RE Unit 4 Glossary Flashcards
The priority of a recorded instrument is determined by the date of …
recording
When an attorney or title insurance company traces the ownership of a parcel of land to the beginning of its recorded history, the process is known as the …
title search
A recorded notice stating that a pending lawsuit may affect title to a particular property is a …
lis pendens
A document that summarizes all recorded interests affecting title to a given parcel of land is an …
abstract of title
All the documents that comprise the history of the title are the …
chain of title
After an attorney examines an abstract, he will render a …
title opinion
Protection against incomplete or defective records of the title to land can best be obtained by securing …
title insurance
Title that is free from reasonable doubts as to its validity is _______ title.
marketable
A title insurance examiner will list the current status of the title in a …
title report
A problem NOT covered by standard or extended title insurance is an …
exception
An item paid in advance will be a ___________ to the buyer.
debit
The federal act that applies to closings and requires a Good Faith Estimate of costs and a Uniform Settlement Statement is …
RESPA
An item paid in arrears will be a ___________ to the buyer.
credit
Most deeds to be recorded must be …
notorized
