Title: Describe the difference between standard (lender’s) and extended coverage (owner’s) title insurance.
Course: Real Estate (12154) > Section: Understanding Search, Examination, and Registration of Title

Description should include the definition of

- standard owner’s title insurance
- standard lender’s title insurance
- extended coverage title insurance.

DPOR correlations: 18VAC135-20-400. 11 (Real property and title insurance); 18VAC135-20-400. 18 (Search, examination, and registration of title); 18VAC135-20-400. 19 (Title closing)

Process/Skill Questions:

- What is a lender's title insurance policy?
- How does title insurance protect the insured?
- Why is it important to obtain an owner's title policy?
- What is the difference between a lender's and owner's title insurance policy?
- What are the costs of title insurance?
- How is title insurance different from other types of insurance?
- What does title insurance protect the buyer from?
- From whom would a buyer obtain title insurance and owner’s insurance?
- What role does a realtor play in assisting a buyer with title and owner’s insurance?