Escrow & Title
A 'gap' in the chain of title in Florida means that:
AThere is a period of time between two recorded deeds where ownership cannot be clearly traced✓ Correct
BThe title insurance has a deductible
CThe property has been foreclosed
DThe survey is incomplete
Explanation
A gap in the chain of title means there is a missing link in the ownership history — a period where it is unclear who owned the property. This cloud on title must be resolved (through a quiet title action or other means) before marketable title can be conveyed.
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- A 'quiet title action' in Florida is used to:Escrow & Title
- In Florida, 'marketable title' means that the title is:Escrow & Title
- A Florida title is said to be 'merchantable' (marketable). This means the title is:Property Ownership
- A Florida 'title defect' that requires a quiet title action typically arises from:Escrow & Title
- Florida's 'marketable title' statute (F.S. 712) provides that a property owner with a chain of title 30 years or longer has marketable title, effectively eliminating:Escrow & Title
- Florida's 'Marketable Record Title Act' (MRTA) protects a property owner with an unbroken chain of title for 30 years. However, MRTA does NOT extinguish which of the following?Property Ownership
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- In a Florida buyer broker agreement, the 'protection period' clause means:Contracts
Key Terms to Know
Title Insurance
Insurance 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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
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