A title insurance policy does not insure against a defects in title b

A title insurance policy does not insure against a

This preview shows page 8 - 11 out of 21 pages.

28. A title insurance policy does not insure against: a. defects in title.b. undisclosed liens.c. defects in warranties.d. errors in the abstraction of the title.ANSWER: c POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSBROG: - Analytic ACCREDITING STANDARDS: DISC: - AICPA: BB-Legal TOPICS: 18-3a Title Searches, Insurance, and Escrows KEYWORDS: Blooms: Comprehension 29. A warranty of__________ is applied in a minority of jurisdictions and involves a warranty at the inception of a commercial lease that there are no latent defects in the premises that will prevent the premises from being used for its intended purpose and that the premises will remain in a suitable condition. c POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSBROG: - Analytic ACCREDITING STANDARDS: DISC: - AICPA: BB-Legal TOPICS: 18-2d Representatives, Warranties, and the Duty to Disclose KEYWORDS: Blooms: Comprehension 30. A majority of states impose on commercial builders of houses a(n):
Image of page 8
d POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSBROG: - Analytic ACCREDITING STANDARDS: DISC: - AICPA: BB-Legal TOPICS: 18-2d Representations, Warranties, and Duty to Disclose KEYWORDS: Blooms: Comprehension 31. Title companies often hold purchase money in __________, meaning in a special account, until the conditions for the sale have all been met. c POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSBROG: - Analytic ACCREDITING STANDARDS: DISC: - AICPA: BB-Legal TOPICS: 18-3a Title Searches, Insurance, and Escrows KEYWORDS: Blooms: Comprehension 32. In a(n) __________ listing, the listing broker will receive a commission only if he or she procures a ready, willing, andable buyer. a. exclusiveb. openc. net listingd. brokerANSWER: b POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSBROG: - Analytic ACCREDITING STANDARDS: DISC: - AICPA: BB-Legal TOPICS: 18-4b Listing Agreements KEYWORDS: Blooms: Comprehension 33. In a(n) __________ listing, the broker will receive any sales proceeds in excess of the net listing amount specified by the seller.
Image of page 9
c POINTS: 1 DIFFICULTY: 18-4b Listing Agreements NATIONAL STANDARDS: United States - BUSBROG: - Analytic ACCREDITING STANDARDS: DISC: - AICPA: BB-Legal TOPICS: 18-4b Listing Agreements KEYWORDS: Blooms: Comprehension
Image of page 10
Image of page 11

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture