10 Questions
What formalities are required for an easement to be insurable?
Being recorded, witnessed, and acknowledged.
Which exceptions are no longer needed due to changes in the 2021 ALTA policy?
PACA and PASA exceptions.
Why was the need for Policy Authentication Endorsement (39-06) eliminated in the new 2021 ALTA Policy?
It was redundant coverage.
What are the only three insurable interests in Florida?
Fee, leasehold, and easement.
Why is it crucial to obtain lender's consent for adding an easement to a policy?
To prevent complications with title insurance coverage.
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
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
What type of easement would not require taking an exception for terms and conditions in a title insurance policy?
Beneficial easement
Which endorsement was eliminated in the new 2021 ALTA Policy, removing the need for a separate endorsement related to policy authentication?
39-06 endorsement
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
Test your knowledge on the new 2021 policy forms in commercial underwriting. Learn about the syntax changes, claims recovery updates, and other modifications that may impact your day-to-day job.
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