Ut Base Forward Procedure Q2 2010
21 Questions
| Total Attempts: 38
What is a good base and what other things need to be considered.
Questions and Answers
- 1.What is a valid base?
- A.
Full Search
- B.
Partial search
- C.
One Half search
- D.
There are none
- 2.If the base considered has the following exception: "Covenants, Conditions, Restrictions and/or Easements, if any, affecting title, which may appear in the public record"...you can use this as a base.
- A.
True
- B.
False
- 3.Is a Foregin Base the covers the PIQ and has more property in it considered a good base to use?
- A.
Yes
- B.
No
- 4.Should you ever use a comparable base when the PIQ is a condominium?
- A.
Yes
- B.
No
- 5.Is a Misc. Report an acceptable base product?
- A.
Yes
- B.
No
- 6.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
- 7.You can always use a Letter Report as a base.
- A.
True
- B.
False
- 8.Foregin bases may be requested through IM.
- A.
True
- B.
False
- 9.When marking up the PI and GI printouts only come from the base date forward.
- A.
True
- B.
False
- 10.A/R search is not necessary because everything is listed in the chain sheet in recording order anyway.
- A.
True
- B.
False
- 11.Delete all exceptions that have been released, terminated,l reconveyed or are elimiated by specific time frames.
- A.
True
- B.
False
- 12.What are the rules on using a Vesting as shown on a direct base?
- A.
It is current vesting
- B.
Covers 100% interest
- C.
Has been proofed for errors
- D.
All of the above
- 13.Who is responsible to make sure that current vesting deed (s) are pulled and put into the document respository?
- A.
Screener
- B.
Searcher
- C.
Vasu
- D.
Examiner
- E.
Auditor
- 14.What are the rules is using the legal description as shown in a direct base?
- A.
It describes PIQ
- B.
Has been proofed for errors
- C.
All of the above
- 15.Do you need to make sure of access if the base does not disclose any issues?
- A.
Yes
- B.
No
- 16.CCR's exceptions will be copied exactly from the base to the new report.
- A.
True
- B.
False
- 17.If using a Foregin Base, show any Deeds of Trust and othe rmonetary matters posted to the property not shown on the base and not reconveyed or released.
- A.
True
- B.
False
- 18.Exceptions entitled" temporary easements" must not be pulled to determine if time frames has expired.
- A.
True
- B.
False
- 19.Show all survey matters on the base
- A.
True
- B.
False
- 20.When reviewing the PI and GI we have a come forward time frame which requires us to go back prior to the policy date. What is that?
- A.
10 days
- B.
20 days
- C.
30 days
- D.
3 months
- E.
None of the above
- 21.If the Vesting Deed is posted prior to the base and the gap period, the Vesting Deed must be found and placed in the document repository by the examiner
- A.
True
- B.
False
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