POP QUIZ! Title Terms
A few months ago, we used two blog posts to explore many of the vocabulary words found throughout our industry. Our goal was to help make it easier for people preparing to buy/sell real estate, order a title search, and navigate any other real estate transaction. This week, Arrowhead Title, Inc. is offering a fun, simple quiz to see if any of it stuck. No cheating!
QUESTIONS
1. What Does "Adverse Possession" Mean?
A. Someone legally claiming ownership of a property after living there for several years.
B. Someone passing ownership of a property to an heir,
C. Someone refusing to sell a piece of property.
2. What Is An "Easement"?
A. Something that simplifies the transaction process.
B. Something that complicates the transaction process.
C. A legal right to use part of someone else's property for a specific purpose.
3. What Is A "Cloud On Title?"
A. White-out on the title or deed.
B. Something that may hinder the sale of a property.
C. Something that limits the use of a specific piece of property.
4. What Does "Settlement" Mean?
A. The process wherein a real estate transaction is finalized.
B. The process wherein all funds are distributed to the appropriate parties in a real estate transaction.
C. Both A and B.
5. What Is "Title Insurance"?
A. Insurance that protects homeowners right to use and occupy their land.
B. Insurance that protects the titles writers choose for their novels,
C. Insurance that protects homeowners from costs associated with fire or water damage.
6. What Is A "Mechanic's Lien"?
A. A lien placed by the government to secure payment for delinquent taxes.
B. A lien placed by contractors to secure payment for services (such as remodeling).
C. A lien placed by mechanics who work on the homeowners' car.
7. Who Does A Lender's Title Policy Protect?
A. The lender.
B. The homeowner.
C. Both the lender and the homeowner.
8. What Does "Conveyance" Mean?
A. Passing ownership rights of a piece of property from one party to another.
B. Passing tenancy rights of a piece of property from one party to another.
C. Relinquishing tenancy rights over a piece of property.
9. Who Does An Owner's Title Policy Protect?
A. The lender.
B. The homeowner.
C. Both the lender and the homeowner.
ANSWERS
1. A (Someone legally claiming ownership of a property after living there for several years.)
2. C (A legal right to use part of someone else's property for a specific purpose.)
3. B (Something that may hinder the sale of a property.)
4. C (Both A and B.)
5. A (Insurance that protects homeowners right to use and occupy their land.)
6. B (A lien placed by contractors to secure payment for services (such as remodeling).
7. A (The lender.)
8. A (Passing ownership rights of a piece of property from one party to another.)
9. B (The homeowner.)
Contact Arrowhead Title, Inc. For Your Title Needs!
If you are selling or buying a house at the Lake of the Ozarks and in need of a title insurance agency to assist with the transaction, we would be honored if you would consider Arrowhead Title, Inc. Our experienced agents are here to serve you however we can. Visit us in-person, check out our website, or call us at 573-302-1950 for more information!
The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!
QUESTIONS
1. What Does "Adverse Possession" Mean?
A. Someone legally claiming ownership of a property after living there for several years.
B. Someone passing ownership of a property to an heir,
C. Someone refusing to sell a piece of property.
2. What Is An "Easement"?
A. Something that simplifies the transaction process.
B. Something that complicates the transaction process.
C. A legal right to use part of someone else's property for a specific purpose.
3. What Is A "Cloud On Title?"
A. White-out on the title or deed.
B. Something that may hinder the sale of a property.
C. Something that limits the use of a specific piece of property.
A. The process wherein a real estate transaction is finalized.
B. The process wherein all funds are distributed to the appropriate parties in a real estate transaction.
C. Both A and B.
5. What Is "Title Insurance"?
A. Insurance that protects homeowners right to use and occupy their land.
B. Insurance that protects the titles writers choose for their novels,
C. Insurance that protects homeowners from costs associated with fire or water damage.
6. What Is A "Mechanic's Lien"?
A. A lien placed by the government to secure payment for delinquent taxes.
B. A lien placed by contractors to secure payment for services (such as remodeling).
C. A lien placed by mechanics who work on the homeowners' car.
7. Who Does A Lender's Title Policy Protect?
A. The lender.
B. The homeowner.
C. Both the lender and the homeowner.
8. What Does "Conveyance" Mean?
A. Passing ownership rights of a piece of property from one party to another.
B. Passing tenancy rights of a piece of property from one party to another.
C. Relinquishing tenancy rights over a piece of property.
9. Who Does An Owner's Title Policy Protect?
A. The lender.
B. The homeowner.
C. Both the lender and the homeowner.
ANSWERS
1. A (Someone legally claiming ownership of a property after living there for several years.)
2. C (A legal right to use part of someone else's property for a specific purpose.)
3. B (Something that may hinder the sale of a property.)
4. C (Both A and B.)
5. A (Insurance that protects homeowners right to use and occupy their land.)
6. B (A lien placed by contractors to secure payment for services (such as remodeling).
7. A (The lender.)
8. A (Passing ownership rights of a piece of property from one party to another.)
9. B (The homeowner.)
Contact Arrowhead Title, Inc. For Your Title Needs!
If you are selling or buying a house at the Lake of the Ozarks and in need of a title insurance agency to assist with the transaction, we would be honored if you would consider Arrowhead Title, Inc. Our experienced agents are here to serve you however we can. Visit us in-person, check out our website, or call us at 573-302-1950 for more information!
The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!
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