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.
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