Escrow & Title
In Montana, a 'gap' in title refers to:
AMissing fencing on a property boundary
BA period of time in the chain of title for which the ownership is unrecorded or unclear✓ Correct
CThe difference between appraised and sale price
DAn easement that is not clearly described
Explanation
A gap in title is a break in the chain of title where the ownership history is unclear or unrecorded for a period. Title gaps create title defects that must be resolved (through quitclaim deeds, court actions, or affidavits) before title insurance can be issued for a Montana property.
People Also Study
Related Montana Questions
- In Montana, 'gap insurance' in title insurance protects the buyer against title defects that arise in the 'gap' between:Escrow & Title
- In Montana, a title insurance company that discovers a covered title defect after the policy is issued is obligated to:Escrow & Title
- In Montana, a title insurance policy insures against loss from defects in title that 'first arise after the policy date' only in limited circumstances such as:Escrow & Title
- In Montana, a title insurance commitment issued before closing serves to:Escrow & Title
- A Montana lender requires a title insurance commitment (binder) before funding a loan because:Finance
- In Montana, 'unity of title' is one of the four unities required to create a valid joint tenancy. The four unities are:Property Ownership
- When Montana public land is transferred to private ownership through a Bureau of Land Management (BLM) land patent, the new owner receives:Property Ownership
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).
EasementA non-possessory right to use another person's land for a specific purpose.
Study This Topic
Practice More Montana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Montana Quiz →