Exam (elaborations)
REE 3433 Chapter 8
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Exam of 4 pages for the course TAX 4001 at TAX 4001 (REE 3433 Chapter 8)
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REE 3433 Chapter 8Abstract of title - ANS-a compilation of the chain of title, usually prepared by a title
company or an attorney, providing copies or summaries of all recorded instruments
including deeds, mortgages, mortgage discharges, and tax liens.
Action to quiet title - ANS-An action compelling someone to establish his claim of an
interest in land or forever be estopped from asserting it
Actual notice - ANS-Title information that is acquired personally by someone
Basic Form - ANS-Property and liability form the provides coverage from 11 perils
Bona fide purchaser - ANS-1. Pays valuable consideration for the property
2. Buys in good faith
3. Has no notice of the earlier sale. As discussed earlier, notice may be actual or
constructive.
Broad Form - ANS-Property and liability form that provides coverage from 18 perils
Certificate of Title - ANS-A statement of opinion by an attorney that describes the state
of the title to a parcel of land.
Chain of Title - ANS-A record of successive conveyances affecting a particular parcel of
land that are arranged consecutively from the government or original source of title
down to the present holder
Coinsurance clause - ANS-Clause in a property insurance policy in which the insurer
provides indemnity for only a certain percentage of the insured's loss
Comprehensive form - ANS-Property and liability form that provides coverage from all
perils except enumerated exceptions
Constructive notice - ANS-Notice imputed to a person by law due to its existence in the
public records whether the person has actually inspected the public records or not
Gap - ANS-The time period between the issuance of a title commitment and the
recording of the documents to be insured
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