Chapter 21 Public Records Title and Closings

Question 1

abstract, lawyer’s opinion, Torrens certificate, or title insurance

Answer 1

Evidence of title

Question 2

an account of what the borrower paid and what the seller paid, or what was paid by others

Answer 2

closing disclosure

Question 3

after the end of period for which the payment is due

Answer 3

arrears

Question 4

closing handled by a neutral third party

Answer 4

Escrow closing

Question 5

condensed history of all documents affecting a parcel of real estate

Answer 5

abstract of title

Question 6

information one actually knows

Answer 6

actual notice

Question 7

information one could know by investigating

Answer 7

constructive notice

Question 8

lawyer’s statement after studying an abstract

Answer 8

attorney’s opinion of title

Question 9

let the buyer beware

Answer 9

caveat emptor

Question 10

money due and payable to one party at closing

Answer 10

credit

Question 11

money to be paid by one party at closing

Answer 11

debit

Question 12

sworn statement

Answer 12

affidavit

Question 13

title traced from each owner to the following one

Answer 13

chain of title

Question 14

county’s collection of documents relating to real estate

Answer 14

public records

Question 15

court action to remove cloud on title

Answer 15

suit to quite title

Question 16

title company’s guarantee of clear title

Answer 16

title insurance policy

Question 17

federal law ensuring that buyer and seller receive a detailed accounting of funds at closing

Answer 17

TRID

Question 18

tax due the state of NJ at closing

Answer 18

realty transfer fee

Question 19

good or clear title reasonably free from defects

Answer 19

marketable title

Question 20

corrective distribution of future expenses

Answer 20

proration

Question 21

prohibits kickbacks

Answer 21

Section 8