PSI Virginia Real Estate Practice Exam

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What does a title abstract summarize?

  1. The history of property taxes

  2. All previous owners, taxes, and mortgage history

  3. A summary of original grant and encumbrances

  4. Current market value of the property

The correct answer is: A summary of original grant and encumbrances

A title abstract summarizes a summary of original grant and encumbrances, which encompasses crucial details about the property’s legal and financial history. The abstract provides a succinct report of the historical aspects of the title, including prior ownership, any claims against the property, and the nature of those claims (encumbrances). This documentation plays an important role in real estate transactions, as it ensures potential buyers are aware of any existing rights and interests in the property before proceeding with the purchase. While other aspects like property taxes, previous owners, and mortgage history may also be significant in understanding the property, the primary focus of a title abstract is on the original grant and any encumbrances that affect the title. This structured summary serves as a key document in the examination of title reliability, aiding in identifying potential legal issues that could affect ownership rights.

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