Escrow & Title
A 'title plant' maintained by a title company in Tennessee is:
APhysical office equipment for processing closings
BA duplicate record system of public records maintained by the title company for efficient searching✓ Correct
CA database of title insurance claims
DThe title company's network of branch offices
Explanation
A title plant is a private index of public records (deeds, mortgages, liens, court records) maintained by title companies to facilitate faster and more efficient title searches than searching county records directly.
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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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
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