Escrow & Title
What is the 'American Land Title Association' (ALTA) and what role does it play in Oregon title insurance?
AA federal agency regulating title insurance
BA national trade association of title insurance companies and title professionals that creates standardized title insurance forms used throughout Oregon✓ Correct
COregon's state title insurance regulator
DA nonprofit providing free title insurance to low-income buyers
Explanation
ALTA is the national trade association representing the title insurance industry. ALTA develops standardized title insurance policy forms (ALTA Owner's Policy, ALTA Lender's Policy, ALTA Extended Coverage) that are widely used in Oregon and across the country.
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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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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