Podcast
Questions and Answers
Which of the following actions is considered a component of a title search?
Which of the following actions is considered a component of a title search?
- Calculating the annual property taxes owed.
- Negotiating the terms of the mortgage with the lender.
- Examining public records for ownership and encumbrances. (correct)
- Preparing the deed for property transfer.
A buyer is purchasing a property and wants to ensure they have the most complete set of rights possible. What should the buyer seek to obtain?
A buyer is purchasing a property and wants to ensure they have the most complete set of rights possible. What should the buyer seek to obtain?
- A title. (correct)
- A title search report.
- A proration agreement.
- A title abstract.
At closing, who typically benefits from the credit side of proration?
At closing, who typically benefits from the credit side of proration?
- The seller.
- The lender.
- The buyer. (correct)
- The title company.
Why is conducting a title search a critical step in real estate transactions?
Why is conducting a title search a critical step in real estate transactions?
Which of the following scenarios exemplifies proration in a real estate transaction?
Which of the following scenarios exemplifies proration in a real estate transaction?
Which professional is typically responsible for conducting a title search?
Which professional is typically responsible for conducting a title search?
Which scenario requires a title search?
Which scenario requires a title search?
Why is it important to understand the allocation of closing costs in a real estate transaction?
Why is it important to understand the allocation of closing costs in a real estate transaction?
How does an abstract of title differ from a title search?
How does an abstract of title differ from a title search?
If a property has an existing lien, how does proration typically address this at closing?
If a property has an existing lien, how does proration typically address this at closing?
Flashcards
What is a Title Search?
What is a Title Search?
An examination of public records to determine the ownership and encumbrances affecting real property.
What is a Title?
What is a Title?
A legal term for a bundle of rights in a property, encompassing legal or equitable interests.
What is Proration?
What is Proration?
The allocation of closing costs and credits between buyers and sellers in a real estate transaction.
Study Notes
Title Search
- The examination of public records to determine the ownership and encumbrances affecting real property.
Title
- The legal term for a bundle of rights in a piece of property
- A party may own either a legal interest or equitable interest.
Proration
- The allocation of closing costs and credits to buyers and sellers.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Understand the basics of real estate title search and the legal concept of title, which represents a bundle of rights in a property. Also learn about proration, the method of allocating closing costs and credits between buyers and sellers during a real estate transaction.
