Marketable Title: Definition & Importance

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

A(n) _____ title is a title that has a substantial defect such that a reasonably prudent purchaser will not accept it.

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1. Which of the following is not a defect that would make a title unmarketable?

2. A _____ action is a special lawsuit commenced to clear a title.

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About This Quiz & Worksheet

A title is proof that you have ownership of a piece of property, but problems with the title can arise and make your property a risk to sell. This quiz/worksheet combo will check your understanding of titles, including what may make a title unappealing to a purchaser.

Quiz & Worksheet Goals

This quiz and worksheet will cover the following:

  • A title has a defect that might make purchasers avoid it
  • Defects that do not affect a title's marketability
  • A special lawsuit to clear title
  • What type of title is most likely to be purchased by a prudent purchaser
  • The law that extinguishes a title interest after a period of time

Skills Practiced

These assessments will use the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on titles in real estate
  • Information recall - access the knowledge you've gained regarding what aspects may affect a title's ability to be sold
  • Knowledge application - use your knowledge to check your understanding of how titles with defects may be made purchasable again

Additional Learning

To learn more about titles in real estate, review the lesson called Marketable Title: Definition & Importance. This lesson will discuss the following:

  • The differences between marketable and unmarketable titles
  • How to change a title's status
  • The ways that a piece of real estate might be affected by a long history
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