An owner's title insurance policy in Arizona is typically paid for by:
Why The party designated in the purchase contract, which varies by county custom Is Correct
Answer C: The party designated in the purchase contract, which varies by county custom
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
Key Escrow & Title Terms in This Question
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Key Terms to Know
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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