Back to AI Flashcard MakerCivil Law /Virginia Real Estate Principles - Unit 7: Title Records Part 1
Virginia Real Estate Principles - Unit 7: Title Records Part 1
This deck covers key concepts from Unit 7 of Virginia Real Estate Principles, focusing on title records, including terms like abstract of title, constructive notice, and title insurance.
Abstract Of Title
The condensed history of the recorded ownership of a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate.
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Key Terms
Term
Definition
Abstract Of Title
The condensed history of the recorded ownership of a particular parcel of real estate, consisting of a summary of the original grant and all subsequen...
Action To Quiet Title
A court action that establishes ownership when ownership cannot be traced through an unbroken chain of title.
Actual Notice
Express information or fact; that which is known; direct knowledge.
Attorney’s Opinion Of Title
An abstract of title that an attorney has examined and has certified to be, in the attorney’s opinion, an accurate statement of the facts concerning t...
Certificate Of Title
A statement of opinion on the status of the title to a parcel of real property based on an examination of specified public records.
Chain Of Title
The succession of conveyances, from some accepted starting point, whereby the present holder of real property derives title.
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| Term | Definition |
|---|---|
Abstract Of Title | The condensed history of the recorded ownership of a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate. |
Action To Quiet Title | A court action that establishes ownership when ownership cannot be traced through an unbroken chain of title. |
Actual Notice | Express information or fact; that which is known; direct knowledge. |
Attorney’s Opinion Of Title | An abstract of title that an attorney has examined and has certified to be, in the attorney’s opinion, an accurate statement of the facts concerning the property’s ownership. |
Certificate Of Title | A statement of opinion on the status of the title to a parcel of real property based on an examination of specified public records. |
Chain Of Title | The succession of conveyances, from some accepted starting point, whereby the present holder of real property derives title. |
Constructive Notice | Notice given to the world by recorded documents. All persons are charged with knowledge of such documents and their contents, whether or not they have actually examined them. Possession of property is also considered constructive notice that the person in possession has an interest in the property. |
Marketable Title | Good or clear title, reasonably free from the risk of litigation over possible defects. |
Priority | The order of position or time. The priority of liens is generally determined by the chronological order in which the lien documents are recorded; tax liens, however, have priority even over previously recorded liens. |
Recording | The act of entering or recording documents affecting or conveying interests in real estate in the recorder’s office established in each county. Until it is recorded, a deed or a mortgage ordinarily is not effective against subsequent purchasers or mortgagees. |
Subrogation | The right acquired by the title company to any remedy or damages available to the insured when a title company makes a payment to settle a claim covered by a policy. |
Title Insurance | A policy insuring a property owner or mortgagee against loss by reason of defects in the title to a parcel of real estate, other than encumbrances, defects, and matters specifically excluded by the policy. |
Title Search | The examination of public records relating to real estate to determine the current state of the ownership. |
Torrens System | A method of evidencing title by registration with the proper public authority, generally called the registrar; named for its founder, Sir Robert Torrens. |
Public records can help establish which of the following? A) All of these B) Encumbrances C) Liens D) Ownership | Public records contain detailed information about each parcel of real estate, so they are crucial in establishing the priority of liens, establishing ownership, and giving notice of encumbrances. |
All of the following may be used to prove ownership EXCEPT A) a deed B) title insurance. C) a certificate of title. D) a Torrens certificate. | The answer is a deed. Proof of ownership is evidence that title is marketable. A deed by itself is not considered sufficient evidence of ownership. Even though a warranty deed conveys the grantor’s interest, it contains no proof of the condition of the grantor’s title at the time of the conveyance. The grantee needs some assurance that ownership is actually being acquired and that the title is marketable. A certificate of title, title insurance, or a Torrens certificate is commonly used to prove ownership. |
Extended coverage in an owner’s title insurance policy would cover which of the following? A) Defects known to the buyer B) Changes in land use brought about by zoning ordinances C) Defects and liens listed in the policy D) Unrecorded liens not known by the policyholder | The answer is unrecorded liens not known by the policyholder. Extended coverage in an owner’s title insurance policy would include standard coverage plus defects discoverable through a property inspection, including unrecorded rights of persons in possession, an examination of the survey, and unrecorded liens not known by the policyholder. |
The legal presumption that information may be obtained by an individual through due diligence is A) constructive notice. B) none of these. C) priority. D) actual notice. | The answer is constructive notice. Because the information or evidence is readily available to the world, a prospective purchaser or lender is responsible for discovering the interest. |
Which of the following is NOT covered by a standard title insurance policy? A) Incompetent grantors B) Incorrect marital statements C) Forged documents D) Unrecorded rights of parties in possession | The answer is unrecorded rights of parties in possession. All are covered except unrecorded rights of parties in possession. These are covered by an extended coverage policy. |
Which of the following is TRUE about the recording of documents? A) Recording real estate documents provides actual notice of their contents to the world. B) Recording real estate documents provides constructive notice of their contents to the world. C) To be recorded, real estate documents must first be registered with the court. D) All real estate documents must be recorded to be valid. | The answer is recording real estate documents provides constructive notice of their contents to the world. Not all real estate documents have to be recorded to be valid (i.e., an unrecorded deed can transfer title to the grantee). Recording provides constructive notice of the contents of a document to the public. |