The Effective Date of an Owner's Title Insurance Policy Should

question 22

Multiple Choice

The effective date of an owner's title insurance policy should be the:

• A) date the deed was signed.
• B) date of recording of the deed.
• C) date of title examination.
• D) date of title commitment.

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Definitions:

Variable-Rate Loan

A loan whose interest rate changes over the life of the loan.

Fixed-Rate Loan

A loan whose interest rate remains constant.

Floor Planning

A type of business loan generally made for “big-ticket” items. The business holds the item in inventory and pays interest, but it is actually owned by the lender until the item is sold.

Unsecured Loan

A loan that doesn't require collateral and is based on the borrower's creditworthiness.