What is 'ALTA' and what is an 'ALTA survey' in Delaware?
Why ALTA is the American Land Title Association; an ALTA survey meets national standards for boundary, location, and easement information used in commercial transactions Is Correct
Answer A: ALTA is the American Land Title Association; an ALTA survey meets national standards for boundary, location, and easement information used in commercial transactions
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
A non-possessory right to use another person's land for a specific purpose.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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