Escrow & Title
In Wyoming, which of the following best describes an 'insured closing letter' from a title company?
AA guarantee that the property title is clear
BA letter protecting a lender against losses caused by the title agent's failure to follow closing instructions✓ Correct
CAn insurance policy for the seller's net proceeds
DA commitment to close by a specific date
Explanation
An insured closing letter (or closing protection letter) is issued by the title insurance underwriter to the lender, protecting against losses resulting from the title agent's failure to follow the lender's closing instructions, fraud, or failure to properly disburse funds. It protects the lender, not the buyer.
Related Wyoming Escrow & Title Questions
- In Wyoming, a 'special warranty deed' warrants title only against:
- A Wyoming property is described using metes and bounds: 'Beginning at the NW corner of Lot 4, thence East 200 feet...' The 'point of beginning' (POB) in a metes and bounds description must be:
- A Wyoming buyer who receives a seller's General Warranty Deed is protected because the seller warrants against all title defects:
- In Wyoming, who typically prepares the deed for a real estate transaction?
- In a Wyoming real estate closing, the escrow agent's role is to:
- In Wyoming, a subordination agreement means:
- In Wyoming, a buyer's title insurance policy should be purchased in an amount equal to:
- A Wyoming property is sold at a trustee's sale (foreclosure). The successful bidder receives a:
Practice More Wyoming Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wyoming Quiz →