Ch. 8 Quiz

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Ch. 8 Quiz

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A loan title policy protects:

1 point

(A) the mortgagee only.

(B) the owner only.

(D) neither the owner nor the mortgagee.

Clear selection

Title insurance premiums are paid:

1 point

(A) annually.

(B) once—at the issuance of the policy.

(D) monthly.

Clear selection

The county clerk does which of the following?

1 point

(A) Confirms the accuracy of the legal description in the deed.

(B) Attests to the accuracy of the survey.

(D) Enters the document into the public records.

Clear selection

A mortgage policy of title insurance is purchased by the:

1 point

(A) broker.

(B) seller.

(D) lender.

Clear selection

Generally, the title insurance coverage extends to hidden and unknown matters:

1 point

(A) whether or not they are of record.

(B) when they are of record.

(D) in none of the above cases.

Clear selection

An abstract of title is:

1 point

(A) a brief digest of the title to a particular property.

(B) a summary of each deed in a title search.

(D) a summary of all the improvements and encroachments on the property.

Clear selection

Which of the following statements is NOT true?

1 point

(A) The mortgagee’s policy protects the lender.

(B) The mortgagee’s policy is paid for by the grantee.

(D) Title defects arising after closing are protected.

Clear selection

To what does the term “chain of title” refer?

1 point

(A) Recording law.

(B) Will beneficiaries.

(D) A succession of owners.

Clear selection

The best evidence of title is provided by:

1 point

(A) title search,

(B) title insurance.

(D) warranty deed.

Clear selection

An owner’s title policy protects:

1 point

(A) the owner for as long as he or his heirs own the property.

(B) a subsequent purchaser that the owner sells to so long as the term of the owner’s policy has not expired.

(D) the owner if he receives an assignment of the policy from the previous owner.

Clear selection

Which of the following is NOT an objective of a title search?

1 point

(A) Establish relative value.

(B) Verify ownership.

(D) Find non-money encumbrances.

Clear selection

A title policy insures against:

1 point

(A) forgery.

(B) unmarketability.

(D) all of the above.

Clear selection

Title insurance, in terms of coverage from the date of policy issuance is similar to:

1 point

(A) a homeowner’s policy.

(B) flood insurance.

(D) neither of the above.

Clear selection

To alienate title to property, one:

1 point

(A) clouds the title.

(B) transfers ownership of property.

(D) must be acting voluntarily.

Clear selection

Mr. X, a bona fide purchaser for value who records his deed, would take precedence over a grantee with a prior unrecorded deed:

1 point

(A) where Mr. X has actual knowledge of the prior unrecorded deed.

(B) where the prior unrecorded deed’s grantee has taken possession of the property and was living in a house on the property.

(D) under no circumstances.

Clear selection

Documents are entered into the public record by recording them at:

1 point

(A) tax office.

(B) borough hall.

(D) municipal recording office.

Clear selection

Constructive notice means that:

1 point

(A) all parties with an interest in the property have been notified, by certified or registered mail, of existing defects to tide.

(B) if an encumbrance against a title were recorded, but the buyer was not aware of it, he would still be subject to its effects when he became the owner, if it had not been removed prior to purchase.

(C) all parties who seek to acquire an interest in real estate are not bound by the information in public records if they choose not to make a search.

(D) All of the above.

Clear selection

An acknowledgement is given by:

1 point

(A) an attorney-at-law.

(B) the party signing the instrument.

(D) the registrar of deeds.

Clear selection

Which of the following has access to the records in the recording offices in each county?

1 point

(A) Prospective buyers.

(B) The general public.

(D) All of the above.

Clear selection

Actual notice is:

1 point

(A) notice that has been received by direct communication, either oral or written.

(B) the same as constructive notice.

(D) implied notice.

Clear selection

Deeds are recorded to provide:

1 point

(A) actual notice.

(B) constructive notice.

(D) conspicuous notice.

Clear selection

Constructive notice of a fact is established by:

1 point

(A) entering it on public record.

(B) acting openly in accordance with the fact.

(D) testifying to the existence of the fact under oath in open court.

Clear selection

Recording an instrument is:

1 point

(A) mandatory.

(B) permitted only if the instrument is acknowledged.

(D) always free.

Clear selection

If A sells a property to B and B takes possession but does not record his deed and subsequently A sells the property to C and C records his deed, who owns the property?

1 point

(A) A

(B) B

(D) None of the above.

Clear selection

Which of the following parties is in the weakest position against a claim of title by a stranger?

1 point

(A) Holder of warranty deed.

(B) One who holds an unrecorded deed and who does not live on the property.

(D) One who holds a recorded quitclaim deed to the property.

Clear selection

Which of the following statements is true?

1 point

(A) Recording a deed guarantees its validity.

(B) In New Jersey, recording offices for eligible instruments are located in each of the 566 municipalities.

(D) Recording of documents provides constructive notice.

Clear selection

Which of the following statements is NOT true?

1 point

(A) An instrument cannot be recorded unless it is in English or accompanied by an English translation.

(B) Recording offices for eligible instruments are located in each of the 21 New Jersey counties.

(D) Recording of documents provides constructive notice.

Clear selection

Recording a deed is to the greatest benefit of the:

1 point

(A) grantor.

(B) public trustee.

(D) grantee.

Clear selection

In real estate transactions in New Jersey all of the following documents are usually recorded in the county clerk’s office EXCEPT a(n):

1 point

(A) deed.

(B) offer to purchase.

(D) purchase money mortgage.

Clear selection

The recording of a deed:

1 point

(A) guarantees title.

(B) insures ownership.

(D) constitutes constructive notice of ownership.

Clear selection

Notice given by the public records; legal presumption of notice given by the public records. AKA "legal notice." 8-221

1 point

Actual Notice

Constructive Notice

County Clerk's Office

Abstract of Title

Clear selection

An examination of public records to determine if the seller of real estate holds the interest that he alleges to hold and to ascertain the quality of title. 8-223 TOPOGRAPHY—The nature of the surface of land.

1 point

Title Search

Title Report

Chain of Title

Quiet Title

Other:

Clear selection

A person to whom a gift is made.

1 point

Subrogation

Donee

Notary Public

Bona fide Purchaser for Value

Clear selection

An officer of the court who is authorized to take acknowledgements to certain documents, such as deeds and mortgages, and before whom affidavits may be sworn.

1 point

Subrogation

Donee

Notary Public

Bona fide Purchaser for Value

Clear selection

A sequential history of the conveyances, encumbrances and records of ownership to a piece of property through the years from the original grant to present, as revealed through the public records. 8-224

1 point

Chain of Title

Abstract of Title

Quiet Title

Title Search

Clear selection

A person who purchases real property in good faith for valuable consideration, without knowledge of any claim to or interest in the real property by any other party.

1 point

Donee

Subrogation

Notary Public

Bona fide Purchaser for Value

Clear selection

A promise, such as that by a title insurer to write a specific policy of title insurance in favor of a named insured in a specific amount, subject to the requirements, exceptions, conditions and stipulations contained in the form. AKA "commitment" or "binder." 8-225

1 point

Title Search

Abstract of Title

Commitment

Title Report

Clear selection

Serves as a central information station for documents pertaining to interests in land.

1 point

Constructive Notice

Actual Notice

Abstract of Title

County Clerk's Office

Clear selection

A court action brought to establish title or to remove a cloud on the title: an action clearing tax titles or titles based upon adverse possession. 13-303

1 point

Actual Notice

Chain of Title

Quiet Title

Title Search

Clear selection

The substitution of one person in place of another with reference to a lawful claim, demand or right, so that he succeeds to such rights of the other. 8-227

1 point

Option 1

Donee

Bona fide Purchaser for Value

Notary Public

Subrogation

Clear selection

A policy of insurance which indemnifies the holder for loss sustained by reason of a defect in the title, provided the loss does not result from a defect excluded by the policy provisions. 8-222

1 point

Recording

Title Search

Title Insurance

Acknowledgment

Clear selection

A condensed history of the title to a parcel of land consisting of a summary of every recorded instrument, together with a statement of all liens, charges or encumbrances affecting title to that land. 8-224

1 point

Abstract of Title

Chain of Title

Title Report

Constructive Notice

Clear selection

A formal declaration made before a notary public or other authorized person, by a person who has executed an instrument, that such execution is his free act and deed. 8-221

1 point

Recording

Chain of Title

Title Insurance

Acknowledgment

Clear selection

Policy of title insurance that insures an owner's title to real property; AKA "fee" policy. 8-226

1 point

Notary Public

Mortgagee or Loan Policy

Owner's Policy

Subrogation

Clear selection

1 point

Commitment

Title Report

Chain of Title

Title Search

Clear selection

Notice received by direct communication; notice that has been brought expressly to a person's attention. 8-221

1 point

Constructive Notice

Quiet Title

Chain of Title

Actual Notice

Clear selection

The act of writing or entering an instrument into a book of public records, which constitutes notice to all persons of the rights or claims contained in the instrument; AKA "constructive notice" or "legal notice." 8-221

1 point

Title Insurance

Acknowledgment

Recording

Commitment

Clear selection

Title policy that insures the interest of a mortgagee or lender to the title or real property. 8-226

1 point

Owner's Policy

Notary Public

Bona fide Purchaser for Value

Mortgagee or Loan Policy

Clear selection

A national association of more than 2,000 land title companies established to encourage uniformity and quality in title insurance policies. 8-228

1 point

Abstract of Title

American Land Title Association (ALTA)

Quiet Title

Chain of Title

Clear selection

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