Title Producer Study Guide – Complete With Solutions
- Acre( = X Feet) ✔️ - 43,560 square feet( = What Area)
- Chain( = X Feet) ✔️ - 66 Feet( = What length)
- Mile (= X Feet) ✔️ - 5,280 Feet( = What length)
- Yard( = X Feet) ✔️ - 3 Feet( = What length)
Area of a Section ✔️ - 1 Square Mile / 640 Acres Area of a Township ✔️ - 36 Square Miles (6 mi x 6 mi)
Townships ✔️ - Areas North and South along the Meridian Line Base Line ✔️ - Line that runs East and West to organize townships Meridian ✔️ - Line that Runs North and South to organize Townships Direction of Ranges ✔️ - Areas East and West along the Base Line Abandonment ✔️ - Voluntary surrender or relinquishment of possession of a property Abstract ✔️ - History of all transactions shown in public records affecting a tract of land.Accertion ✔️ - Increase in land area by the gradual deposit of solid material cause by the action of water.Acknowledgement ✔️ - Formal declaration before a Notary.Adjustable Rate Mortgage (ARM) ✔️ - Mortgage loan under which the interest rate is periodically adjusted with current market rates.Adverse Possession ✔️ - Possession by one person of land belonging to another in a manner deemed adverse to the interest of the owner. 1 / 2
Affidavit ✔️ - Written statement made under oath (before notary or court) A.L.T.A ✔️ - American Land Title Association Amortization ✔️ - Payment to reduce the principal of a debt in regular periodic installments.Appraisal ✔️ - Report from a third party detailing the estimated value of real estate.Appurtenance ✔️ - Right or privilege that is a part of the ownership of property. (Ex. Right of Way) Arbitration ✔️ - Process by which parties cannot agree among themselves submit the dispute to a third party for judgment.Assessment ✔️ - Valuation of real estate for government purposes.Assignee/Mortgagee/Grantee/Lessee ✔️ - Person who receives benefit.Assignor(Mortgagor)(Grantor)(Lessor) ✔️ - Person who transfers or gives benefit.Avulsion ✔️ - Sudden change in the channel of a body of water.Balloon Note ✔️ - Promissory note that calls for minimum payments on principal for a period of time and a lump sum final payment.Bankruptcy ✔️ - Proceeding where assets of an insolvent debtor are protected and distributed in an equitable manner.Binder ✔️ - Preliminary certificate or Policy Bundle of Rights ✔️ - Beneficial interests an owner has in his property.Caveat Emptor ✔️ - "Buyer Beware" Buyer to examine goods and property at his/her own risk before buying.
- / 2