Escrow & Title
In South Dakota, title insurance is a 'one-time premium' policy. This means the policyholder:
APays one premium that covers the property for 1 year
BPays one upfront premium at closing that covers the insured's interest for as long as they hold an interest in the property✓ Correct
CPays premiums monthly as part of their mortgage payment
DOnly needs to pay once every 5 years
Explanation
Title insurance is a single-premium policy. The one-time premium paid at closing provides coverage indefinitely for the insured (and their heirs) as long as they have an interest in the property.
Related South Dakota Escrow & Title Questions
- In South Dakota, an owner's title insurance policy protects:
- In South Dakota, which of the following is typically PRORATED between buyer and seller at closing?
- In South Dakota, when property is conveyed by deed, the deed must contain all of the following EXCEPT:
- A South Dakota seller agrees to pay off their mortgage at closing from sale proceeds. At closing, the escrow agent will:
- In South Dakota, the purpose of a 'preliminary title report' provided before closing is to:
- General warranty deed provides the greatest protection to the buyer because the grantor:
- In South Dakota, when both a mortgage and a judgment lien exist on a property, which has priority if the mortgage was recorded first?
- In South Dakota, a 'buyer's closing costs' typically include all of the following EXCEPT:
Practice More South Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Dakota Quiz →