Alta loan policy - Study guides, Class notes & Summaries

NEW JERSEY TITLE PRODUCER 2024 Final Exam Q & A ALTA 1 - CORRECT ANSWER-Street Assessments ALTA 2 - CORRECT ANSWER-Truth in lending owners policy - CORRECT ANSWER-insures estates of ownership, remains constant over the life of the property. Covers property line disputes. A type of title insurance issued in the name of the property owner. Coverage runs from the time of purchase for as long as the policyholder owns the property. mortgage lender policy (loan policy) - CORRECT ANSWER-lende...

GENERAL PARTNER - A partner who has full authority to make decisions, act for the partnership, and has full liability for the business dealings of the partnership. ACCELERATION CLAUSE - Allows a loan to become due and payable immediately if certain requirements are not met, such as making payments, maintaining the physical condition of the property or paying property taxes and hazard insurance. IMPOUND, RESERVE OR ESCROW ACCOUNT - A trust account established to set aside funds for future n...

NEW JERSEY TITLE PRODUCER 2024 Final Exam Q & A ALTA 1 - CORRECT ANSWER-Street Assessments ALTA 2 - CORRECT ANSWER-Truth in lending owners policy - CORRECT ANSWER-insures estates of ownership, remains constant over the life of the property. Covers property line disputes. A type of title insurance issued in the name of the property owner. Coverage runs from the time of purchase for as long as the policyholder owns the property. mortgage lender policy (loan policy) - CORRECT ANSWER-lende...

When recording a deed or deed of trust, how many copies of the intake sheet must be submitted to the clerk of the court with the recording? - 4 In a metes and bounds legal description, the following is true? - All of the above; Course is the same as direction, distance is the same as length and an arc is a part of a circle Which ALTA title policy has a check list for endorsements? - ALTA Short Form Loan Policy Which of the following is not required to be accompanied by an intake sheet at th...

ALTA 1 - CORRECT ANSWER-Street Assessments ALTA 2 - CORRECT ANSWER-Truth in lending owners policy - CORRECT ANSWER-insures estates of ownership, remains constant over the life of the property. Covers property line disputes. A type of title insurance issued in the name of the property owner. Coverage runs from the time of purchase for as long as the policyholder owns the property. mortgage lender policy (loan policy) - CORRECT ANSWER-lender policy insures mortgage company interest (writ...

Title Insurance Licensing Exam All of the following are characteristic of an ALTA loan EXCEPT: A. Exceptions B. Exclusions C. Contingencies D. Conditions C. Contingencies The policy limit noted in a title insurance policy applies to: A. Each defect B. Each claim C. Per year D. Cumulative claims D. Cumulative claims Brainpower Read More Zoning ordinances are establish by: A. Home builders B. Local Government C. Lender D. All the above B. Local government A good faith estimate...

When recording a deed or deed of trust, how many copies of the intake sheet must be submitted to the clerk of the court with the recording? - 4 In a metes and bounds legal description, the following is true? - All of the above; Course is the same as direction, distance is the same as length and an arc is a part of a circle Which ALTA title policy has a check list for endorsements? - ALTA Short Form Loan Policy Which of the following is not required to be accompanied by an intake sheet at th...

Exam Guide for NJ Title Insurance Licensing Study Material All of the following are characteristic of an ALTA loan EXCEPT: A. Exceptions B. Exclusions C. Contingencies D. Conditions - CORRECT ANSWER-C. Contingencies The policy limit noted in a title insurance policy applies to: A. Each defect B. Each claim C. Per year D. Cumulative claims - CORRECT ANSWER-D. Cumulative claims Zoning ordinances are establish by: A. Home builders B. Local Government C. Lender D. All the above - C...

All of the following are characteristic of an ALTA loan EXCEPT: A. Exceptions B. Exclusions C. Contingencies D. Conditions - Answer- C. Contingencies The policy limit noted in a title insurance policy applies to: A. Each defect B. Each claim C. Per year D. Cumulative claims - Answer- D. Cumulative claims Zoning ordinances are establish by: A. Home builders B. Local Government C. Lender D. All the above - Answer- B. Local government A good faith estimate must be given ...

Exam Guide for NJ Title Insurance Licensing Study Material All of the following are characteristic of an ALTA loan EXCEPT: A. Exceptions B. Exclusions C. Contingencies D. Conditions - CORRECT ANSWER-C. Contingencies The policy limit noted in a title insurance policy applies to: A. Each defect B. Each claim C. Per year D. Cumulative claims - CORRECT ANSWER-D. Cumulative claims Zoning ordinances are establish by: A. Home builders B. Local Government C. Lender D. All the above - C...