In Alaska, the 'Torrens Title' system, while not used in Alaska, provides what advantage over Alaska's recording system?
Why A government certificate that conclusively establishes ownership, eliminating the need for title searches Is Correct
Answer B: A government certificate that conclusively establishes ownership, eliminating the need for title searches
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
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- The Torrens system of land title registration, used in some Alaska areas, differs from recording systems in that it:Property Ownership
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Key Terms to Know
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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