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Title Insurance Producer: Questions & Accurate Answers (Pass!)
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Title Insurance Producer: Questions & Accurate Answers (Pass!)
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Title Insurance Producer: Questions & AccurateAnswers (Pass!)
What does ALTA mean? Right Ans - American land Title Association
All of the following are characteristics of an ALTA loan policy Right Ans -
Exceptions
Exclusions
Conditions
Chain of Title Right Ans - A listing of the chronological order of
conveyances of a
parcel of land, from the original owner to the present owner.
The policy limit noted in a title insurance policy applies to Right Ans -
Cumulative Claims
Closing Right Ans - The process of completing a real estate transaction
during which deeds, mortgages, leases and other required instruments are
signed an/or delivered, an accounting between parties is made, and the
money is
disbursed.
Closing Protection Letters Right Ans - A document issued by a title
insurance company in connection with an about-to-be-issued title insurance
policy. It protects a mortgagee who is forwarding funds to a title insurance
company's agent or attorney against an embezzlement of funds or a failure to
follow specific closing instructions
The title insurance Insure Closing Letter/Closing Protection Letter is issued to
the lender along with Right Ans - The title commitment
In a deed, the borrower is the Right Ans - Grantee
In a deed of trust, the borrower is the Right Ans - Grantor
Commitment Right Ans - The preliminary report or binder issued prior to
the issuance of a title insurance policy. Serves as title company's good faith
,intention to issue policy containing the terms, conditions, exceptions, and any
other matters under which the title insurer is willing to issue its title
insurance policy.
Encroachment Right Ans - The extension of a structure from the real estate
to which it belongs across a boundary line and onto adjoining property.
Encumbrances Right Ans - A claim, lien charge, or liability attached to and
binding real property.
Escrow Right Ans - "A system of document transfer in which a deed, funds,
or other property is delivered to a third person to hold until all conditions to a
contract are
fulfilled."
Foreclosure Right Ans - A proceeding in and out of court, to extinguish all
rights, title, and interest, of owners of property in order to sell the property to
satisfy a lien against it.
Gap Coverage: Right Ans - Issuing title insurance is generally a two-step
procedure, and the time between those two steps. Period between closing and
the recording of title.
HUD-1 Settlement Statement: Right Ans - Is a standard form in use in the
United States of America which is used to itemize services and fees charged to
the borrower by the lender or broker when applying for a loan for the
purpose of purchasing or refinancing real estate.
Borrower has right to inspect 1 day before settlement
Title underwriters do the following Right Ans - 1. Determine risk
2. Authorize the issuance of blank endorsements
3. Authorize the settlements related to properties in bankruptcy or
foreclosure
Insurance: Right Ans - A contract under which, for consideration, one party
agrees to indemnify another for a possible loss under certain conditions.
The habendum clause ("to have and to hold" clause) purpose is to further
define the rights of a grantee in a Right Ans - Deed
, Lender's Policy: Right Ans - When a mortgage is granted, the lender seeks
protection for their investment and requires a policy be issued to protect
against losses resulting from claims made by others against the property.
Loan Closing: Right Ans - The time agreed upon by a borrower and a lender
when the execution of the loan documents by the borrower occurs.
Owner's Policy: Right Ans - A policy of title insurance usually insuring an
owner of real estate against loss occasioned by defects in, liens against, or un-
marketability of the owner's title.
Policy Right Ans - A contract insuring or indemnifying owners of, or other
persons lawfully interested in, real or personal property or an interest in real
or personal property against loss or damage.
Premium Rates: Right Ans - Price for a unit of insurance.
Probate Right Ans - The legal process of determining the validity of a will
or the process through which a deceased person's estate is properly
distributed to heirs and designated beneficiaries and any debt owed to
creditors is paid.
The most common type of title insurance policy issued by title companies is
Right Ans - Owner's and lender's policy
most common title defects that result in claims are: Right Ans - •
Unreleased liens
• Unreleased mortgages or deeds of trust
• Unsatisfied judgments
• Forgery
• Fraud
• Lack of authority to convey
• Tax liens
• Estate liens
• Defective or invalid deeds
• Transfer by an incompetent person
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