Michigan PL Practice Test 2025 - Free Michigan Professional Licensing Practice Questions and Study Guide

The term that describes the entire chronological record of a property's ownership is "Chain of title." This term refers to the sequence of historical transfers of title to a property, tracing back through previous owners to establish a clear title. A well-documented chain of title is crucial in real estate transactions, as it helps identify any potential gaps in ownership or disputes that could affect the current owner's rights.

The significance of the chain of title lies in its role in ensuring that all prior ownerships are accounted for, thereby providing assurance that the seller has the right to transfer ownership to the buyer. This documentation often includes deeds, will transfers, and other legal documents that have been recorded over time.

In contrast, a title search refers to the process of examining the chain of title for any issues that may exist but does not describe the entire record itself. A tax lien is a legal claim against a property for unpaid taxes and is unrelated to the complete ownership history. "Property history" is a broader term that might include various aspects of the property’s past, such as renovations or incidents, but it does not specifically pinpoint the ownership record.