Title Recordings Provide

question 121

Multiple Choice

Title recordings provide:

• A) a detailed evaluation of the value of a piece of property
• B) a list of all expenses associated with a piece of property
• C) a public record of who owns what and of limitations or claims on titles
• D) a private record of who owns what and of limitations or claims on titles
• E) none of the other choices are correct

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Definitions:

Bailment

A legal relationship in which physical possession of personal property is transferred from one person to another, who subsequently holds the property for a certain purpose under an agreement.

Bailed Property

Personal property that has been transferred to another under a bailment agreement, where the receiver has a duty to return or handle the property as directed.

Compensation

Payment or benefit given, often to employees or in settlement of a claim, for services rendered, loss suffered, or injury incurred.

Superior Claim

A legal assertion that some interests or rights (such as those in property) are ranked higher than others, giving them priority in being honored or executed.