In Ohio, some counties have adopted the Torrens system of title registration in addition to the standard recording system. Under the Torrens system, title to property is established by:
Correct Answer
C) A court decree that establishes the owner's title and issues a certificate of title, maintained by the county recorder
Under the Torrens system (available in some Ohio counties), title is established by a court decree that adjudicates ownership. A certificate of title is issued and maintained by the county recorder. Subsequent transfers are registered by endorsement on the certificate rather than by recording deeds in the traditional manner.
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Predatory lending refers to unfair, deceptive, or abusive lending practices that impose unjustified terms on borrowers, often targeting vulnerable populations. It includes practices like excessive fees, inflated appraisals, and unnecessary refinancing.
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
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In Ohio, after the deed is recorded, the county recorder assigns the document a recording reference number. This number is important because it:
In Ohio, the conveyance fee is paid at the time of:
- → In Ohio, property tax prorations at closing are typically calculated based on:
- → In Ohio, the conveyance fee (transfer tax) on real estate transfers is calculated at a base rate of:
- → In Ohio, the conveyance fee statement (DTE 100 form) must be filed with the county auditor when transferring real property. This form requires disclosure of:
- → In Ohio, the real estate closing process is commonly referred to as:
- → In many Ohio counties, closings are conducted by title companies or attorneys. Which statement about attorney involvement in Ohio closings is MOST accurate?
- → In Ohio, certain counties utilize the Auditor's Transfer Acknowledgment process. When submitting a deed for recording, the conveyance fee statement (DTE form) must accurately state the consideration. If the stated consideration is found to be fraudulently understated to reduce the conveyance fee, the seller may face:
- → Under Ohio closing practices, all of the following documents are typically executed or delivered at closing EXCEPT:
- → An Ohio property is being sold by an estate. The executor of the estate needs to sign the deed. Under Ohio law, the executor's authority to convey real property is governed by:
- → Under Ohio law, all of the following transactions are exempt from the conveyance fee EXCEPT:
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An Ohio buyer receives a Closing Disclosure three business days before closing as required by TRID rules. At closing, the buyer notices a $500 increase in the lender's origination fee compared to the Loan Estimate. Under federal and Ohio practice, the buyer:
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At closing in Ohio, the buyer discovers that the seller has not paid the most recent water and sewer bill of $300. Under Ohio closing practice, the closing agent should typically: