Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

Commercial Underwriting: 2021 Policy Changes Quiz-Ch1

10 Questions

2 Views

Commercial Underwriting: 2021 Policy Changes Quiz-Ch1

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What formalities are required for an easement to be insurable?

Being handwritten, signed, and notarized.

Being approved by a real estate agent, signed in blue ink, and stamped.

Being drafted by a lawyer, printed, and filed with the county.

Being recorded, witnessed, and acknowledged. (correct)

Which exceptions are no longer needed due to changes in the 2021 ALTA policy?

PACA and PASA exceptions. (correct)

Policy Authentication Endorsement.

Commitment exceptions.

Easement exceptions.

Why was the need for Policy Authentication Endorsement (39-06) eliminated in the new 2021 ALTA Policy?

It was only applicable for non-commercial properties.

It was redundant coverage. (correct)

It did not meet legal formalities for endorsements.

It increased the cost of title insurance.

What are the only three insurable interests in Florida?

Fee, leasehold, and easement. Signup and view all the answers

Why is it crucial to obtain lender's consent for adding an easement to a policy?

To prevent complications with title insurance coverage. Signup and view all the answers

Why is it important to conduct a special search before adding an easement to a title insurance policy?

To confirm the grantor has the right to give the easement Signup and view all the answers

Why is it unlikely to see exceptions related to PACA and PASA in title insurance policies anymore?

The new policies include built-in exceptions for such cases Signup and view all the answers

What type of easement would not require taking an exception for terms and conditions in a title insurance policy?

Beneficial easement Signup and view all the answers

Which endorsement was eliminated in the new 2021 ALTA Policy, removing the need for a separate endorsement related to policy authentication?

39-06 endorsement Signup and view all the answers

Why are lenders likely to prefer the 2021 ALTA policies over the 2006 ones in commercial transactions?

Because the 2021 policies offer better coverage and benefits Signup and view all the answers