Title guarantee; Title report; Chain of title; Title search. - PowerPoint PPT Presentation

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Title guarantee; Title report; Chain of title; Title search. PowerPoint Presentation
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Title guarantee; Title report; Chain of title; Title search.

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Title guarantee; Title report; Chain of title; Title search.
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Title guarantee; Title report; Chain of title; Title search.

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  1. 129. In making the decision of whether or not to issue a title policy, the title insurance company would be most concerned with those documents that appear within the: • Title guarantee; • Title report; • Chain of title; • Title search.

  2. 129. In making the decision of whether or not to issue a title policy, the title insurance company would be most concerned with those documents that appear within the: • Title guarantee; • Title report; • Chain of title; • Title search. Chain of Title – Important when deciding to issue title policy

  3. 649. A title insurance company official would know that an “abstract of title clause” is a: • Standard form that is used in the industry; • Closing statement from the title insurance company; • Written summary of documents relating to the title of the property; • Clause that describes the land.

  4. 649. A title insurance company official would know that an “abstract of title clause” is a: • Standard form that is used in the industry; • Closing statement from the title insurance company; • Written summary of documents relating to the title of the property; • Clause that describes the land. Abstract of title – Written summary of documents

  5. 48. On September 30, 1983, Daniels offered to buy Barnes' home. The offer was accepted and escrow opened. Barnes had purchased the home in 1978, financing it by an FHA loan, on which he was then currently making payments. A preliminary title report dated September 30, 1983 will: • Include exactly the same information as a future standard policy of title insurance issued on the close of escrow; • Show the particulars of a deed of trust with Barnes as trustor; • Bind the title company for insurance in an amount equal to the purchase price; • Show title vested in Daniels.

  6. 48. On September 30, 1983, Daniels offered to buy Barnes' home. The offer was accepted and escrow opened. Barnes had purchased the home in 1978, financing it by an FHA loan, on which he was then currently making payments. A preliminary title report dated September 30, 1983 will: • Include exactly the same information as a future standard policy of title insurance issued on the close of escrow; • Show the particulars of a deed of trust with Barnes as trustor; • Bind the title company for insurance in an amount equal to the purchase price; • Show title vested in Daniels. Preliminary title report –Seller is trustor

  7. 880. A buyer would want which of the following removed from a preliminary title report: • C. C. and R.'s; • A mechanic's lien; • A quitclaim deed; • An appurtenant easement over adjacent property.

  8. 880. A buyer would want which of the following removed from a preliminary title report: • C. C. and R.'s; • A mechanic's lien; • A quitclaim deed; • An appurtenant easement over adjacent property. Preliminary title report –Remove mechanic’s lien

  9. 134. Most buyers of real property select which of the following types of policies of title insurance: • A standard policy; • A leasehold policy to protect against the rights of tenants; • A certificate of title; • An ALTA policy.

  10. 134. Most buyers of real property select which of the following types of policies of title insurance: • A standard policy; • A leasehold policy to protect against the rights of tenants; • A certificate of title; • An ALTA policy. Standard policy – Most buyers obtain

  11. 131. A standard policy of title insurance is the final result of three processes. Which of the following would not be considered one of these processes: • Determination of the amount of insurance which is required; • Investigation of title; • Protection of the insured against title losses; • Determination of correct property lines and a survey of the property.

  12. 131. A standard policy of title insurance is the final result of three processes. Which of the following would not be considered one of these processes: • Determination of the amount of insurance which is required; • Investigation of title; • Protection of the insured against title losses; • Determination of correct property lines and a survey of the property. Standard policy – No survey or onsite inspection

  13. 673. An on-site inspection of a property, when title insurance is being issued, would be least likely in the issuance of: • An extended coverage policy on rural property; • An extended coverage policy on a home; • A standard policy covering a home; • An ALTA policy covering a home.

  14. 673. An on-site inspection of a property, when title insurance is being issued, would be least likely in the issuance of: • An extended coverage policy on rural property; • An extended coverage policy on a home; • A standard policy covering a home; • An ALTA policy covering a home. Standard policy – No survey or onsite inspection

  15. 133. When a title company issues a California standard policy of title insurance, the policyholder is insured against loss which occurs because of: • Unrecorded liens and encumbrances which are not disclosed by the public records; • The rights of parties in possession; • Forgery in the chain of recorded title; • A defect in the chain of title, already known by the insured prior to the issuance of the policy.

  16. 133. When a title company issues a California standard policy of title insurance, the policyholder is insured against loss which occurs because of: • Unrecorded liens and encumbrances which are not disclosed by the public records; • The rights of parties in possession; • Forgery in the chain of recorded title; • A defect in the chain of title, already known by the insured prior to the issuance of the policy. Standard policy protects against – Forgery

  17. 132. A standard title insurance policy insures against: • A recorded deed in the chain of title that was not properly delivered; • Claims of persons in possession of the property; • An easement by prescription; • Losses sustained by improved property only.

  18. 132. A standard title insurance policy insures against: • A recorded deed in the chain of title that was not properly delivered; • Claims of persons in possession of the property; • An easement by prescription; • Losses sustained by improved property only. Standard policy protects against – Improper delivery

  19. 600. There are several differences between an extended coverage policy of title insurance and a standard coverage policy of title insurance. Which of the following is insured under the extended policy, but not under the standard policy: • The results of a forged deed in the chain of title; • The possibility that some improvements on the insured property are located on adjoining land; • Detrimental zoning ordinances; • The lack of capacity of one of the parties to any transaction involving title to the land.

  20. 600. There are several differences between an extended coverage policy of title insurance and a standard coverage policy of title insurance. Which of the following is insured under the extended policy, but not under the standard policy: • The results of a forged deed in the chain of title; • The possibility that some improvements on the insured property are located on adjoining land; • Detrimental zoning ordinances; • The lack of capacity of one of the parties to any transaction involving title to the land. Extended policy – covers improvements on adjoining land

  21. 761. An ALTA policy of title insurance goes beyond the protection afforded by a CLTA policy in guarding against: • Existing liens and encumbrances as disclosed by the public records; • A deed of reconveyance issued by a minor; • The location of property lines according to formal survey; • An error in the sequence of recording trust deed loans.

  22. 761. An ALTA policy of title insurance goes beyond the protection afforded by a CLTA policy in guarding against: • Existing liens and encumbrances as disclosed by the public records; • A deed of reconveyance issued by a minor; • The location of property lines according to formal survey; • An error in the sequence of recording trust deed loans. ALTA policy – includes a survey

  23. 128. Although a title insurance policy does cover the risk of loss for many reasons, which of the following risks is not covered in a title insurance policy: • Failure of husband or wife to sign the deed; • A document in the series of records is forged; • An unpaid city tax not shown in the policy; • A zoning ordinance, regulation or plan.

  24. 128. Although a title insurance policy does cover the risk of loss for many reasons, which of the following risks is not covered in a title insurance policy: • Failure of husband or wife to sign the deed; • A document in the series of records is forged; • An unpaid city tax not shown in the policy; • A zoning ordinance, regulation or plan. (Title insurance) Exclusions – Zoning

  25. 545. When a title insurance company issues an ALTA policy, it usually extends the risks which are insured against by the standard policy. The extended risks include all of the following, except: • Unrecorded mechanic's liens; • Unrecorded easements; • The effect of zoning regulations; • The rights of parties in possession.

  26. 545. When a title insurance company issues an ALTA policy, it usually extends the risks which are insured against by the standard policy. The extended risks include all of the following, except: • Unrecorded mechanic's liens; • Unrecorded easements; • The effect of zoning regulations; • The rights of parties in possession. (Title insurance) Exclusions – Zoning

  27. 899. Which type of title insurance policy will cover everything: • Extended coverage; • ALTA policy; • An all-inclusive title policy; • No title insurance policy covers all risks.

  28. 899. Which type of title insurance policy will cover everything: • Extended coverage; • ALTA policy; • An all-inclusive title policy; • No title insurance policy covers all risks. (Title insurance) Exclusions – No policy covers everything

  29. 672. A title company could make a title search by searching the records of the: • County Clerk's office; • County Recorder's office; • Federal Land Office; • All of the above.

  30. 672. A title company could make a title search by searching the records of the: • CountyClerk's office; • CountyRecorder's office; • Federal Land Office; • All of the above. Search – County Clerk, County Recorder, Federal Land Office

  31. End of session