Title Records - B

In a real estate transaction, what is meant by "marketable title"?

• A title that is traded on the open real estate market.

• A title that is free from defects and issues that could affect its transfer.

• A title with a high market value.

• A title that has been appraised and assessed for taxation.

In a title search, what is an "abstract of title"?

• A summary of the property's physical condition.

• A document that lists property taxes owed.

• A summary of the property's ownership history and any recorded encumbrances.

• A legal agreement between the buyer and seller.

What is the purpose of title insurance in a real estate transaction?

• To provide financing to the buyer.

• To guarantee the property's market value.

• To protect the buyer and the lender against any unforeseen title issues.

• To assess the property's structural condition.

In real estate, what is an "encumbrance"?

• A legal claim or charge on a property, such as a lien.

• A physical defect in the property's structure.

• A legal document indicating property ownership.

• A record of the property's assessed value.

What is a "title commitment" in a real estate transaction?

• A pledge by the buyer to complete the purchase.

• A document indicating the property's tax assessment.

• A document that provides evidence of the property's clear title and the terms of title insurance.

• A summary of the property's physical condition.

In a real estate transaction, what is a "quiet title action"?

• A legal proceeding to remove clouds on the title and establish clear ownership.

• A negotiation between buyer and seller to set the purchase price.

• A document stating the property's current market value.

• A formal inspection of the property's structural condition.

What is "title marketability" in real estate?

• The ability to buy and sell property on the open market.

• The quality of a title that ensures it is free from encumbrances and claims.

• The price at which a property is sold in the market.

• The assessed value of the property.

What does a "chain of title" in real estate refer to?

• A list of property owners who have owned the property in the past.

• A list of potential buyers who are interested in the property.

• A record of the property's assessed value over time.

• The property's current market price.

In a title search, what is an "abstract of title"?

• A summary of the property's physical condition.

• A document that lists property taxes owed.

• A summary of the property's ownership history and any recorded encumbrances.

• A legal agreement between the buyer and seller.

What is a "title defect" in a real estate transaction?

• A structural issue with the property, such as a leaky roof.

• A physical encumbrance that affects the property's market value.

• An issue or claim that affects the property's ownership status, such as an outstanding lien.

• A zoning violation on the property.