Deck 11: Title Examination and Title Insurance

Question 1

What is an endorsement?

Answer 1

An endorsement is a form provided by the title insurer that is used for the amendment of any information that has appeared as part of a title commitment or title policy.

Question 2

The effective date of a title insurance policy is the date:

A) on which the policy was prepared
B) on which the policy is delivered to the owner or lender
C) through which the title of the property has been examined

Answer 2

C

Question 3

An attorney's legal opinion on the title of property would not include this item:

A) the recording of a mortgage lien against the property
B) an encroachment on the property
C) a divorce decree

Answer 3

B

Question 4

A title commitment jacket contains the:

A) standard terms under which the title insurance company will issue a title policy
B) standard exceptions to insurance coverage
C) effective date of commitment and amount of coverage

Question 5

Title insurance provides coverage for loss in value to the real property from a defect in title that comes into existence after the effective date of the policy.

Question 6

The mortgagee's policy may not be issued until after the closing.

Question 7

Title insurance is purchased by the insured through the payment of a single premium.

Question 8

In an owner's title insurance policy, the legal description of the property to be insured is found on:

A) Schedule A
B) Schedule B
C) the policy jacket

Question 9

The organization that was created to meet the demands for uniform title insurance protection nationwide is the ___.

Question 10

The period between the effective date of a title commitment and the recording date of the instruments giving rise to the interest being insured is called the ___.

Question 11

To examine documents properly, what items must a title examiner note?

Question 12

An attorney's legal opinion on the title of a property covers only those items that are contained in the public records.

Question 13

A        is the genealogy of a property.

Question 14

The amount of insurance listed on Schedule A of a mortgagee's policy is the amount of the purchase price of the property.

Question 15

A title insurance policy indemnifies the property owner or lender against loss in value due to:

A) tax liens
B) recording mistakes
C) neither a nor b

Question 16

What does an abstract of title contain?

Question 17

A copy or condensed version of each document pertaining to a particular parcel of property is called        .

Question 18

What are the standard exceptions to title insurance coverage?

Question 19

What is the function of title insurance?

Question 20

Statutes designed to remedy legal defects in previous transactions are called ___.