Nv Base Forward Procedure Q2 2010

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| By Qcleadregina
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Qcleadregina
Community Contributor
Quizzes Created: 2 | Total Attempts: 127
| Attempts: 72
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  • 1/15 Questions

    What is a valid base?

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About This Quiz

What type of base to consider and other steps needed going forward

Nv Base Forward Procedure Q2 2010 - Quiz

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  • 2. 

    If you have any type of base that contains the following exceptions:  "Any easements and/or Covenants that are of poublic record or covenants, conditions, restrictions and/or eaements, if any, affecting title, which may appear in the public record"....do you use this base?

    • Yes

    • No

    Correct Answer
    A. No
    Explanation
    The given answer is "No" because the base contains exceptions that may affect the title. It states that any easements, covenants, conditions, and restrictions that are of public record and may appear in the public record should be considered. Therefore, using this base would not be advisable as it may have potential issues or restrictions on the title.

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  • 3. 

    Trustee's Sale Guarantee Bases should never be used as a base.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement is suggesting that Trustee's Sale Guarantee Bases should never be used as a base. However, the correct answer is False, implying that Trustee's Sale Guarantee Bases can be used as a base.

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  • 4. 

    Use of a Lender's Policy is preferred over the use of a Owner's Policy if both were completed simultaneously.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement is false because the use of a Lender's Policy is not preferred over the use of an Owner's Policy if both were completed simultaneously. In fact, the opposite is true. An Owner's Policy provides coverage for the homeowner, while a Lender's Policy only protects the lender's interest in the property. Therefore, it is generally recommended for homeowners to obtain an Owner's Policy to ensure they have comprehensive coverage.

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  • 5. 

    You are encouraged to use a Supplemental Report as a base.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The given answer is "False" but without any context or specific question, it is not possible to provide an accurate explanation for why the answer is false. More information is needed to provide a meaningful explanation.

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  • 6. 

    A and R searches must be done on all Deeds of Trust and Financing Statements and Mechanic's Liens and Leases and Offsite Improvement Agreements shown as exceptions.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The given statement is true because when conducting searches on Deeds of Trust, Financing Statements, Mechanic's Liens, Leases, and Offsite Improvement Agreements, it is necessary to include all of them as exceptions. By including these documents as exceptions, any potential issues or encumbrances related to these agreements can be identified and addressed during the search process. Therefore, it is important to search for these documents and consider them as exceptions when conducting searches.

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  • 7. 

    You must specifically address the issue of access in every file.  You must refer to the Parcel 2 easement procedure.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The correct answer is true because the question states that "You must specifically address the issue of access in every file" and refers to the Parcel 2 easement procedure. This implies that in every file related to Parcel 2, the issue of access must be specifically addressed. Therefore, it is true that the issue of access must be addressed in every file according to the Parcel 2 easement procedure.

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  • 8. 

    You may use the vesting as shown on the direct base if it is current vesting and covers 100% interest and it has been proofed for errors.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The explanation for the given correct answer is that if the vesting shown on the direct base is current and covers 100% interest, and it has been proofed for errors, then it can be used. This implies that the vesting information is reliable and accurate, making the statement true.

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  • 9. 

    Vestings deeds do not need to be scanned in the doc repo.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement is false because vesting deeds do need to be scanned in the doc repo. Vesting deeds are legal documents that establish ownership of a property, and it is important to have them stored and accessible in the document repository for reference and verification purposes.

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  • 10. 

    Any exceptions referring to "temporary" easements must not be pulled to determine if time frame has expired...we just carry them forward.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement suggests that any exceptions related to "temporary" easements should not be considered to determine if the time frame has expired; instead, they should be carried forward. Therefore, the correct answer is False, indicating that exceptions related to temporary easements should not be ignored when determining if the time frame has expired.

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  • 11. 

    Show all Survey matters on a Foreign Base or a First American Base.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    This statement is false because it is not possible to show all survey matters on a Foreign Base or a First American Base. The statement implies that all survey matters can be displayed on either a foreign base or a first American base, but this is not feasible as survey matters can vary in terms of location, jurisdiction, and other factors. Therefore, it is incorrect to claim that all survey matters can be shown on these specific bases.

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  • 12. 

    If you have a comparable base for a condominium property can you use this as a base?

    • Yes

    • No

    Correct Answer
    A. Yes
    Explanation
    Yes, if you have a comparable base for a condominium property, you can use it as a base. This means that if you have a similar property with similar characteristics and value, you can use it as a reference point for determining the value of the condominium property in question. Comparables are commonly used in real estate valuation to estimate the market value of a property by comparing it to similar properties that have recently sold.

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  • 13. 

    Review Vesting Deed for disclosure of schedule B items without specific recording information.  Show items in schedule B using the Vesting Deed recording information.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The explanation for the given correct answer is that the Vesting Deed should be reviewed to find the disclosure of schedule B items. The schedule B items should then be shown using the recording information provided in the Vesting Deed. This implies that the statement is true.

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  • 14. 

    All CCR's must be looked at in the chain prior to the base and after.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The statement suggests that all CCR's (presumably referring to Chain Change Requests) should be examined in the chain before and after the base. This implies that when making changes to a chain, it is necessary to consider the impact of all CCRs that come before and after the base. Therefore, the answer "True" indicates that it is indeed necessary to look at all CCRs in the chain prior to the base and after.

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  • 15. 

    You don't have to review the requirements for the transaction code.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The given statement is false. It is necessary to review the requirements for the transaction code in order to ensure that it meets the necessary criteria and performs the desired functions. Neglecting to review the requirements may result in errors or inefficiencies in the code, leading to potential issues or failures in the transaction process. Therefore, it is important to thoroughly review the requirements before implementing a transaction code.

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  • Current Version
  • Jan 19, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Apr 29, 2010
    Quiz Created by
    Qcleadregina
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