Chpt 8 Title Records

Question 1

The legal presumption that information may be obtained through diligent inquiry

Answer 1

Constructive notice

Question 2

When an individual is actually aware of a fact, they are said to have this type of notice

Answer 2

Actual notice

Question 3

The order in rights in time, such as who recorded first, which party was in possession first, et cetera

Answer 3

Priority

Question 4

The record of a properties ownership

Answer 4

Chain of title

Question 5

A legal action to remove a cloud on a title and establish legal ownership

Answer 5

Action to quiet title

Question 6

An examination of public records to determine if any defects exist in a properties history of ownership

Answer 6

Title search

Question 7

The individual who prepares a summary report of the results of a title search

Answer 7

Abstractor

Question 8

A contract under which a policyholder is protected from losses arising from defects in title

Answer 8

Title insurance

Question 9

Title problem that is created by a gap in the chain of title or other dispute of ownership

Answer 9

Cloud on the title

Question 10

The act of placing documents in the public record

Answer 10

Recording

Question 11

To protect a buyer, in some states, a —- is conducted as soon as an offer to purchase has been made

Answer 11

Preliminary title search

Question 12

The type of notice that means the information is not only available but that someone has been given the information and is aware of it

Answer 12

Actual notice

Question 13

If a title has no setups defects, does not expose a purchaser to litigation and does not cause the property to have a poor likelihood of resale, it is called

Answer 13

Marketable title

Question 14

Rather than a certificate of title, in some parts of the country an attorneys—- is used as evidence of title

Answer 14

Opinion of title

Question 15

The premium for title insurance is paid

Answer 15

Once, at closing

Question 16

Uninsurable losses, such as zoning ordinances, named in a title insurance policy are called

Answer 16

Exclusions

Question 17

A summary report of what a title search found in the public record is called a

Answer 17

Abstract of title

Question 18

The standard coverage title policy insures against hidden defects, such as

Answer 18

Improperly delivered deeds

Question 19

Registration in the —– provides evidence of title without needing to make additional searches of public record

Answer 19

Torrens system

Question 20

The legal presumption that information about rights in a property may be obtained by a person through diligent questioning and research is called

Answer 20

Constructive notice

Question 21

Mortgagee title policies protect which parties against loss?

Answer 21

Lenders

Question 22

A standard title insurance policy protects against

Answer 22

Improperly delivered deeds

Question 23

Policies of title insurance are referred to as

Answer 23

Title Insurance