Property Ownership
Under Idaho's Torrens system (certificate of title system), which of the following is true?
AIdaho uses an active Torrens system for all properties
BIdaho primarily uses a recording/abstract system, not a Torrens system✓ Correct
CThe Torrens system is required for all commercial transactions
DThe Torrens system eliminates the need for title insurance
Explanation
Idaho, like most western states, uses a traditional deed recording and abstract/title insurance system rather than the Torrens certificate of title system. The Torrens system is used in a few other jurisdictions.
People Also Study
Related Idaho Questions
- What is an 'abstract of title' in Idaho real estate and how does it differ from title insurance?Property Ownership
- Recording a deed in Idaho provides:Escrow & Title
- Title insurance in Idaho primarily protects against:Escrow & Title
- In Idaho, which party typically pays for the owner's title insurance policy?Escrow & Title
- In Idaho, what is the purpose of recording a deed with the county recorder?Escrow & Title
- In Idaho, which of the following is true about recording a deed?Property Ownership
- What is a 'lease abstract' and who typically uses it in Idaho commercial real estate?Property Management
- What is a 'quitclaim deed' and when is it typically used in Idaho?Property Ownership
Key Terms to Know
Deed
A 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.
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.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Study This Topic
Practice More Idaho Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Idaho Quiz →