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