marketable title - correct answer A seller under a contract of sale is required to deliver _____ title, that is, a title free from reasonable doubt as to
... [Show More] who the owner is
title search - correct answer consists of an examination of the public records usually performed by a title company or abstractor
40 to 60 - correct answer the title searcher begins the examination with the original source of title, or ___ to ___ years prior depending on local custom and circumstances
chain of title - correct answer shows all changes in ownership; each owner is a link in the chain
cloud - correct answer If a link in the chain of title is missing, a gap in the chain exists and there is a _____ on the title
cloud - correct answer Any document, claim, unreleased lien, or encumbrance that makes clear title doubtful is a _____
the cloud is only a minor nuisance - correct answer While the cloud remains, the owner is usually legally unable to convey marketable title, unless __________
True - correct answer Most incorporated cities and counties in the US have land records. T/F?
The Torrens System is the most common method of recording title in the US - correct answer Each of the following statements about title is true, except:
A. A seller who has title which is reasonably free from doubt has marketable title
B. A seller who has "color of title" has a defect against the title
C. The chain of title is the history of conveyanced and encumbrances of the property
D. The Torrens System is the most common method of recording title in the US
False - correct answer Constructive notice means that an individual has seen or been given actual information or documents. T/F?
lack of a recorded certificate of title insurance - correct answer Which is NOT a cloud on a title?
A. a valid first mortgage
B. a recorded contract for deed under which the buyer has defaulted but the contract has not been removed
C. lack of a recorded certificate of title insurance
D. a recorded mortgage that has been paid in full but not released
Quitclaim deed - correct answer All are voluntary methods of conveying property EXCEPT:
A. Quitclaim deed
B. Escheat
C. COndemnation
D. Adverse possession
Inquiry notice - correct answer Fred is considering purchasing a vacant lot. He inspects the property and finds a well-worn path across one side of the property. Fred would have what type of notice regarding a possible easement across the property?
abstract of title - correct answer a condensed history of title which shows the original owner of the land and all subsequent transfers of any type as well as any encumbrances which might affect title
conduct title search - correct answer Best way to determine if there are any encumbrances related to a particular piece of property?
True - correct answer Alienation refers to change of ownership, not just by a deed. T/F? [Show Less]