Utah Real Estate: Property Tax and Title Insurance ch 23 (Well-enlightened)

Ad Valorem Tax correct answers A tax levied according to the value of the property Alta or Lender's Policy correct answers The lender's title insurance policy which offers coverage in the amount of the loan which includes a site visit to discover unrecorded encumbrances Assessed Value correct answers A percentage of the appraised value, as determined by law, upon which the tax rate will be levied to determine the property tax. Attorney's Opinion correct answers A lawyer's examination and evaluation of the history of title. It includes a brief summary of all recorded instruments which affect the title, including records of taxes, special assessments, judgements, mortgages, and trust deeds. Board of Equalization correct answers The body of appeal if you think your property tax appraisal is too high. Chain of Title or Abstract of Title correct answers A historical record of land ownership and liens or encumbrances against the property. (history of ownership) Cloud on Title correct answers A term that refers to any kind of lien or encumbrance against the title. (title is not clear) Extended Coverage (Owner's policy) Title Insurance correct answers Covers claims both on and off the record. It includes a site visit to give protection against unrecorded liens and encumbrances, such as mechanic's liens, as well as defect in the land itself, such as unrecorded easements, encroachments, and information based on incorrect surveys. It can be obtained by private individuals. Plain Language Policy correct answers Title insurance covering the borrower, which will cover mechanic's liens. Property Tax correct answers The tax levied by the government against real estate. These taxes are due in Utah on November 30 and cover the full calendar year. They are also referred to as real property tax. Proration correct answers The process of computing the buyer's and seller's portion of an obligation owed by both, such as property tax. Special Assessment correct answers A tax customarily imposed against only those parcels of property that will benefit from a proposed public improvement such as sidewalks, sewer, street lights, parks, etc.