Placer Title Company takes pride in being the title and escrow expert you and your customers need on their side, and we love sharing our knowledge too. That’s why we made a little quiz for you. Don’t worry, it’s self-graded. Plus, we know we work with some of the smartest real estate minds out there.
If you consider yourself a true title aficionado, we dare you to get 100%. But even if you’re not, don’t worry. We want this to be a fun exercise and think it’s something you can pass on to anyone who has questions about title insurance. Maybe, it will be the piece that shows someone how great a career in title insurance could be. The answers are at the end, so avoid scrolling too fast!
1. What is the definition of a property title?
a. A title refers to your right to use or own the property
b. A pink slip that establishes the legal owner of an object
c. The legal name of a real estate property that carries from person to person
2. What two parts make up a property title?
a. Rights and interests
b. Rights and liens
c. Liens and interests
d. Ownership and interests
3. What is an encumbrance?
a. A legal term for any person who still has rights and interests in the property
b. A legal term for the period of time that the property is under a person’s ownership
c. A legal term for anything that affects or limits the title of a property and may consist of easements, mortgages, or liens
4. What elements make up a property title? SELECT ALL THAT APPLY
a. Rights and interests that are published in public records or by inspection of the property (such as deeds, mortgages, and leases)
b. Rights and interests that are not recorded but exist (such as limitations imposed by laws and statutes)
c. Rights and interests that are questionable (such as past owners and neighbors)
d.Rights and interests that are hidden (such as forgeries, secret marriages, and unknown heirs)
5. The most valuable rights and interests are owned by the property’s owners. Which of the following is NOT an
example of rights that others may also have to the property?
a. Liens for unpaid utilities
b. Unpaid taxes
c. Homeowner Association dues
d. Previous Mortgages
If there’s any part of that quiz that made you pause, your Placer Title experts would be happy to explain it more in-depth. Talk to us today! And if you’d like to learn more about title, check out our online library or this FAQ fact sheet. The more we collectively know, the better we can work for California’s buyers and sellers.
Answers: (1. a) (2. a) (3. c) (4. a, b, d) (5. b)