The Fortune Title family hopes your summer is off to a hot start!
As many of you know, our team takes pride in providing title and closing services that are accurate and customer focused. No matter what kind of residential, foreclosure or commercial transaction you have, we’re here for you. Realtors, lenders, attorneys, investors, buyers and sellers know they can trust Fortune Title Agency to deliver the best customer experience in New Jersey and Pennsylvania.
Think you know the title industry? Take this quiz to find out
School is out for local students, but we have a little quiz for you. We have a feeling you get asked about title a lot, given that it’s one of the most misunderstood parts of real estate. Why not try to show them that title can be — dare we say — fun and interesting? This title101 quiz is largely created from the “What is Title Insurance” page on our website. Try it on your own first and then pass it on.
The answers are at the end, so don’t scroll down too fast.
- Title establishes all of these EXCEPT?
- Your right to own or use your property
- Any limitations on your right to own or use your property rights
- Your authority and rights to a property above any lender
- How often is a title search conducted?
- Once a month
- Once, early in the home-buying process
- Once a year
- What are the two types of title insurance?
- An owner’s policy and an insurer’s policy
- An owner’s policy and a lender’s policy
- An insurer’s policy and a lender’s policy
- A lender’s policy and a holder’s policy
- What does title insurance NOT cover?
- Protection against the condition of the home, such as the discovery of termites, mold or anything that happens to the title to the home after the closing date
- Outstanding mortgages and judgments, or a lien against the property because the seller has not paid his taxes
- Pending legal action involving the property or claims arising out of bankruptcy or forgery and fraud
- Unknown heir of a previous owner who is claiming ownership of the property
- Which of the following is considered an unforeseeable title claim?
- Current owner’s divorce settlement
- Natural disaster
- How often do you pay for title insurance?
- It’s a one-time fee
- It gets bundled into your mortgage payment
- It’s free if you qualify
- How long does owner’s title insurance last?
- It lasts for the first year of your mortgage
- It lasts until you have 20% equity in the home
- It lasts until you pay off your mortgage
- It lasts for as long as you or your heirs own your property
We hope this quiz is fun and informational for you and your customers. Bottom line is that Fortune Title Agency wants everyone to feel comfortable with the title process. If any questions arise from this quiz, please let us know. After all, education is a key step to happy buyers and sellers.
*This quiz offers a brief description of insurance coverages, products and services and is meant for informational purposes only. Actual coverages may vary by state, company or locality.
Answers: (1.c) (2.b) (3.b) (4.a) (5.c) (6.a) (7.d)