been reported.
- Mortgagee title policies protect which party against loss?
A. Buyers
B. sellers
C. lender’s
D. buyers And lenders
C. Lenders
- Which of the following is traditionally cover bystander title insurance policy?
A.Unrecorded rights of the person in possession
B improperly delivered deeds
C. changes in land used because of zoning ordinances
D. Unrecorded liens not known to the policyholder
B. Improperly delivered deeds
14. A written summary of the history of all conveyances in legal proceedings affecting a specific parcel of real estate is called A. a adjustment of title B. certificate of title C. abstract of title D. title insurance policy
C. Abstract of title
- Which of the following is not covered by a standard title insurance policy?
A. Forged documents
B. in correct marital statements
C. unrecorded rights of parties in possession
D. Incomplete grantors
C. unrecorded rights of parties in possession
