Title Training for mortgage processing and underwriting

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TRUSTS (who can sign)

How do we verify who can sign on behalf of a Trust (select all that apply)?

^{A)  Review the Trust Agreement and any Amendments}            

^{B)  Obtain a Certification of Trust}

^{C)  Review the vesting on the Deed}

^{D)  Review who signed the Offer to Purchase}

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ENCROACHMENTS

What type of document will show encroachments on a property (select all that apply)?

_{A)  Recorded Subdivision Plat}

_{B)  GIS Map from County}

_{C)  ALTA Survey}

_{D)  Certified Survey Map (newer ones)}

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How is the coverage different between homeowner/car insurance vs. Title insurance?

^{Title insurance protects you from past claims. Homeowner or car insurance protects you from future claims.}

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SHARED WELL AGREEMENTS

How can a well agreement be removed from commitment (select all that apply)?

^{A)  If evidence is provided that the water service is serviced by a municipality}

^{B)  If the agreement is over 60 years old}

^{C)  By an inspection of the property}

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CONDO/RIGHT OF FIRST REFUSAL

Which document(s) would reflect a Right of First Refusal for a Condominium property (select all that apply)?

^{A)  Real Estate Inquiry Letter (tax letter)}

^{B)  Condominium Owners Association Letter}

^{C)  Declaration of Condominium Document}

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TRUSTS (who obtains the documentation)

             ***FREE PLAY - NO QUESTION***

Question for First American:  does Title Company prefer to get a copy of the trust from borrower or from credit union?

REFINANCE:  we will look to you first to provide the trust documents to our title department so they can review and update the requirement on our commitment.

PURCHASE:  we will reach out to you first to see if you already obtained a copy of the trust documents from the borrowers so that we aren't requesting the same thing twice from them.  Normally you will already have since it is needed for underwriting, but we can always assist in obtaining too if you are having any issues with getting it.

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LOAN POLICY

A Loan Policy insures:

^{a. The lender only}

^{b. The borrower only}

^{c.  Both the lender and the borrower}

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REMOVAL OF A PERSON ON TITLE (ex-spouses)

When removing an ex-spouse from title pursuant to a divorce, we will request the deed from the following (select all that apply):

^{A)  One of our rotation attorneys}

^{B)  A deed is not required when the court order grants the property to one of the parties.}

^{C)  One of the attorneys representing the parties to the divorce}

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REMOVAL OF A PERSON ON TITLE (Joint Tenants)

WHICH ONE OF THESE STATEMENTS IS TRUE:

^{A. If a joint tenant dies, the deceased can pass his ownership by will to someone else.}

^{B. If a joint tenant dies, the surviving owner(s) own the property and the deceased's interest will need to be removed with a Termination (HT-110) Instrument.}

^{C. If a joint tenant dies, the surviving owner(s) own the property and the deceased's interest is automatically removed from title.}

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REMOVAL OF A PERSON ON TITLE (Tenants-in-Common)

WHICH ONE OF THESE STATEMENTS IS TRUE:

^{A. If a tenant-in-common dies, the deceased can pass his ownership by will to someone else.  There is no right of survivorship.}

^{B. If a tenant-in-common dies, the surviving owner(s) own the property and the deceased's interest will need to be removed with a Termination (HT-110) Instrument.}

^{C. If a tenant-in-common dies, the surviving owner(s) own the property and the deceased's interest is automatically removed from title.}

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DIVORCE EQUALIZATIONS

True or False:

^{First American Title will treat a court order for the payment of money from one spouse to another as a lien - even if it isn't.  The amount of the payment should be shown as an exception, and the payoff amount shown on the closing statement.}

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List two examples of possible title defects in a chain of title

^{1. forged deeds, releases, etc.}

^{2. deeds by persons supposedly single, but secretly married}

^{3. undisclosed missing heirs}

^{4. deeds of minors}

^{5. deeds of incompetent persons}

^{6. wills discovered after administration of decedent's estate}

^{7. instruments executed under fabricated or expired power of attorney}

^{8. deeds delivered after death or without consent of grantor}

9. mistakes of recorders in recording legal documents

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What is the difference between a Plat Map and a Survey?

Plat maps show the legal property lines that belong to the owner, but they offer more of a big-picture view of an entire neighborhood or subdivision, whereas a survey is a more in-depth look of a single property.

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HOLDING TANK AGREEMENTS

The Term length or expiration of a Holding Tank Agreement is:

^{A)  40 years unless terminated}

^{B)  60 years unless terminated}

^{C)  they never expire}

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CHILD SUPPORT LIENS

Which of the following are true statements (select all that apply):

^{A)  The lien attaches only to the interest of an individual in title; it does not affect property held by a trust or other entity.} 

^{B)  Child support liens have the same priority as judgment liens.}

^{C)  The statewide database can be accessed through the Child Support Lien Docket at https://liendocket.wisconsin.gov} 

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JUDGMENTS

When docketed, how long are state court (civil) judgments and federal judgments good for?

^{A)  Civil - 5 years; Federal - 10 years}

^{B)  Civil - 10 years; Federal - 15 years}

^{C)  Civil - 10 years; Federal - 20 years}

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RESTRICTIVE COVENANTS

Which rules are true governing CC&R's (select all that apply):

^{A)  must be recorded at the ROD in the county where the affected land is located in order to bind purchasers}

^{B)  cannot be applied retroactively to landowners who purchased before the CC&Rs were recorded}

^{C)  lands added to a subdivision are not bound by the CC&Rs unless a new instrument that includes the added parcels is recorded}

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ZERO LOT LINE AGREEMENTS

Do all Certified Survey Maps require a Zero Lot Line Agreement?

^{A)  Yes}

^{B)  No}

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EASEMENTS

True or False:

^{An appurtenant easement (two properties are linked together) benefits a person rather than a particular property.}

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How can you access copies of the recorded documents that are shown on our title commitment?

^{1)  Call or email us}

^{2)  If available, click on the Document No. HYPERLINK that is shown on the commitment}

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SHARED DRIVEWAY

True or False: 

^{Shared Driveway Agreements are always recorded.}

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INGRESS AND EGRESS/EASEMENT AGREEMENT

Which of the following are true regarding Ingress/Egress Easement Agreements (select all that apply):

^{A)  Is necessary when access is desired to a part of the property not abutting the road}

^{B)  Needs to be executed and recorded in order to maintain rights}

^{C)  Is necessary when there is no legal access to the property}

^{D)  Will always abut a public road}

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CONSTRUCTION - before closing

^{What paperwork is needed for draws to be processed?}

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CONSTRUCTION - during draw process

^{What do we look for and do on our inspections?}

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CONSTRUCTION - after final draw

^{What can be done if all the work is not done but the construction loan needs to be closed?}