Aptitude Questions and Answers from US Mortgage - Title Search Part 7
Aptitude Questions and Answers from US Mortgage - Title Search Part 7 Question No. 1 In all ____________ foreclosure states, the encumbering instrument must explicitly contain power of sale wording. a. Judicial b. Non-Judicial The correct answer is Option b. Non-Judicial. Question No. 2 Judgment Lien is an example of ____________. a. Voluntary Lien b. Involuntary Lien The correct answer is Option b. Involuntary Lien. Question No. 3 Which refinance comes with a higher interest rate as it carries greater risk to the lender? a. Cash-Out Refinance b. Rate & Term Refinance The correct answer is Option a. Cash-Out Refinance. Question No. 4 For an added premium, title companies will issue an ____________ owner’s policy to cover possible title defects excluded. a. Standard coverage b. Extended coverage The correct answer is Option b. Extended coverage. Question No. 5 There is no need to obtain a survey or inspection for a ____________ policy. a. CLTA b. ALTA Th...