Transfer Of PropertyRecording_and_noticeEASY
A title company examines the public records and finds that all deeds in the property's history are properly recorded and connect in an unbroken sequence. This unbroken sequence of ownership is called the
Correct Answer
A) chain of title
The chain of title is the successive record ownership history showing how title passed from one owner to the next in an unbroken sequence.
Answer Options
A
chain of titleB
title commitmentC
abstract of titleD
title insurance policyWhy This Is the Correct Answer
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Why the Other Options Are Wrong
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Deep Analysis of This Transfer Of Property Question
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Background Knowledge for Transfer Of Property
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Real World Application in Transfer Of Property
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Related Topics & Key Terms
Key Terms:
recording_and_noticetransferchain_of_titletitle
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- → A buyer drives past the property and sees someone other than the seller living there and maintaining the yard. This observation should put the buyer on what type of notice?
- → In a covered purchase transaction, the borrower receives a final form showing the loan terms, cash to close, and settlement charges shortly before consummation. What form is this?
- → Along with the signed offer, Quinn Brooks delivers a check to demonstrate serious intent to complete the transaction if the offer is accepted. What is this deposit called?
- → On a settlement statement, the buyer's earnest money reduces the remaining cash needed to close. How is that item characterized?
- → On a settlement statement, an item increases the buyer's amount due at closing. How is that item characterized?
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- → At closing, the purchase price of $350,000 appears on the buyer's side of the settlement statement. Is this amount a debit or a credit to the buyer?
- → Under TRID rules, the lender must deliver the Closing Disclosure to the borrower at least how many business days before loan consummation?
- → In an escrow closing, the escrow agent discovers that the seller has not yet provided the signed deed. What should the escrow agent do?
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