Section 10 (Part II)

Which of the following provides a summary of the title history?

Abstract of title

Paulina is buying her first house. Which of these costs will she NOT be expected to pay?

Agent's commission

What information does Schedule A of an ALTA title commitment provide?

Basic facts related to the transaction and property, including a legal description

Mario lives in a state that requires an abstract of title for property conveyance. The chain of title is broken approximately 50 years prior to the current date. Which of these properly identifies the status of Mario's title?

Depending on his state's laws, Mario may have marketable title.

Which of the following is NOT an accurate statement regarding the title?

Foreclosed properties rarely have clouded titles.

Besides interest paid over the life of the loan, what responsibility does the buyer have to the lender in a real estate transaction that requires financing?

Pay loan-related closing costs

What information does Schedule B-1 of an ALTA title commitment provide?

Requirements that must met before a title policy will be issued

Where can a party reviewing a title commitment find basic details about the transaction?

Schedule A

Where can a party that's reviewing a title commitment find exceptions that aren't covered by the title insurance policy?

Schedule B-2

A lender wants to ensure that the legal description of a property is accurate, and determine whether any improvements, encroachments, or lot size changes have been made. What may the lender request to determine this?

Survey

Who must provide the buyer and seller with a copy of the closing disclosure?

The buyer's lender

What is the purpose of the loan transfer disclosure?

To notify the borrower that the loan is being resold on the secondary market, and how and where to make future payments