Section 2 - Chapter 13 Flashcards Preview

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Flashcards in Section 2 - Chapter 13 Deck (12):
1

recording is:

the act of placing documents in the public record

2

constructive notice is:

legal presumption that information may be obtained by due diligence

3

actual notice or direct knowledge is:

someone specifically has been given the information and knows it for sure

4

priority is:

order of rights in time

5

chain of title is:

record of the property's ownership

6

suit to quiet title is:

court action to establish ownership

7

abstract of title is:

summary report of what the title search found in the public record

8

marketable title must:

have no defects, not threaten hazard of litigation, allow to sell the mortgage at a later time --- proof of ownership is evidence that title is marketable

9

certificate of title is:

statement of opinion regarding title status on the date the certificate is issued

10

title insurance is:

a contract under which the policy holider is protected from loses arising from defects in the title

11

subrogation is:

title company's right to any remedy or damages available to the insured

12

proof of ownership of title by 3 ways:

certificate of title, abstract and attorney's opinion, and title insurance (title insurance best way)