Escrow & Title
A 'title plant' maintained by a North Dakota title company is:
AThe physical building where title work is done
BA duplicate set of public records organized for efficient title searching, maintained by the title company✓ Correct
CThe equipment used to print title documents
DA collection of title insurance policies
Explanation
A title plant is a duplicate set of real property records maintained by a title company or abstract company, organized by property location for efficient title searching. Title plants allow title professionals to perform searches quickly without going to the county recorder's office for every search.
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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.
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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
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