Il Real Estate Ch#13

Front 1

Define recording:

Back 1

the act of entering or recording documents affecting or conveying interest in real estate in the recorders office established in each county

Front 2

Define priority:

Back 2

the order of position or time

Front 3

Define actual notice:

Back 3

express information or fact

Front 4

Define constructive notice:

Back 4

notice given to the world by recording documents--all people are charged with knowledge of such documents and thier contents,whether or not they have actually examined them

Front 5

Define marketable title:

Back 5

good and clear title,reasonably free from the risk of litigation over possible defects

Front 6

Define title search:

Back 6

the examination of public records relating to real estate to determine the current state of ownership

Front 7

Define voluntary alienation:

Back 7

the act of voluntary transferring property to another such as by gift or sale

Front 8

Define grantor:

Back 8

the person transferring title to or an interestin real property to grantee

Front 9

Define certificate of title:

Back 9

a statement of opinion on the status of the title to a parcel of real property based on an examination of specific public records

Front 10

Define chain of title:

Back 10

the succession of conveyance from some accepted starting point, whereby the present holder of real propety derives title

Front 11

Define suit to quiet title:

Back 11

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

Front 12

Define abstract of title:

Back 12

the condensed history of a title to a particular parcel of real estate, consisting of a summary of theorginal grant and all subsequent conveyances and emcumbrances affecting the property & a certification by the abstractor that the history is complete and accurate

Front 13

Define title insurance:

Back 13

a policy insuring the owner or mortgagee against loss by reason of defects in the title to a parcel of real estate, other than emcumbrances,defects,and matter specially excluded by the policy

Front 14

Define subrogation:

Back 14

the substittion of one creditor for another,with the substituted person succceeding to the legal rights and claims of the original claimant

Front 15

Define abstract and attorneys opinion on title:

Back 15

an opinion of the title status based on a review of the abstract by an attorney

Front 16

What 6 people maintain public records?

Back 16

1)recorder of deeds
2)county clerks
3)county treasurers
4)city clerks
5)collectors
6)clerks of the court

Front 17

Who maintains the public records whe the population is under 60,000?

Back 17

county clerk

Front 18

A tax lien has to be recorderded within _______ to be valid.

Back 18

one year

Front 19

3 proofs of ownership:

Back 19

1)certificate of title
2)an abstract & attorney opinion of title
3)title insurance

Front 20

What 5 issues are covered under a title policy?

Back 20

1)defects found in public records
2)forged documents
3)incompetent grantors
4)incorrect marital statements
5)improperly delivered deeds

Front 21

What 3 things must a marketable title do?

Back 21

1)disclose no serious defects and not depend on doubtful questions of law or fact to prove its validity
2)not expose a purchaser to the hazard of litigation or threaten the quiet enjoyment of the property
3)convince a reasonably well-informed and prudent puchaser,acting on business principles and with knowledge of the facts and thier legal significance,that he/she could sell or mortgage the property at a later time