Chapter 27

Question 1

Terra research on a piece of property that the title offers have compiled by putting an abstract from the county recorders office

Answer 1

Abstract of title

Question 2

When a person sends a written notice to another

Answer 2

Actual notice

Question 3

The group of underwriters that have written in standardized products

Answer 3

Alta
American land title Association

Question 4

The historical report of all owners of a piece of property

Answer 4

Chain of title

Question 5

The first product that the title company provides also known as the preliminary report

Answer 5

Commitment for title insurance

Question 6

This is what’s provided after the research on a property

Answer 6

Preliminary report

Question 7

When a person comes across more information by other means of information

Answer 7

Constructive notice

Question 8

What affects the property listed on the pre-income print like a lien defect something the seller needs to remedy before the buyer takes possession

Answer 8

Encumbrance/defect/cloud on title

Question 9

Purchased by the buyer and protects the investment of the lender

Answer 9

Lender’s insurance policy

Question 10

When the seller promises that the title is in the condition to resell at full market value

Answer 10

Marketable title

Question 11

Seller pay and gifts to buyer to ensure that they bought the property they intended to buy

Answer 11

Owners title insurance policy

Question 12

When you purchase a policy and sustain a loss, the insurance company pays out on the claim

Answer 12

Subrogation

Question 13

Title insurance does not predict against

Answer 13

Zoning restrictions

Question 14

ALTA stands for

Answer 14

American land title Association

Question 15

An owners title insurance policy covers

Answer 15

Defects found in public records
Forged documents
Improperly delivered deeds

Question 16

Lender’s extended coverage covers

Answer 16

Everything covered by standard coverage

Un recorded rights of persons in possession

Un recorded not known to the policyholder

Question 17

If the buyer has a mortgage, the type of title insurance that the buyer purchases protects the

Answer 17

Lender

Question 18

The type of title insurance policy that the seller buys protects the

Answer 18

Buyer

Question 19

Bob purchased a property for $300,000. His mortgage was for $220,000. How much title insurance coverage did Bob have to pay for?

Answer 19

$220,000

Question 20

Which type of policy is specifically mentioned in the REPC

Answer 20

ALTA policy

Question 21

The following would give a buyer the least amount of protection in a title insurance

Answer 21

Attorney’s opinion

Question 22

Title insurance is

Answer 22

A limited guarantee of marketable title