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20 Cards in this Set
- Front
- Back
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Homeowners are frantic because they want to sell their property and the deed is missing |
They do not need the original deed if it has been recorded |
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Mortgagee title policies protect which parties against loss? |
Lenders |
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A written summary of the history of all conveyances and legal proceedings affecting a specific parcel of real estate is called a(n) |
abstract of title. |
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Which of the following are traditionally covered by a standard title insurance policy? |
Improperly delivered deeds |
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All of the following are true regarding public records |
they provide constructive notice of interests in the identified property they give notice of encumbrances they establish priority of liens. |
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The date and time a document was recorded help establish which of the following? |
Priority |
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A title search in the public records may be conducted by |
anyone. |
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Documents referred to as title evidence include |
policies of title insurance. |
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A seller delivered title to a buyer at closing. A title search had disclosed no serious defects, and the title did not appear to be based on doubtful questions of law or fact or to expose the buyer to possible litigation. The seller's title did not appear to present a threat to the buyer's quiet enjoyment, and the title insurance policy provided was sufficient to convince a reasonably well-informed person that the property could be resold. The title conveyed would commonly be referred to as a(n) |
marketable title. |
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Which of the following is covered by a standard title insurance policy? |
Incorrect marital statements Incompetent grantors Forged documents |
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A 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 that the property had been sold, conveyed title to a relative, who recorded the deed. Who owns the property? |
The buyer |
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Which statement BEST explains why instruments affecting real estate are recorded? |
Recording gives constructive notice to the world of the rights and interests claimed in the identified parcel of real estate. |
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A property with encumbrances that will outlast the closing |
can be sold if a buyer agrees to take it subject to the encumbrances |
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Chain of title is MOST accurately defined as |
a history of all documents and legal proceedings affecting a specific parcel of land. |
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The person who prepares an abstract of title for a parcel of real estate |
searches the public records and then summarizes the events and proceedings that affect title. |
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A purchaser went to the county building to check the recorder's records, which showed that the seller was the grantee in the last recorded deed and that no mortgage was on record against the property. The purchaser may assume which of the following? |
The seller did not mortgage the property. |
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A mortgagee received a title insurance policy on the property a buyer is pledging as security for the mortgage loan. Which of the following is TRUE? |
The amount of coverage is commensurate with the loan amount. |
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Which of the following would be acceptable evidence of ownership? |
Abstract Attorney's opinion Title insurance policy |
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The BEST reason for a buyer to obtain title insurance is |
to ensure that the seller can deliver marketable title. |
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The BEST reason for a buyer to obtain title insurance is |
to ensure that the seller can deliver marketable title. |
