Title Insurance Producer| Questions & Answers (100 %Score) Latest Updated 2024/2025
Comprehensive Questions A+ Graded Answers | With Expert Solutions
What does ALTA mean? - American land Title Association
All of the following are characteristics of an ALTA loan policy - Exceptions
Exclusions
Conditions
Chain of Title - 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 - Cumulative Claims
Closing - 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 - 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 - The
title commitment
In a deed, the borrower is the - Grantee
In a deed of trust, the borrower is the - Grantor
,Commitment - 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 - The extension of a structure from the real estate to which it belongs across a boundary
line and onto adjoining property.
Encumbrances - A claim, lien charge, or liability attached to and binding real property.
Escrow - "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 - 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: - 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: - 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 - 1. Determine risk
2. Authorize the issuance of blank endorsements
3. Authorize the settlements related to properties in bankruptcy or foreclosure
Insurance: - 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 - Deed
Lender's Policy: - 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: - The time agreed upon by a borrower and a lender when the execution of the loan
documents by the borrower occurs.
Owner's Policy: - 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 - 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: - Price for a unit of insurance.
Probate - 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 - Owner's and lender's
policy
most common title defects that result in claims are: - • Unreleased liens
• Unreleased mortgages or deeds of trust
• Unsatisfied judgments
• Forgery
• Fraud
• Lack of authority to convey
• Tax liens
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller VasilyKichigin. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.48. You're not tied to anything after your purchase.
