Endorsements Quiz
The Quiz
1. The Comprehensive, Location and Environmental endorsements may only be issued on a _______ title policy.
depository.
2. The Environmental endorsement may only be issued on ________ property.
3. The Variable Rate endorsement _________ that changes in the interest rate provided for under the note and trust deed do not make the trust deed unenforceable or cause it to lose priority.
4. The Line of Credit endorsement _________ the lender that advances made under the line of credit agreement after the original recording date have the same priority as the trust deed.
5. The Condominium endorsement _________ be issued when the property is only a Planned Unit Development.
6. The Deletion of Creditors Rights endorsement _________ be issued on residential property with 1-4 family units.
7. If a Deletion of Creditors Rights endorsement is requested for a commercial building we will issue a __________.
8. The Zoning endorsement is issued when the lender is concerned about the __________ conforming with the Zoning as established for the property.
9. The Survey endorsement can be issued based __________.
10. A Contiguity endorsement __________ be issued if two adjacent properties have a street running between them.
11. _________ requirement(s) for issuing a Shopping Center endorsement is that the property be a shopping center.
12. A __________ endorsement insures specific categories of buyers or lenders against matters that might be imputed to them by operation of law in spite of their lack of actual knowledge..
13. The __________ endorsement changes policy provisions relating to the reduction of policy coverage as payments are made. It is used when the property insured is not the entire security for the loan. The loan may be additionally secured by personal property or other real property not covered by the policy.
14. A __________ endorsement insures a construction lender of the priority of disbursements under a construction loan.
15. A Substituted Insured endorsement may be issued when __________.
