Unit 8 Title Records Flashcards

1
Q

Define Abstract of Title

A

The condensed history of the recorded ownership of a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate. 122

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Define Action to quite title

A

A court action that establishes ownership when ownership cannot be traced through an unbroken chain of title. 122

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Define Actual notice

A

Express information or fact; that which is known; direct knowledge. 121

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Define Attorney’s opinion Of title

A

An abstract of title that an attorney has examined and has certified to be, in the attorney’s opinion, an accurate statement of the facts concerning the property’s ownership. 124

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Define Certificate of title

A

A statement of opinion on the status of the title to a parcel of real property based on an examination of specified public records. 123

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Define Chain of Title

A

The succession of conveyances, from some accepted starting point, whereby the present holder of real property derives title. 122

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Define Constructive Notice

A

Notice given to the world by recorded documents. All persons are charged with knowledge of such documents and their contents, whether or not they have actually examined them. Possession of property is also considered constructive notice that the person in possession has an interest in the property. 121

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Define Marketable Title

A

Good or clear title, reasonably free from the risk of litigation over possible defects. 123

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Define Priority

A

The order of position or time. The priority of liens is generally determined by the chronological order in which the lien documents are recorded; tax liens, however, have priority even over previously recorded liens. 121

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Define Recording

A

The act of entering or recording documents affecting or conveying interests in real estate in the recorder’s office established in each county. Until it is recorded, a deed or a mortgage ordinarily is not effective against subsequent purchasers or mortgagees. 120

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Define Subrogation

A

The right acquired by the title company to any remedy or damages available to the insured when a title company makes a payment to settle a claim covered by a policy. 124

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Define Title Insurance

A

A policy insuring a property owner or mortgagee against loss by reason of defects in the title to a parcel of real estate, other than encumbrances, defects, and matters specifically excluded by the policy. 124

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Define Title search

A

title search The examination of public records relating to real estate to determine the current state of the ownership. 122

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Define Torrens System

A

Torrens system A method of evidencing title by registration with the proper public authority, generally called the registrar ; named for its founder, Sir Robert Torrens. 86, 125

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Define Americans Land Title Asspciation (ALTA) Policy

A

A title insurance policy that protects the interest in a collateral property of a mortgage lender who originates a new real estate loan. 125

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Define evidence of title

A

Proof of ownership of property; commonly a certificate of title, an abstract of title with lawyer’s opinion, title insurance, or a Torrens registration certificate. 106

17
Q

Define suit to quiet title

A

A court action intended to establish or settle the title to a particular property, especially when there is a cloud on the title. 126

18
Q

Define Warranty Clause

A

Define A part of the deed in which the seller warrants the title conveyed to the buyer.