What is 'title commitment' (title binder) in a Delaware real estate transaction?
Why A preliminary document issued by a title company committing to issue a title insurance policy subject to specified conditions and requirements Is Correct
Answer B: A preliminary document issued by a title company committing to issue a title insurance policy subject to specified conditions and requirements
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
People Also Study
Related Delaware Questions
- Under Delaware fair housing law, discrimination based on marital status is:Fair Housing
- What is a 'title commitment' (also called a title binder or preliminary title report) in Delaware?Escrow & Title
- An owner's title insurance policy in Delaware is typically purchased by:Escrow & Title
- What is a 'survey exception' in a Delaware title insurance policy?Escrow & Title
- What is an 'endorsement' to a title insurance policy in Delaware?Escrow & Title
- Testers in fair housing enforcement are people who:Fair Housing
- Mutual rescission of a real estate contract requires:Contracts
- Which of the following is considered commingling under Delaware license law?Delaware License Law
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.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Study This Topic
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →