Escrow & Title
A preliminary title report (title commitment) in Alaska is best described as:
AA final guarantee that the title is clear
BA report of current title status and the conditions under which a title company will issue a title policy✓ Correct
CA survey of the property's physical boundaries
DA lien search covering only the past 5 years
Explanation
A preliminary title report (commitment) is a report by a title company showing the current status of title and the conditions — including exceptions and requirements — under which the title company agrees to issue a title insurance policy. It is not a guarantee of title but a promise to insure upon satisfaction of the stated conditions.
Related Alaska Escrow & Title Questions
- Owner's title insurance protects:
- In Alaska, a 'subordinate mortgage' is one that:
- The chain of title for an Alaska property refers to:
- In Alaska, which of the following would be MOST likely to show up as an exception in Schedule B of a title commitment?
- Under RESPA, which of the following is prohibited?
- An Alaska seller agrees to carry back a second mortgage to help the buyer qualify for financing. This is described on the closing statement as:
- In Alaska, after a deed is recorded, it provides:
- In a closing statement, a proration is used to:
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