Alta loan policy Study guides, Class notes & Summaries

North Carolina Real Estate PreLicensing Questions and Answers Abstract of Title - `ANSWER The condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate. Acceleration Clause - `ANSWER The clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately...

Owners Policy - Answer Policy of Title Insurance issued to the fee simple owner of a property, which provides the insured coverage over risks described on the policy. ALTA form - Answer American Land Title Association - created and distributed several uniform forms for use across the entire industry, which title insurers can choose to use. Each form must be submitted by the individual insurer to the Department for approval. These forms include Policies and Endorsements. Loan Policy -...

CA Real Estate Exam 2024 Guaranteed Success A rectangular lot contained 17,550 square feet. It measured 150 feet deep. A man wanted to build a store and needed more land. He could buy one lot on each side of this lot. Each of the side lots was the same size and the same shape. Each was 150 feet deep. Each contained 6,000 square feet. If he purchased all three lots, what would be the front footage: 197; When rent is computed on the gross sales of a business occupying real property, th...

Title Insurance - Since an attorney's opinion does not offer the buyer financial protection if the title proves unsound, this can be purchased, giving varying degrees of financial protection relative to the condition of title of real property. Standard Coverage Title Insurance - Title insurance which protects against losses arising from both recorded title claims, omissions, and errors in public records, and from inadequate title search procedures. It does not protect from undisclosed and ...

ASREB Exam Questions With Complete Solutions. Salesperson is working for a principal, but the salesperson exceeds authority in agreement. Principal does nothing to correct the actions, and the public is led to believe the actions were okay. Agency? Estoppel Amount stated in a purchase contract in case the buyer breaches is called: Liquidated In a sublease with a positive leasehold who benefits from excess rent? Sub-lessor Property taxes are 1,525. 1st half paid by seller closes November...

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...

For an escrow to be valid, there must be a - Answer conditional delivery of transfer documents to a 3rd party In a real estate transaction, who decides which escrow company to use - Answer it is negotiated between the buyer and seller Which of the following is not exempt from the escrow licensing law: trust companies, escrow companies, title insurance, real estate brokers - Answer escrow companies A history of title transfers for a particular parcel of land is - Answer chain...

NMLS Exam Questions With Answers Latest Updated 2023-2024 Graded A+. A lender has how many days to refund excessive variances on a Closing Disclosure? - ANSWER 60 days Lender has how many days after settlement to refund any portion of charges on the HUD-1 that exceeded the acceptable variance - ANSWER 30 days TILA disclosure must be given to the applicant within how many days after receiving the signed loan application for a reverse mortgage - ANSWER 3 business days Truth in lending disclo...

ASREB Exam Questions With Complete Solutions. Salesperson is working for a principal, but the salesperson exceeds authority in agreement. Principal does nothing to correct the actions, and the public is led to believe the actions were okay. Agency? Estoppel Amount stated in a purchase contract in case the buyer breaches is called: Liquidated In a sublease with a positive leasehold who benefits from excess rent? Sub-lessor Property taxes are 1,525. 1st half paid by seller closes November...

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...