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Question 1 of 7
1. Question
A borrower purchases a home and later receives notice that an old contractor lien exists that was never discovered before closing.
Which protection is designed to cover this type of issue?
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Question 2 of 7
2. Question
Before closing, a title company conducts a public records search.
Why is this step necessary?
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Question 3 of 7
3. Question
A borrower obtains a second mortgage behind an existing first mortgage.
How is this second mortgage classified?
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Question 4 of 7
4. Question
The city has legal right to install sidewalks across the front of a homeowner’s lot.
What term describes this right?
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Question 5 of 7
5. Question
A title report lists several items that limit how the property may be used or transferred.
What term describes these legal burdens?
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Question 6 of 7
6. Question
A title report lists liens, deed restrictions, easements, and encroachments.
Why are these grouped together?
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Question 7 of 7
7. Question
Which item is an example of a non-financial encumbrance?
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