Escrow & Title
An Oklahoma title insurance commitment (preliminary title report) serves to:
AGuarantee the property has no liens
BIdentify conditions, exceptions, and requirements that must be met before a title insurance policy will be issued✓ Correct
CReplace the need for a survey
DConfirm fair market value
Explanation
A title commitment outlines the insurer's willingness to issue a title policy subject to specific conditions and exceptions. It discloses existing liens, encumbrances, and requirements (such as payoff of existing mortgages) that must be addressed before closing.
Related Oklahoma Escrow & Title Questions
- In an Oklahoma 1031 exchange (tax-deferred exchange), the exchange intermediary (qualified intermediary) holds proceeds from the sale of the relinquished property. The taxpayer has how many days to identify potential replacement properties?
- The priority of liens against a property is generally determined by:
- A mortgage is said to be 'satisfied' when:
- In a foreclosure sale in Oklahoma, the sequence of lien satisfaction is:
- Oklahoma counties use which primary system to organize and search land records?
- In Oklahoma, recording a deed in the county clerk's office provides:
- In Oklahoma, a survey of a property is important because it:
- Oklahoma's 'race-notice' recording system means that to be fully protected as a bona fide purchaser, one must:
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →