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Ch 10
Unit Exam
| Question | Answer |
|---|---|
| A document that protects against hidden risks, such as forgeries and loss due to defects in the title, subject to specific exceptions, is called ____ | Title insurance policy. Title insurance is a contract under which the policyholder is protected from losses arising from defects in the title and is considered the best defense of title. |
| The body of law that covers topics such as security agreements, financing statements, and bulk transfers is the _____ | Uniform Commercial Code. applies to personal property transactions but not real estate. |
| The date and time a document was recorded establishes what? | Priority of rights. Priority refers to the order of rights in time. The date and time a document is recorded establishes the priority of the right or interest. |
| If a property has encumbrances, it _____ | Can be sold if a buyer agrees to take it, subject to the encumbrances. |
| The document(s) called title evidence include _____ | Title Insurance. Title evidence establishes proof of ownership. In PA, a certificate of title or title insurance is used as proof of ownership. |
| The person who prepares an abstract of title for a parcel of real estate _____ | Writes a brief history of the title after inspecting the county records for documents affecting the title. |
| A couple is frantic because they cannot find their deed and now want to sell the property. They _______ | Do not need the original deed in order to sell, if it was recorded. |
| When a claim is settled by a title insurance company, the company acquires all rights and claims of the insured against any other person who is responsible for the loss. this is called ____ | Subrogation |
| A title insurance policy with standard coverage generally does not cover _____ | Rights of parties in possession. A standard coverage title insurance policy normally insures the title as it is known from public records such as forged documents, conveyances by incompetent grantors, incorrect marital statements.. |
| To give notice of a security interest in personal property items, a lienholder must record _____ | Financing statement. For a lender to create a security interest in personal property, the UCC requires the borrower to sign a security agreement. A short notice of this agreement, called a financing statement, must be filed with the recorder of deeds |
| What is traditionally covered by a standard title insurance? | Improperly delivered deeds. Also covered are defects found in public records, forged documents, incompetent grantors, and incorrect marital statements. |
| What is acceptable as the evidence of marketable title? | A title insurance policy. |
| When the title insurance company settles a claim, the company acquires all rights and claims of the insured against any other person who is responsible for the loss. this is known as _____ | Subrogation. |
| The part of the title insurance policy that sets forth all the encumbrances and defects that will not be insured against is called _____ | Exclusions. |
| To be eligible for recording in PA, a document must be in writing, properly executed and _____ | Acknowledged. To be eligible for recording in PA, a document must be in writing, properly executed (signed), and acknowledged before a notary public. |
| A title search of the public records may be conducted by ____ | Anyone |
Created by:
AndrewCounts