Final answer:
The Title Search is the transaction commonly used to reveal the legal ownership of an aircraft and determine if it has been reported as stolen. It provides assurance about the aircraft's history, including ownership claims and any outstanding liens.
Step-by-step explanation:
To check if an airplane is potentially stolen, the transaction used is most commonly known as a Title Search. A Title Search will reveal the chain of ownership of an aircraft and will indicate if there are any outstanding liens or claims that could signify possible issues with ownership or if the aircraft has been reported as stolen.
It is analogous to a title search for real estate, which is performed in order to confirm a property's legal ownership status prior to purchase.
With an aircraft, it is crucial to investigate its history thoroughly, which not only includes checking for theft but also assessing any recorded incidences, damage history, and maintenance records. Ensuring a clear title is vital for both legal protection and peace of mind when purchasing an aircraft.
The other options mentioned, such as Aircraft Check, Registration Verification, and Serial Number Inquiry, are all part of the aircraft due diligence process but a comprehensive Title Search is most directly related to establishing if an aircraft has been stolen.