CHP 31 - Pre and Post Closing Issues Flashcards
1
Q
Most basic homeowner policy
A
HO-2
2
Q
How are claims handled without co-insurance
A
Settled for actual cash value OR prorated
3
Q
Is flood insurance included in a basic policy
A
NO
4
Q
What’s the CLUE Report
A
Comprehensive Loss Underwriting Exchange
-Make offer subject to receiving and approving a copy of the seller’s CLUE report
5
Q
What should licensee do during escrow period
A
Frequently check things are on schedule
6
Q
3 Common items to trigger renegotiation
A
Inspection items
Personal circumstances
Title or survey issues
7
Q
Can a closing date be left open-ended
A
NO
8
Q
Lenders go by this agencies flood prone map
A
HUD
