legal aspects of real estate 9
Terms in this set (10)
A(n) ________ is a written statement which presents an accurate, factual representation of title to the property being acquired, encumbered or leased.
abstract of title
Title insurance is the means by which a title insurance company ________ a person who acquires an interest in real estate against a monetary loss caused by an encumbrance on title.
holds harmless b. reimburses c. indemnifies
A title insurance policy will cover monetary losses stemming from:
encumbrances not listed as excluded or excepted from coverage, and unknown to the insured individual.
________ of a title insurance policy identifies the insured, the property, the vesting, the dollar amount of coverage, the premium paid and the recording.
_______ are provisions added to title insurance policies to cover losses due to conditions, covenants and restrictions (CC&Rs) violations, mechanic's liens, and the effects of inflation.
A(n) _______ owner's title insurance policy insures only against recorded encumbrances and contains a list of pre-printed policy exceptions.
California Land Title Association (CLTA)
A(n) _______ title insurance policy insures against recorded encumbrances and off-record matters.
American Land Title Association (ALTA)
The criteria for perfecting ownership by an adverse possession includes:
actual, notorious and open possession
________ is an adverse possession claim of ownership based on a written instrument and is held by the individual in possession of the property.
Color of title
An adverse possessor must have occupied a property for at least ______ before they will be able to acquire title through adverse possession.
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