Title Insurance Flashcards
Escrow Officer
The Escrow Officer has two main duties. Service -Timely, Escrow closing work hand in hand with everyone involved in the
transaction.
Title Insurance - Detailed oriented: Research properties, write title reports analyze these.
Title Insurance
Title Insurance comes in to play at the closing so the customer is purchasing a property and the realtor that is working with them to solidify the contract
Commitment For Title Insurance
First product that the title company provides also know as the Preliminary report (PR). The PR is what is provided after the research on the property. Such as, county records, court system for judgements and liens.
Title insurance is:
A: A Policy Of Insurance
B: A Protection To All Future Buyers
C: An Opinion
D: A Limited Guarantee Of Marketable Title
D: A Limited Guarantee Of Marketable Title
What are the two main duties of an escrow officer?
A: Sign The Closing Documents & Communicate With Lender
B: Communicate With The Buyer & Lender
C: Service & Title Insurance
D: Communicate With The Buyer & Seller
C: Service & Title Insurance
what is the first document the title company provides?
A: Preliminary Report
B: The Contract
C: The Closing Documents
D: The Communication Reports
A: Preliminary Report
____________ comes in to play at the closing so the customer is purchasing a property
A: Closing Costs
B: Title Insurance
C: Real Estate Agents Contract
D: Brokerage
B: Title Insurance
_________ is the title company’s dedication to issue a title insurance policy for the property after closing.
A: Title Commitment
B: Insurance Commitment
C: Agent Policy
D: Broker Policy
A: Title Commitment
Owners Title Insurance Policy
Seller pays and gives to buyer Insures that they bought the property they intended to buy.
Lenders Title Insurance Policy
Purchased by Buyer Protects the investment of the lender. In addition coverages it offers it grants that lender the ability to foreclose of that property. The full amount of the loan.
ALTA Policy
American Land Title Association The group of underwriters that have written and standardized products.
Subrogation
When you purchase a policy and you sustain a loss, the insurance company pays out on the claim So when the insurance companies can then investigate/determine if the fault lies with someone else and go after their insurance company
Title insurance does not protect against:
A: Zoning Restrictions
B: Easements
C: Forged Documents
D: Forged Documents
A: Zoning Restrictions
Buyer Bob purchased a property for $300,000. His mortgage was for $220,000. How much title insurance coverage did Bob have to pay for?
A: 220,000
B: 100,000
C: 200,000
D: 500,000
A: 220,000
What is an actual notice?
A: When A Person Actually Sends A Written Notice To Others
B: When The Notice Is Send Out To The Buyer
C: None Of The Above
D: All Of The Above
A: When A Person Actually Sends A Written Notice To Others
What is marketable title?
A: When The Seller Promises That The Title Is In Condition To Resell At Full Market Value
B: When The Seller Allows The Agent To Market The Property
C: When The Buyer Wants To Continue To Market The Property
D: All Of The Above
A: When The Seller Promises That The Title Is In Condition To Resell At Full Market Value
The following would give a buyer the least amount of protection:
A: Extended Title Policy
B: Abstract Of Title
C: Attorney’s Opinion
D: Standard Title Policy
C: Attorney’s Opinion
Which type of policy is specifically mentioned in the REPC:
A: Abstract Of Title
B: ALTA Policy
C: Attorney’s Opinion
D: Standard Title Policy
B: ALTA Policy
The type of title insurance policy that the seller buys protects the:
A: Buyer
B: Seller
C: Lender
D: Lender
A: Buyer