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Title Producer Study Guide – Complete With Solutions
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Title Producer Study Guide – Complete With Solutions
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Title Producer Study Guide – Complete With Solutions1 Acre( = X Feet) ✔️- 43,560 square feet( = What Area)
1 Chain( = X Feet) ✔️- 66 Feet( = What length)
1 Mile (= X Feet) ✔️- 5,280 Feet( = What length)
Area of a Section ✔️- 1 Square Mile / 640 Acres
Area of a Township ✔️- 36 Square Miles (6 mi x 6 mi)
1 Yard( = X Feet) ✔️- 3 Feet( = What length)
Townships ✔️- Areas North and South along the Meridian Line
Base Line ✔️- Line that runs East and West to organize townships
Meridian ✔️- Line that Runs North and South to organize Townships
Direction of Ranges ✔️- Areas East and West along the Base Line
Abandonment ✔️- Voluntary surrender or relinquishment of possession
of a property
Abstract ✔️- History of all transactions shown in public records
affecting a tract of land.
Accertion ✔️- Increase in land area by the gradual deposit of solid
material cause by the action of water.
Acknowledgement ✔️- Formal declaration before a Notary.
Adjustable Rate Mortgage (ARM) ✔️- Mortgage loan under which the
interest rate is periodically adjusted with current market rates.
Adverse Possession ✔️- Possession by one person of land belonging to
another in a manner deemed adverse to the interest of the owner.
, Affidavit ✔️- Written statement made under oath (before notary or
court)
A.L.T.A ✔️- American Land Title Association
Amortization ✔️- Payment to reduce the principal of a debt in regular
periodic installments.
Appraisal ✔️- Report from a third party detailing the estimated value of
real estate.
Appurtenance ✔️- Right or privilege that is a part of the ownership of
property. (Ex. Right of Way)
Arbitration ✔️- Process by which parties cannot agree among
themselves submit the dispute to a third party for judgment.
Assessment ✔️- Valuation of real estate for government purposes.
Assignee/Mortgagee/Grantee/Lessee ✔️- Person who receives benefit.
Assignor(Mortgagor)(Grantor)(Lessor) ✔️- Person who transfers or
gives benefit.
Avulsion ✔️- Sudden change in the channel of a body of water.
Balloon Note ✔️- Promissory note that calls for minimum payments on
principal for a period of time and a lump sum final payment.
Bankruptcy ✔️- Proceeding where assets of an insolvent debtor are
protected and distributed in an equitable manner.
Binder ✔️- Preliminary certificate or Policy
Bundle of Rights ✔️- Beneficial interests an owner has in his property.
Caveat Emptor ✔️- "Buyer Beware" Buyer to examine goods and
property at his/her own risk before buying.
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