Utah Real Estate: Property Tax and Title
Insurance ch 23 Exam Questions With 100%
Verified Answers.
Ad Valorem Tax - answer✔A tax levied according to the value of the property
Alta or Lender's Policy - answer✔The lender's title insurance policy which offers coverage in the
amount of the loan which includes a site visit to discover unrecorded encumbrances
Assessed Value - answer✔A percentage of the appraised value, as determined by law, upon
which the tax rate will be levied to determine the property tax.
Attorney's Opinion - answer✔A lawyer's examination and evaluation of the history of title. It
includes a brief summary of all recorded instruments which affect the title, including records of
taxes, special assessments, judgements, mortgages, and trust deeds.
Board of Equalization - answer✔The body of appeal if you think your property tax appraisal is
too high.
Chain of Title or Abstract of Title - answer✔A historical record of land ownership and liens or
encumbrances against the property. (history of ownership)
Cloud on Title - answer✔A term that refers to any kind of lien or encumbrance against the title.
(title is not clear)
Extended Coverage (Owner's policy) Title Insurance - answer✔Covers claims both on and off
the record. It includes a site visit to give protection against unrecorded liens and encumbrances,
such as mechanic's liens, as well as defect in the land itself, such as unrecorded easements,
encroachments, and information based on incorrect surveys. It can be obtained by private
individuals.
Plain Language Policy - answer✔Title insurance covering the borrower, which will cover
mechanic's liens.
Property Tax - answer✔The tax levied by the government against real estate. These taxes are due
in Utah on November 30 and cover the full calendar year. They are also referred to as real
property tax.
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