A title Commitment includes a property description, names of title holders, and how title is held
True
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15
Where is the legal description located on the title commitment?
Exhibit A
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15
______ is when the owner has Full Control of all rights to the property
Fee Simple
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15
The borrower must have a owners policy?
False, the lender does not require the borrower to purchase an owners policy. Its up the borrower.
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banana
Go to last place!
Oops!
fairy
Take points!
5
10
15
20
25
rocket
Go to first place!
Okay!
baam
Lose 5 points!
Oops!
15
Freedom works with only preferred title companies
False
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15
Where can you locate the vesting information on the title commitment?
Schedule A
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boom
Lose 50 points!
Oops!
magnet
Take 20 points!
Okay!
gift
Win 25 points!
Okay!
baam
Lose 25 points!
Oops!
15
A PUD is a single family dwelling
False
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15
Where are the exceptions located on the title commitment?
Schedule B II
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15
What does APN stand for?
Assessor parcel number
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15
If there are liens on title we can clear title?
No, we must ensure all additional liens are addressed before we clear title.
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15
Title insurance is required to ensure title is clear of any defects, to ensure the name of the owner is correct, to ensure that freedomโs mortgage is in 1st lien position
True
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15
If property is in a life estate we cannot accept applications, we require the borrower to get removed from the Life estate.