Chapter 4

Question 1

The Commitment for Title Insurance

Answer 1

is issued only as a preliminary instrument / the title company has a bona fide order for the policy or policies of title insurance/ ninety (90) days from the effective date of the Commitment.

Question 2

Schedule A, Commitment

Answer 2

1. Effective date of the commitment
2. The names of the insured’s,
3. sales price
4. loan amount
5. The estate or interest in the land
6. the names of the person in the title at the time of the title commitment
7. legal description of the property under consideration

Question 3

Schedule B, Commitment

Answer 3

Insureds of everything of record affecting the property liens, restrictions, oil and gas, Ad valorem tax are paid through the designated year and in general

Question 4

Schedule C, Commitment

Answer 4

Requirements that must be met before a policy will be issued

Question 5

Schedule D, Commitment

Answer 5

Disclosure of the =>
1. Officers of the title company
2. Underwriter
3. premiums to be charged for the title policy
4. Beneficiary of such premiums

Question 6

Endorsements

Answer 6

A clause in an insurance policy
Detailing an exemption or change in a Coverage
Will add costs to the title insurance policy coverage.

Question 7

Survey

Answer 7

professional analysis of a property and its location relative to other property. A survey includes the total area of the land showing all boundaries and elevations. Surveyors complete the surveys in accordance with specific procedures.

Question 8

Metes and bounds Survey

Answer 8

Measures the perimeter of a piece of land. The property is determined relative to a monument, or a landmark that is used for a point of reference.

Question 9

Metes and Bounds Rules

Answer 9

1. The total of the directions of the boundary must produce a closed area.
2. The bearing of the direction must be continuous from the point of the beginning around the area of the tract of land until the final direction ends at the point of beginning.
   3.All bearings must be given the same meridian or basis of true direction.