In a Title Insurance Policy, to Insure a First Priority

question 33

Multiple Choice

In a title insurance policy, to insure a first priority mortgage loan, if a prior mortgage is found in the title examination, it would be located in which schedule of the title commitment?

• A) Schedule B, Part 1
• B) Schedule B, Part 2
• C) Schedule A
• D) Schedule C

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Definitions:

Fraud

Deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal right.

Demand An Accounting

A legal request for a detailed report of financial transactions and balances, typically made by stakeholders to ensure transparency.

Forensic Auditor

A professional who examines financial records to detect or investigate fraud, ensuring legal compliance and integrity.

Commissions

Earnings based on a percentage of the sale price of goods or services, typically used as compensation for sales personnel.