New York State Real Estate Salesperson Licensing Exam

What is the term for a summary of the chronological history of title and related documents?

1. Title report

2. Chain of title

3. Abstract of title

4. Property deed

The correct answer is: Abstract of title

The term that refers to a summary of the chronological history of title and related documents is an abstract of title. This document compiles the history of all transactions and events that have affected the title to a property, including previous ownership, any liens, encumbrances, or claims against the property. An abstract provides a digest of the key records and documents relevant to the title, offering a clear outline for those interested in understanding the property's ownership history. A title report is a document prepared by a title company that shows the current owner, any liens, or encumbrances on the property, but it does not provide the comprehensive chronological history that an abstract of title does. The chain of title refers more to the sequence of historical transfers of title to a property rather than a summarized document. A property deed is a legal document that conveys ownership from one party to another but does not summarize the entire history of ownership or encumbrances related to the title. This makes the abstract of title the most appropriate term for a summary of the chronological history of title and related documents.