Property Ownership, Transfer of Title and Land Use 10.1.2 Flashcards
1
Q
The Preliminary Title Report is what?
A
is the commitment to issue a title policy
2
Q
The Preliminary Title Report
A
Name of the insured party
Legal description of the property
Estate or interest covered
Conditions and Stipulations
Schedule of exceptions
3
Q
Title Insurance Premium is paid how many times and when is it paid?
A
It is paid once and at the close of escrow.
4
Q
Title Insurance Premium
A
The insurer’s liability cannot exceed the face amount of the policy unless an inflation rider is included.
The extent of coverage, whether it’s standard or extended, is defined.
