Title
This process can uncover unpaid taxes or mortgages, judgments against previous owners, easements, and court actions
What is a title search/title examination
The proper position of a closer is to act as an impartial ____ party to the transaction
What is a Third Party
This legal instrument is used to transfer any interest in property and includes no warranties
What is a Quit Claim Deed
This individual is the current President of the MLTA
Who is Jennifer Smith, American Title & Escrow (Billings)
This is the number of acres in a quarter of a quarter of a quarter section of land
What is 10 acres
_______ is the process of submitting documents for recording online and having them reviewed, recorded, and returned back to the submitter electronically.
What is E-Recording
The highest estate which a person can have in real estate is known as what?
What is "Fee Simple"
As a notary in Montana you are required to maintain this every time you do a notary
What is a notary journal
This document forms a contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party.
What is a right of first refusal
This individual is the chairman of the MLTA Education committee
Who is Cory Berkram, Security Title (Bozeman)
According to the last census, Billings is the proud owner of the highest population in Montana. This is the nickname most commonly used for the big "city"
What is "The Magic City"
This is the fraudulent attempt to obtain sensitive information such as usernames, passwords and credit card details, often for malicious reasons, by disguising as a trustworthy entity in an electronic communication.
What is phishing
This land measurement is equal to 16 1/2 feet
What is a rod
A condition in the Purchase Agreement that gives the buyer(s) the option to sever the contract
What is a contingency
This legal document provides assurance that the property’s seller owns the property in question and has not faced any title issues during ownership. This document is more restrictive since claims are only being defended from one party
What is a Special Warranty Deed
Abstract companies and insurance agent’s MLTA membership dues are based upon this
What is the population in your county (last census)
A claim made against a property by a contractor or other professional who has supplied labor or materials is in the form of this record-able document.
What is a Construction/Mechanic's Lien
Term for the act of notarizing electronically
E-Notary
A person is said to die ____ if he dies without leaving a will
What is "intestate"
Closing date is April 1st, 2018 and it comes time to prorate a property tax bill of $24,000 for that year (Jan-December). After proration how much money should be charged to the seller and credited to the buyer? (No need to be exact)
What is $6,000
This instrument establishes one debt as ranking behind another debt in the priority for collecting repayment from a debtor.
What is a subordination agreement
This Montana “city” is the host of the Spring MLTA Education seminar held in May.
What is Helena, Montana
This is the public policy for the state of Montana to permit the use of trust indentures for estates in real property of not more than 40 acres
What is the Small Tract Financing Act of Montana
Said to be a possible threat and complement to the title insurance industry, this technology manages databases to ensure transactions are incorruptible
What is Blockchain technology
In 1868, the Supreme Court Case, Watson v. Muirhead, ruled that defendant Muirhead was not liable for his lawyers or any other professionals opinion in regards to his real estate transaction leading way to the title insurance industry. In what northeastern state did this take place?
What is Pennsylvania
This document between title insurance, underwriter and lender in which the underwriter agrees to indemnify the lender for actual losses caused by certain kinds of misconduct by the closing agent
What is a CPL (Closing Protection Letter)
The declaration for a condominium must contain the following: Description of land, the name, unit designation, general common elements, limited common elements, who receives service, exhibits containing approval from local government, and this......
What is a statement of "use"
What year was the Montana Land Title Association established? (Be within 5 years)
What is 1909.
In the late 1800's, Billings received their namesake from the businessman Frederick H. Billings. Mr. Billings sparked the cities population growth by way of this industry...
What is the railroad industry (Northern Pacific Railway)
Recently this company made waves in the title insurance industry by acquiring Stewart Information Systems in a massive $1.2 Billion deal
Who is Fidelity
On November 17th, The Montana State Bobcats football team will be battling against the University of Montana Grizzlies to claim this prestigious trophy for the 3rd time in as many years
Great Divide Trophy