Alabama Title Insurance Exam Prep 1 Latest Update 2024-2025 Actual Exam 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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