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Chapters 2 and 3

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Understanding Title Assurance Quiz

Test your knowledge on title assurance and its evolution over time with our engaging quiz! Whether you are a real estate professional or just curious about property titles, this quiz will help you learn and solidify your understanding of the essential concepts.

Challenge yourself with questions like:

What is title assurance?
When was title insurance first proposed?
How do title service charges compare to broker commissions?

10 Questions2 MinutesCreated by InquiringTitle202

What is title assurance?

Indemnity against loss resulting from defects in or liens upon a title.

Assurance of title afforded by abstracts, attorneys' opinions, title insurance, and surveys.

Synonymous with Title Insurance.

Not needed for real property.

How do the earliest forms and mediums of title assurance compare with title assurance today?

The earliest forms and mediums of title assurance were simple and unsophisticated.

Title assurance, over the centuries, has evolved and grown.

Higher uses of real estate have resulted in more complex title complications.

All of the above.

The first recording law in this country was enacted in what state?

Pennsylvania

Connecticut

Massachusetts

New Hampshire

Why was the reliability of land title assurance eroded over the years?

The complexities of land titles.

The hazards involved.

The comparison to personal property titles.

All of the above.

Which of the following statements about title insurance is NOT true?

Title insurance was quickly adopted throughout the nation.

Title insurance is the culmination of the evolutionary development of title assurance.

Title insurance shifts the focus from the infallibility of individuals to corporate indemnity.

Title insurance provides the most secure form of title assurance yet devised.

The Pennsylvania case of Watson vs. Muirhead made it clear that rules of limited liability that apply to professionals (e.g., lawyers or doctors) have what effect on conveyancers?

The rules do not apply to conveyancers.

The rules do apply to conveyancers.

The rules apply only to conveyancers who work for lawyers.

The rules apply only to conveyancers who work directly for title underwriters.

Title insurance was first proposed and talked about in what year?

1653

1753

1853

1953

Of the following organizations, which has been the most significant in spreading the use of title insurance in smaller communities?

MBA

NAHB

ALTA

FHA

In many instances, how do title service charges on real estate transactions compare with the real estate broker's commission?

The broker's commission exceeds the title service charges.

The broker's commission is less than the title service charges.

The broker's commission is always equal to the title service charges.

None of the above.

Which of the following services does the title insurance industry now provide to complete real estate transactions?

The title insurance industry has developed specialized coverages to handle adjustable and variable rate mortgages.

The title insurance industry has facilitated real estate closings.

The title insurance industry has developed complete escrow functions.

All of the above.

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