Exam (elaborations)
REE 3433 Chapter 8
Exam of 4 pages for the course TAX 4001 at TAX 4001 (REE 3433 Chapter 8)
[Show more]
Seller
Follow
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lydiaomutho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £6.37. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80461 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now