Escrow & Title
In Nevada, which type of title insurance policy protects the lender's interest?
AOwner's policy
BLender's policy (mortgagee's policy)✓ Correct
CALTA homeowner's policy
DStandard coverage policy
Explanation
A lender's (mortgagee's) title insurance policy protects the lender's interest in the property up to the outstanding loan balance. Most lenders require this as a condition of the loan.
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Key Terms to Know
Title Insurance
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.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Math Concepts
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