Real Estate Fundamentals - Chapter 11: Title To Real Property

Under "right of possession," a person has an interest in real property without actual ownership. This type of interest is similar to what a tenant would have under a lease, where they have the right to occupy the property. Therefore, the statement is true.

The "chain of title" refers to the history of ownership of a piece of real property, documenting all the previous owners and the transfers of title that have occurred over time. It is an important record that establishes the current owner's legal right to the property. Therefore, the given statement is true as it accurately describes the concept of the chain of title.

When an owner of real property dies, the title of that property automatically transfers to someone else. If the owner dies testate, meaning they have a will, the title will be conveyed to the person designated in the will to receive it. This means that the statement "Death of an owner of real property will automatically result in the transfer of title of that property" is true.

The term "title" refers to the legal right of ownership or possession of a property. It is a legal concept that establishes the owner's rights and responsibilities regarding the property. Therefore, the statement that the right of ownership of property is known as "title" is true.

Equitable title refers to a situation where a party does not currently hold legal title to a property but has the right to obtain full legal title in the future, once all the conditions of a contract are met. This means that even though the party does not have legal ownership at present, they have a legitimate claim to the property and can acquire legal title in due course. Therefore, the statement "True" is correct in this context.

Title insurance is a type of insurance that protects the new owner of a property against any claims or disputes regarding the title of the property. This means that if someone were to come forward with a claim to the property, such as a previous owner or a lienholder, the title insurance policy would cover the costs of defending against the claim and potentially compensating the owner for any losses. Therefore, the statement that "Title Insurance provides a policy which insures for claims of title against the new owner during the owner's time of ownership of the property" is true.

This is known as a claim of "Adverse Possession".

The kind of title described above is a "Good Title".

The strongest kind of title is Complete Good Title. It has the features of a good title including full ownership that is good against the claims of all others, but adds TWO more components, those of being the RIGHT OF POSSESSION that a tenant would have and the actual PHYSICAL OCCUPANCY contained in naked possession.

The statement is true. "Squatter's rights" refers to the legal concept of adverse possession, where a person can gain ownership of a property by occupying it continuously for a specified period of time without the permission of the owner. The term "naked possession" is another name for squatter's rights, referring to the possession of the property without any legal right or claim.

A "suit to quiet title" is a lawsuit to establish good title by allowing any and all claimants to present evidence of ownership.

A title defect or imperfection is called a "cloud on the title".

This granting of streets in a subdivision is known as a "dedication".

The term for "Buyer Beware" is "Caveat Emptor"

A summarized list of the recorded claims, conveyances, documents, and legal instruments that affect the title to real property is known as an "abstract of title".

A "certificate of title" is the written opinion of an attorney on the status of a title after examining the abstract of title.

The property would return to the STATE, not the county.