Question 1

What is an endorsement?

Accepted Answer

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:

Accepted Answer

The effective date of a title insurance policy is the date through which the title of the property has been examined. This ensures that the policy covers any issues or defects found in the title up to that specific date.

Question 3

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

Accepted Answer

B

Question 4

A title commitment jacket contains the:

Accepted Answer

A title commitment jacket contains the standard terms under which the title insurance company will issue a title policy.

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.

Accepted Answer

Title insurance provides coverage for loss in value to the real property due to defects in title that existed at or before the effective date of the policy, not for issues that arise after the policy is issued.

Question 6

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

Accepted Answer

The mortgagee's policy is typically issued after the closing to protect the lender's interest in the property.

Question 7

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

Accepted Answer

Title insurance typically requires a one-time premium payment at the time of closing, rather than ongoing payments.

Question 8

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

Accepted Answer

The legal description of the property to be insured is found on Schedule A of an owner's title insurance policy. This section typically outlines the specifics of the property, including its legal description, the name of the insured party, the amount of insurance, and the date of the policy.

Question 9

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

Accepted Answer

The answer of The organization that was created to meet...

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 ___.

Accepted Answer

The answer of The period between the effective date of...

Question 11

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

Accepted Answer

The answer of To examine documents properly, what items must...

Question 12

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

Accepted Answer

An attorney's legal opinion on the title of a property is based on the examination of public records to determine the status of the title and any encumbrances or claims against it.

Question 13

A        is the genealogy of a property.

Accepted Answer

The answer of A        is the genealogy of a...

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.

Accepted Answer

The amount of insurance listed on Schedule A of a mortgagee's policy typically represents the loan amount, not the purchase price of the property.

Question 15

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

Accepted Answer

Title insurance policies typically cover losses due to recording mistakes, which can affect the ownership or interest in the property.

Question 16

What does an abstract of title contain?

Accepted Answer

The answer of 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        .

Accepted Answer

The answer of A copy or condensed version of each...

Question 18

What are the standard exceptions to title insurance coverage?

Accepted Answer

The answer of What are the standard exceptions to title...

Question 19

What is the function of title insurance?

Accepted Answer

The answer of What is the function of title insurance?...

Question 20

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

Accepted Answer

The answer of Statutes designed to remedy legal defects in...

Quiz 11: Title Examination and Title Insurance