Escrow & Title
What is the purpose of a 'title search' in a North Dakota real estate transaction?
ATo determine the property's market value
BTo examine public records to verify ownership history, identify liens, and uncover title defects✓ Correct
CTo inspect the physical condition of the property
DTo survey the property's boundaries
Explanation
A title search examines public records (deeds, mortgages, liens, judgments, easements) to trace the chain of ownership and identify any encumbrances, defects, or claims affecting the property's title.
Related North Dakota Escrow & Title Questions
- In North Dakota, earnest money deposited with a broker is typically held in trust until:
- A North Dakota property that has a federal tax lien recorded against the owner must have this lien:
- What is the purpose of the 'chain of title' examination in a North Dakota real estate transaction?
- A North Dakota mortgage lender requires a 'good faith estimate' (now Loan Estimate) from the borrower at application. Its primary purpose is to:
- In North Dakota, the 'closing agent' or 'settlement agent' is typically:
- A North Dakota closing uses a HUD-1 Settlement Statement for a federally related mortgage loan. This form shows:
- In North Dakota, 'priority of liens' generally means that in a foreclosure sale:
- In North Dakota, 'prorations' at closing are used to:
Practice More North Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Dakota Quiz →