Section 9: Unit 3 Practice Exam

The title is acceptable, and Kathy's attorney Amy has provided a certificate of title opinion. Which of the following will be issued? A chain of events A deed An appraisal A title insurance policy

A title insurance policy

Which document is used to establish the path and proof of ownership? Chain of title Deed Survey Title

Chain of title

Which document is used to establish proof of ownership and to transfer the title? Abstract of title Deed Survey Title insurance policy

Deed

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? As long as the chain of title is traceable for at least the past 30 years, Mario will have marketable title. Depending on his state's laws, Mario may have marketable title. Mario will have to perform his own research to find information necessary for repairing the broken link. Unless the chain of title can be tracked back to its beginning, Mario won't have marketable title.

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

Which of the following best describes a marketable title? Conveys ownership of the property. Ensures the title to property is free and clear of liens and only subject to loan payoff and any taxes owed. Protects the buyer from defects in the title. Provides a title commitment or abstract of title via a search of public records.

Ensures the title to property is free and clear of liens and only subject to loan payoff and any taxes owed.

Rachael is purchasing a house from the Browns. After obtaining financing, what does her lender require her to have for her own protection? A good credit score Mortgage search Title binder Title insurance

Title insurance