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A title search in the public records may be conducted by
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Which state BEST explains why instruments affecting real estate are recorded?
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Modern RE Practice 7

Modern Real Estate Practice 7

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A title search in the public records may be conducted by Anyone. Real estate records are public records, open to all members of the public.
Which state BEST explains why instruments affecting real estate are recorded? Recording gives constructive (everyone is charged w/knowledge of such document) notice to the world of the rights & interests claimed by a party in a particular parcel of real estate. Recording the transaction marks the parcel title for reference.
A purchaser went to the county building to check the recorder's records, which showed that the seller was the grantee in the last recorded deed and no mortgage was on record against the property. The purchaser may assume which of the following? The seller did not mortgage the property. The fact that no mortgage is on record against the property indicates, w/a reasonable degree of certainty, that the seller did not mortgage the property.
The date and time a document was recorded help establish which of the following? Priority. Time of recordation is an important consideration in establishing the priority of claims in the event of a sale.
A buyer bought a house, received a deed, and moved in but neglected to record the doc. One week later, the seller died & the heirs in another city, unaware of sale, conveyed title to a relative who recorded the deed. Who owns the property? The buyer. Constructive notice is done by taking possession &/or recording one's deed. The relative purchaser from the heirs should have checked the public records, which still showed the seller as owner & check into possession which nulled the sale.
A property with encumbrances that will outlast the closing Can be sold if a buyer agrees to take it subject to the encumbrances. A buyer can agree to purchase property w/existing encumbrances, such as a lien that the purchaser will assume.
Which of the following would NOT be acceptable evidence of ownership? Deed to the current owner signed by the last seller, isn't evidence that the owner actually has title. The lack of deed may mean they don't have title. A favoring attorney's opinion, an abstract/title search report, title ins policy support title poss.
Chain of title is MOST accurately defined as Record of a property's ownership is the entire history/record of transaction affecting a property. An abstract: Summary of facts found from a history exam. Title insurance protects from flaws in the record of a property's ownership, given after title exam
A seller delivers title to a buyer at closing. A title search discloses no serious defects, nor appear based on doubtful questions of law/fact/exposer to possible litigation, threat to quiet enjoyment, & is insured sufficiently for resale conveying it as? Marketable title. Title that is good enough that a reasonably well-informed person would accept it is called marketable title.
The person who prepares an abstract of title for a parcel of real estate Searches the public records & then summarizes the events & proceedings affecting title. Abstractors search property public records & prep a brief summary of the findings called abstract of title. Title insurance co & attorney opinions use these abstracts.
Homeowners are frantic because they want to sell their property and the deed is missing. Which of the following is TRUE? They don't need the original deed if it has been recorded. If the homeowners' deed was copied into the public record after they received it, that copy is all that is needed to start a title search not the original.
Mortgage title policies protect which parties against loss? Lenders. A mortgage title policy protects the mortgage-the lender. An owner's policy protects the owner, heirs, and devises.
Which of the following are traditionally covered by a standard title insurance policy? Improperly delivered deeds. The rights of persons in possession (before purchase) aren't covered by basic title ins, but by an extended coverage. Changes in land use from zoning aren't covered. Standard coverage protects from improperly delivered deeds.
A written summary of the history of all conveyances and legal proceedings affecting a specific parcel of real estate is called An abstract of title. An abstract of title summarizes the various events and proceedings that affected the title throughout its history.
Which of the following is NOT covered by a standard title insurance policy? Unrecorded rights of parties in possession. Foreign documents, incorrect marital statements, and incompetent grantors are all covered except unrecorded rights of parties which are covered by an extended coverage policy.
Documents referred to as title evidence include Policies of title insurance. Deeds are never considered title evidence. Policies of title insurance provide the best title evidence.
All of the following are true regarding public records EXCEPT Guarantee marketable title. Proof of ownership is evidence that title is marketable, such proof while it can't be found in public records, can be assured through a certificate of title, title insurance, or a Torrens certificate.
A sells of portion of property to B. B promptly records the deed in the appropriate county office. If A tries to sell the same portion to C, which of the following statements is TRUE? C has been given constructive notice of the prior sale because B promptly record the deed. It is presumed C know the facts, even if they didn't perform a search. Actual notice is not necessary. Courts construe recording of a deed as notice to the world.
The BEST reason for a buyer to obtain title insurance is To ensure that the seller can deliver marketable title. Title insurance is considered the best defense of title & is assurance that the grantee is actually acquiring ownership & that the title is marketable.
A mortgage received a title insurance policy on the property a buyer is pledging as security for the mortgage loan. Which of the following is TRUE? The amount of coverage is commensurate w/the loan amount. A lender's policy is used for the benefit of the mortgage. The amount of coverage depends on the amount of the mortgage loan & is decreased as the loan balance is reduced.
Created by: jr84
 

 



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