Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
24 Cards in this Set
- Front
- Back
These documents are open to anyone that is interested in a particular property |
Public Records |
|
A review of the public records will reveal |
documents, claims, and other details that affect the property's ownership and is properly called a - TITLE SEARCH. It is used to determine if the owner, in fact, owns the property and the title is free and clear of any other interests on the property |
|
An _________ typically perform a search of the public records to ensure that good title is being conveyed. |
Attorney or Title Company. The individual that prepares the summary of the results (ABSTRACT of TITLE) is called the ABSTRACTOR |
|
True or False Public records regarding taxes, judgements, probate, and marriage also offer important information about the title to a particular property |
True |
|
True or False. In most states, written documents that affect land must be recorded in the county where the land is located |
True. The specific rules of recording documents are a matter of state law. Any written documents must be recorded in the county (in some states, town) where the land is located to serve as public notice. |
|
Normally recording acts give legal priority - first in time, is the first to be paid, with the exception of OFF-THE RECORD LIENS. What are the exceptions? |
Real Estate/property taxes special assessments IRS liens This info is available in the tax collector's office, paid tax receipts, and letter from municipalities |
|
True or False Eligible Recordings are to be written according to Federal Laws and mandates |
False. The documents must be drawn and executed according to STATE law. Some require notary, specific typeset, size of documents, etc. |
|
Anyone can give notice with an interest in a parcel of real estate. What are the these steps called? |
GIVING Notice. Two types of notice - constructive (presumption) - Actual (direct knowledge, known) |
|
The record of property's ownership is called |
The Chain of Title. It begins with the earliest owner and pass to many individuals. The grantee of the first title becomes the grantor of the transfer, thus forming the chain. The chain does not include liens and encumbrances or any other document related to ownership |
|
True or False. Constructive notice means that information about a property is not only available, but that SOMEONE has been given access to that information. |
False. |
|
True of False. When someone has been given notice personally and is aware of the fact is -- Actual Notice |
True.
Actual Notice is when you inform the person directly and they are, in fact, aware. |
|
When examining the chain of title you search from the _______ record of ownership to the _____ |
The present owner working backwards to the first owner. If there is an ownership that cannot be traced it is considered a GAP in the CHAIN of TITLE. |
|
True or False A title PROBLEM is created by uninterrupted acts in the chain of title or a dispute |
False. A Cloud of Title is created by a GAP or PROBLEM in the chain of title or another dispute. |
|
To take legal action to establish ownership and remove a cloud is called |
Action to quiet title |
|
True of False. The abstract of title includes unrecorded liens such as encroachments or forgeries |
False. The summary includes recorded liens and encumbrances of public records searched. It does not list forgeries or interests that are unrecorded. |
|
True of False An extended standard coverage of title insurance policy protects a homeowner against rights of parties in possession and unrecorded liens. |
True. It includes the basic coverage as well as additional protections |
|
What is a marketable title? |
A title that will convince a reasonable well-informed and prudent purchaser, acting on facts, that the property could be resold or mortgaged at a later time. This would allow QUIET ENJOYMENT of the property. |
|
Can the buyer raise questions about a Marketable title after they have accepted the deed? |
No. Questions should be raised BEFORE acceptance of the deed. If not, the only available recourse may be to sue the seller under any covenants of warranty contained in the deed. |
|
A history of all recorded liens and encumbrances is revealed in |
The Abstract. It is the most complete documentation of recorded liens and encumbrances. |
|
True of False A certificate of title is a guarantee of ownership? |
False. It certifies the condition of the title based on an examination of the public records of a title search. The can be issued by a Title company, ABSTRACTOR, or attorney. |
|
Rather than a certificate of title in some parts of the country an ________________ is used as evidence of title. |
Attorney's opinion. It is an opinion of the status of the title based on a review of the abstract. |
|
The premium for a title insurance policy is paid ________ |
ONCE at Closing. Always advise your seller to purchase title insurance. It will cover any issues that arise during the process of selling. If a heater goes out the insurance will pay for it. If the deal falls through you will not have to pay for it, but you would have gotten a BRAND NEW heater installed for FREE |
|
Registration in the _________ provides evidence of title, issued by the county clerk, that does not require further search to validate. |
Torrens System. It is a legal registration system used to verify ownership of real estate. |
|
Uninsurable losses, such as zoning ordinances, named in a title insurance are called. |
Exclusions. |