Ch 10 Word Scramble

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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