Laws explaining the rules for recording real estate documents.

The recording function is usually performed by either a

Refers to information that has been made public.

Refers to direct knowledge of information a person has actually gained by reading, seeing, or hearing.

Refers to notice that could be presumed by law when a situation exits that indicates a reasonable person would make further inquiries.

The claim or encumbrance that may impair an owner's title on the property or create doubt on the title's validity.

The process of removing defects is called

An examination of the public records to determine who has rights in the property and the condition of the title.

What is an abstract?

What is a chain of title?

If an owner is missing from the ___, it is called a gap.

If there is a defect in the title or uncertainty as to a party's legal rights in the property, a __ can be initiated to remove clouds on the title.

Free from major defects that would deter potential buyers of the property, place the buyer in a position of legal liability or threaten the buyer's right to quiet enjoyment of the property.

Color of title refers to a claim of title that appears to be good but is not.

The law assumes that prospective buyers know information that is in the public records.

A buyer is interested in a property located in county A, but both the buyer and the seller live in county B. The prospective buyer should inspect the public records in A:

A prospective buyer inspects the public records and sees a document written in Polish, which the buyer does not speak. The buyer still is considered to have notice of the document's contents.

All documents must be recorded to be valid.

A gap may be found in an abstract.

A property owner who needs to clear a problem with the title may file a quiet title lawsuit.

The process of removing a cloud on a property's title

A brief history of all documents affecting title

A listing of all the property's conveyances up to the present

Title free from defects that would deter potential buyers

Information the law presumes the public knows by recording documents in the public records

Appears to be title but is not

Information gained by seeing, hearing, or reading

A claim or encumbrance that may impair the owner's title

The buyer's lawyer examines the abstract and writes a report called

Land registration used for assuring and recording title.

In Torrens, the registration rather than delivery of the deed passes title.

In Torrens, the delivery of the deed passes title.

Land held in Torrens cannot be acquired by adverse possession.

Who can prepare a Certificate of Title?

A deed is usually considered an evidence of marketable title.

Evidences of marketable title are used to guarantee that title is good.

Torrens certificates are issued in duplicate.

A Torrens certificate holder who has suffered a loss may be compensated by the Torrens system.

Can marketable title be guaranteed?

A document prepared after researching the public records

A report written by a lawyer after reviewing an abstract

Method of registration that includes a court proceeding

The combination of a lawyer's opinion and an abstract

A system used by a title examiner that involves issuance of a certificate after reviewing the public records and expressing an opinion of the title

Policy that agrees to indemnify the owner against loss due to title defects.

An owner's title insurance policy protects the property

A mortgagee's or lender's title insurance policy protects the owner against known and hidden title defects?

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) disclosure regulations require the ___ to disclose to the borrower that the owner's title insurance policy is optional.

What form is the Dodd-Frank Act disclosure on

An owner's policy insures for the amount paid for the property, whereas a lender's policy insures for the loan amount and decreases as the loan is repaid.

Through ___ , the title company obtains the insured's legal rights to defend a claim against the title

Standard coverage insures against defects found in

Extended coverage insures against standard risks plus

Not covered by title insurance are title defects and liens listed as exceptions in the policy, title defects actually known to the buyer, or changes in land use as a result of zoning changes.

A ___ lists anyone who has ownership interest in the property.

Who issues the preliminary binder, which is the commitment to insure?

This section lists discovered defects and encumbrances not insured by the policy.

Based on the loan amount

Used by renters

Protects buyer's ownership interest in the property

Insures a purchaser of real estate at a court sale

Has a decreasing insured amount as the loan is repaid

Lists defects not insured by the policy

Includes any additional coverages purchased by the

insured

Includes the maximum amount that will be paid

under the policy

Describes the property and improvements

Includes the right of subrogation

A lender's policy is assignable; an owner's policy is not.

An annual insurance premium is charged for most title insurance policies.

Unrecorded liens and easements are included in standard insurance coverages.

A binder issued by the title insurance company

Gives the title insurance company the right to defend against a claim

Policy that protects the lender

Lists those with ownership interest in the property