Georgia Real Estate Exam Vocabulary Questions & Answers 100% Correct

Title - ANSWER-Document that shows ownership Alienation - ANSWER-To sell or convey Transfer: change of ownership Legal Title - ANSWER-Ownership with right of possession and use Equitable Title - ANSWER-Right to legal title upon completion of contract Buyer receives after they go into contract until seller meets all buyer's needs also closing costs Bare (naked) Title - ANSWER-Ownership without possession rights or use Some states use a third party to hold the title (trustee) until the borrower pays off the loan Actual Notice - ANSWER-Known as fact Individual has been given, seen, actual information or documents→ search public records Constructive Notice - ANSWER-Should have known Recorded deed (legal notice) Anytime something is recorded Inquiry Notice - ANSWER-Should have investigated Title Examniation - ANSWER-Title Search Marketable Title - ANSWER-reasonably free from doubt Chain on title - ANSWER-history of conveyances and encumbrances Cloud on title - ANSWER-a problem with the title; Ex: lien or forged deed Abstract of Title - ANSWER-summary of chain of title Certification of Title - ANSWER-written opinion of title Color of Title - ANSWER-Appearance of title, but undisc Georgia Real Estate Exam Vocabulary Questions & Answers 100% Correct