Escrow & Title
In Alaska, a 'gap commitment' in a title insurance transaction is issued to:
ACover the period between the title search and closing✓ Correct
BAddress the gap between a property's current value and its assessed value
CInsure against losses from undisclosed heirs during probate
DCover environmental conditions not shown in public records
Explanation
A gap commitment provides coverage for the period between the title search date and the recording of the deed and mortgage at closing. During this 'gap' period, other documents could be recorded that would affect the title. Gap coverage protects against interests recorded during this window.
Related Alaska Escrow & Title Questions
- Under Alaska's trust account requirements, when must an earnest money check be deposited in the broker's trust account?
- In Alaska, the escrow process involves a neutral third party that:
- Which type of title transfer does NOT require a deed?
- The chain of title for an Alaska property refers to:
- A title binder (commitment) in Alaska is best described as:
- Proration of property taxes at closing in Alaska means:
- In Alaska, the priority of liens is generally determined by:
- In Alaska, which of the following items would a title search typically NOT reveal?
Practice More Alaska Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Alaska Quiz →