Escrow & Title
A standard coverage title insurance policy vs. an ALTA (American Land Title Association) extended policy in Oklahoma — which provides broader coverage?
AStandard coverage policy provides broader coverage
BALTA extended policy provides broader coverage including off-record matters✓ Correct
CBoth provide identical coverage
DNeither covers adverse possession claims
Explanation
An ALTA extended coverage policy provides broader protection than a standard policy, covering risks like unrecorded easements, rights of parties in possession, survey discrepancies, and other matters not revealed by the public record alone.
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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.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
EasementA non-possessory right to use another person's land for a specific purpose.
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.
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