- CORRECT ANSWER: - Update - 150 Questions and 100% Verified Correc...

Alabama Title Insurance Exam Prep 1 Latest Update -150 Questions and 100% Verified Correct Answers Guaranteed A+ Verified by Professor

- CORRECT ANSWER:

- CORRECT ANSWER:

"The invalidity or unenforceability of any assignment of the insured mortgage, provided the assignment is shown in Schedule A, or the failure of the assignment shown in Schedule A to vest title to the insured mortgage in the named Insured assignee free and clear of all liens" is a _____ under the loan policy.

Condition

Requirement

Covered Risk

Exclusion from Coverage - CORRECT ANSWER: Covered Risk

"The lack of priority of the lien of the insured mortgage upon the title over any other lien or encumbrance" is a _____ under the loan policy.

Covered Risk

Exclusion from Coverage

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Condition

Schedule B Exception - CORRECT ANSWER: Covered Risk

A contract must set forth the name of the _____ which the title agent will compare to the name of the grantee on the last deed of record.

Seller

Buyer

Lender

Realtor - CORRECT ANSWER: Seller

A deed, which does not stipulate that conveyance is subject to mineral rights held by the

grantor or another, is deemed to convey:

Surface rights

Subsurface rights

Surface rights subject to subsurface rights

Surface and subsurface rights - CORRECT ANSWER: Surface and subsurface rights

A file control sheet or electronic file tracking system results in improvements in:

• Quality control 2 / 4

II. Time management III. Customer service IV. Cost averaging

I, II

II, III

I, II, III

I, II, III, IV - CORRECT ANSWER: I, II, III

A grantee must be a legally existing person or entity capable of _____ for title to convey.

Holding title

Encumbering title

Conveying title

Exercising title - CORRECT ANSWER: Holding title

A leasehold estate is a/an _____ estate which is insurable.

Fee

Equitable

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Remainder

Entireties - CORRECT ANSWER: Equitable

A title agent's main fiduciary responsibility is to the:

Buyer

Seller

Lender

Title Insurer [Underwriter] - CORRECT ANSWER: Title Insurer [Underwriter]

A title commitment is effective only when the following information is inserted in Commitment Schedule A. Which of the following does NOT appear on Schedule A?

Identity of the proposed Buyer [OP]

Amount of policy/policies committed for

Identity of the proposed Lender [LP]

Exceptions from coverage - CORRECT ANSWER: Exceptions from coverage

A township section is one square mile and contains _____ acres.

230 640

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