Escrow & Title
A Wisconsin 'commitment for title insurance' is issued after the title search and:
AGuarantees the property is free from all claims
BIdentifies conditions that must be met before the title company will issue the final title insurance policy✓ Correct
CIs the same as a final title insurance policy
DReplaces the need for a deed
Explanation
A title insurance commitment identifies the current state of title, any defects or conditions (such as payoff of existing liens), and what the title company will require before issuing the final policy.
People Also Study
Related Wisconsin Questions
- A Wisconsin title insurance commitment (preliminary title report) is issued:Escrow & Title
- A Wisconsin title company that issues a commitment for title insurance is promising to:Escrow & Title
- A Wisconsin buyer purchases an owner's title insurance policy at closing. This policy protects the buyer from:Escrow & Title
- A lender's title insurance policy in Wisconsin protects:Escrow & Title
- A Wisconsin landlord wants to convert an apartment building to condominiums. State law requires the landlord to provide existing tenants with:Property Management
- Wisconsin's Marketable Title Act limits the search of title to:Property Ownership
- A Wisconsin licensee who receives a referral fee from a title company without disclosure to their client is:Wisconsin License Law
- A Wisconsin home sells for $310,000. The seller pays 6% commission and $4,800 in other closing costs. The seller's existing mortgage payoff is $195,000. What are the seller's net proceeds?Real Estate Math
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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
EasementA non-possessory right to use another person's land for a specific purpose.
Study This Topic
Practice More Wisconsin Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wisconsin Quiz →