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Question 1 of 8

1. Question
A borrower is scheduled to close next week. During the title search, the closing attorney discovers a previously recorded judgment against the seller. What is the primary concern for the lender?
- A) The property appraisal may need to be updated
- B) The lender may not obtain a clear first lien position
- C) The borrower may need additional income documentation
- D) The title company must issue a new Loan Estimate
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Question 2 of 8

2. Question
A mortgage loan originator receives a call from a borrower who inherited property from a deceased parent and wants to know whether any liens or ownership issues exist. Which document would most likely be ordered?
- A) Title report
- B) Title insurance policy
- C) Closing Disclosure
- D) Survey endorsement
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Question 3 of 8

3. Question
A nonprofit organization has been offered a donated parcel of land and wants to investigate ownership and lien issues before accepting the gift. What would most likely satisfy that need?
- A) Flood certification
- B) Appraisal report
- C) Title report
- D) Closing Disclosure
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Question 4 of 8

4. Question
A recently divorced homeowner wants to determine whether an ex-spouse still has an ownership interest in the property. Which document would most likely provide that information?
- A) Loan Estimate
- B) Mortgage note
- C) Appraisal
- D) Title report
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Question 5 of 8

5. Question
A borrower receives a title report and assumes title insurance has automatically been issued. Which statement is most accurate?
- A) A title report automatically provides title insurance coverage
- B) A title report and title insurance are separate items
- C) Title insurance is included in every title report
- D) Title reports replace title insurance policies
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Question 6 of 8

6. Question
A borrower is under contract to purchase a home. The title company has completed its review of public records and is preparing the next document in the process. What document is most likely being issued?
- A) Title commitment
- B) Loan Estimate
- C) Credit report
- D) Mortgage note
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Question 7 of 8

7. Question
A title company has completed its investigation of public records for a property involved in an upcoming real estate closing. What is the primary purpose of the title commitment that follows?
- A) To establish the property's value
- B) To guarantee future appreciation
- C) To outline conditions under which title insurance may be issued
- D) To determine borrower qualifications
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Question 8 of 8

8. Question
A borrower asks why the lender insists on resolving all recorded liens before closing. What is the best response?
- A) Federal law requires all liens be removed regardless of priority
- B) The lender wants to avoid obtaining title insurance
- C) The borrower cannot receive a Closing Disclosure until liens are paid
- D) The lender wants its mortgage to have first lien priority
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