Escrow & Title
In Wyoming, a buyer's title insurance policy should be purchased in an amount equal to:
AThe appraised value of the property
BThe purchase price of the property✓ Correct
CThe outstanding loan balance
DThe assessed value for property taxes
Explanation
An owner's title insurance policy is typically purchased for the full purchase price of the property. This ensures the buyer is fully protected for the amount they paid for the property. Unlike a lender's policy, the owner's policy amount does not decrease as a mortgage is paid down.
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