Unit Exam
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| A document that protects against hidden risks, such as forgeries and loss due to defects in the title, subject to specific exceptions, is called ____ | show 🗑
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| show | Uniform Commercial Code. applies to personal property transactions but not real estate.
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| The date and time a document was recorded establishes what? | show 🗑
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| If a property has encumbrances, it _____ | show 🗑
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| show | Title Insurance. Title evidence establishes proof of ownership. In PA, a certificate of title or title insurance is used as proof of ownership.
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| show | Writes a brief history of the title after inspecting the county records for documents affecting the title.
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| A couple is frantic because they cannot find their deed and now want to sell the property. They _______ | show 🗑
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| 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 ____ | show 🗑
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| A title insurance policy with standard coverage generally does not cover _____ | show 🗑
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| show | 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
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| show | Improperly delivered deeds. Also covered are defects found in public records, forged documents, incompetent grantors, and incorrect marital statements.
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| show | A title insurance policy.
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| show | Subrogation.
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| show | Exclusions.
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| To be eligible for recording in PA, a document must be in writing, properly executed and _____ | show 🗑
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| show | Anyone
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| show |
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Created by:
AndrewCounts