Escrow & Title
What is a 'torrens system' of title registration and is it still used in Illinois?
AA Spanish title system; never used in Illinois
BA title registration system where the government maintains a certificate of title; used in some Illinois counties (Cook) though its use is declining✓ Correct
CA computerized deed recording system required statewide since 2010
DA federal system for registering commercial property titles
Explanation
The Torrens system is a title registration system where the government (court) issues a certificate of title, providing conclusive evidence of ownership. Illinois, particularly Cook County, used Torrens registration for many properties.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
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.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Math Concepts
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