Az Base Forward Procedure Q2 2010

28 Questions

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Base Quizzes & Trivia

What is an acceptable base and what else needs to be done when using one.


Questions and Answers
  • 1. 
    What is a valid base?
    • A. 

      Full search

    • B. 

      Partial search

    • C. 

      One Quarter search

    • D. 

      Express policy

    • E. 

      All of the above

  • 2. 
    Is a "foregin base" that covers the PIQ and other property an acceptable base to use?
    • A. 

      Yes

    • B. 

      No

  • 3. 
    Can you use a comparable base on a condominium?
    • A. 

      Yes

    • B. 

      No

  • 4. 
    You can "never" use a Special Report as a base.
    • A. 

      True

    • B. 

      False

  • 5. 
    Use of a Lender's policy is preferred over the use of a Owner's policy if both were completed simultaneously.
    • A. 

      True

    • B. 

      False

  • 6. 
    Junior Loan Policies are just as acceptable to use as a Lender's policy?
    • A. 

      True

    • B. 

      False

  • 7. 
    One of the ways you can locate a base would be that a file number would be found on a recorded document.
    • A. 

      True

    • B. 

      False

  • 8. 
    If unable to locate a base do the following:
    • A. 

      Stand up and scream

    • B. 

      Request through Backplant request

    • C. 

      Cry to Vasu

    • D. 

      Search everything

    • E. 

      All of the above

  • 9. 
    When marking up the PI and GI printouts always put "nop" or "na" or "dup" in regards to different items listed.
    • A. 

      True

    • B. 

      False

  • 10. 
    You  must never do an A & R search in data trace on Deeds of Trust, Financing Satements, Mechanic's Liens and Leases.  This is a waste of time.
    • A. 

      True

    • B. 

      False

  • 11. 
    Go ahead an leave in the report everything that has been released ore terminated and show the termiantion or release with the exception so that it can be checked by auditor.
    • A. 

      True

    • B. 

      False

  • 12. 
    If you have a condominium base that says "any easements or servitudes appearing in the public records.  Affects: Common Area".....Use it.
    • A. 

      True

    • B. 

      False

  • 13. 
    You don't need to put in the search package all documents you are carrying forward that affect the PIQ that you have added.
    • A. 

      True

    • B. 

      False

  • 14. 
    If a copy of a document is not available for review...refer to backplant request property to request the document.
    • A. 

      True

    • B. 

      False

  • 15. 
    You will reflect all money matters that are still open on the property chain prior to the policy date if you are using a foregin base.
    • A. 

      True

    • B. 

      False

  • 16. 
    If you use the vesting from the direct base...it MUST be proofed for errors.
    • A. 

      Yes

    • B. 

      No

  • 17. 
    You must never use the legal description from the direct base, even if you proof it.
    • A. 

      True

    • B. 

      False

  • 18. 
    If there is a discrepancy between mineral reservation in the legal description and the mineral rights exception in schedule B, COPY BASE DESCRIPTION.
    • A. 

      True

    • B. 

      False

  • 19. 
    You must "always" check for access regardless of the base.
    • A. 

      Yes

    • B. 

      No

  • 20. 
    Easements contained in CCR's will be carried over to write-up exactly as shown on the base.
    • A. 

      True

    • B. 

      False

  • 21. 
    If in the schedule B of the base used there is an exception "entitled" "temporary"do you need to pull this to determine if it is still good?
    • A. 

      Yes

    • B. 

      No

  • 22. 
    What do you do if you have an "uninsured deed" recorded after the policy date?
    • A. 

      Refer to the Deed Procedure

    • B. 

      Refer to the Uninsured Deed Procedure

    • C. 

      Put NOP on it

  • 23. 
    When reviewing the PI and GI...how many days prior to the policy date should be considered?
    • A. 

      2 weeks

    • B. 

      15 days

    • C. 

      25 days

    • D. 

      30 days

    • E. 

      3 months

  • 24. 
    If you are coming from a foreign base, the matrix in the procedure does not apply to Deeds of Trust and othe rmoney matters.
    • A. 

      True

    • B. 

      False

  • 25. 
    If the Vesting Deed is posed prior to the base and gap period..it still needs to be found and put into the document respository.
    • A. 

      True

    • B. 

      False

  • 26. 
    If a Lis Pendens is recorded after the commitment date that refers to an interest prior to the base, this must be shown along with the document that creates that interest.
    • A. 

      True

    • B. 

      False

  • 27. 
    You will always carry forward any survey matters as disclosed in any foregin or First American Base.
    • A. 

      True

    • B. 

      False

  • 28. 
    If a Vesting Deed has subject to's on it and is disclosing something that is without specific recording information..."like surveys"....you will show this disclosure in schedule B using the recording information from the Vesting Deed.
    • A. 

      True

    • B. 

      False