PH DNA Title Quiz 3
PH DNA Title Quiz 3
Test your knowledge on real estate title matters with our engaging quiz! This quiz focuses on the nuances of title policies, exceptions, and other critical elements you need to know to excel in the field.
- 10 carefully curated questions
- Multiple choice format
- Perfect for professionals and students alike!
How should a revised "parties in possession" exception read?
Rights or claims of parties in possession not shown by the public records.
Rights of tenants under unrecorded leases as tenants only, with no rights to purchase or of first refusal.
What should we do with this exception: "Any facts, rights, or interests which would be shown by an ALTA survey"?
Matters shown on that Survey made by John Smith on August 12, 2022, as Job. No. 5432.
The following matters shown on that Survey by John Smith on August 12, 2022, as Job No. 5432: (a) fence along southern boundary, (2) curb extends 1.2' onto adjacent property.
What should we do with this exception: "Matters shown on Plat recorded in Book 7654 Page 543"?
Delete as it's too broad.
Revise to identify WHAT "matters" are shown, e.g., "10' utility easement along south as shown on Plat recorded in Book 7654 Page 543."
The form of title objections provided to the seller is governed by:
(a) Whether a proforma has been negotiated yet
(b) The title review section of the PSA
(c) The notice provisions of the PSA
(d) The needs of the partner and client
(e) b and c
When should an estoppel be requested?
If the document has a section addressing how to request estoppels.
When the easement contains a no-build.
If a covenant or REA imposes obligations on our party.
Which of these is a red flag to bring to the deal team's attention?
A mechanic's lien in the requirements
A lis pendens against the property
The vested owner does not match the Seller in the PSA
All of the above
Exceptions to the title policy are additional coverage for risks that are omitted or excluded from the title policy.
True
False
Which item are you NOT reviewing the final title policy for?
Incorporation of the final settlement statement attached as an exhibit
Accuracy of the references to recorded documents
Conformity to approved proforma
Date (and time) of policy matches date (and time) of recorded instrument
You have received a proforma loan policy and after reviewing the survey, the title company has inserted “the encroachment of a building 1.5 feet into a utility easement” as Exception 30. Which title policy endorsement will give you affirmative coverage for loss or damage sustain by reason of such an encroachment?
ALTA 17.2 (Utility Access)
ALTA 28.1 (Encroachments – Boundaries and Easements), inserting “Exception 30” into section 4
ALTA 28.1 (Encroachments – Boundaries and Easements), inserting “NONE” into section 4
ALTA 9 (Restrictions, Encroachments, Minerals)
You are reviewing a title commitment and discover that one of the Schedule B-II exceptions is a 100+-page set of CC&Rs. The first provision you should check for is:
The notice provision
An estoppel provision
The term/expiration
Mortgagee's rights
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