NV Base Forward Procedure Q2 2010

Approved & Edited by ProProfs Editorial Team

The editorial team at ProProfs Quizzes consists of a select group of subject experts, trivia writers, and quiz masters who have authored over 10,000 quizzes taken by more than 100 million users. This team includes our in-house seasoned quiz moderators and subject matter experts. Our editorial experts, spread across the world, are rigorously trained using our comprehensive guidelines to ensure that you receive the highest quality quizzes.

Learn about Our Editorial Process

| By Qcleadregina

Qcleadregina

Community Contributor

Quizzes Created: 2 | Total Attempts: 127

Questions: 15 | Attempts: 72 | Updated: Jan 19, 2023

Questions

Settings

Feedback

During the Quiz End of Quiz

Difficulty

Sequential Easy First Hard First

Play as

Quiz Flashcard

Create your own Quiz

Share on Facebook Share on Twitter Share on Whatsapp Share on Pinterest Share on Email Copy to Clipboard Embed on your website

Nv Base Forward Procedure Q2 2010 - Quiz

What type of base to consider and other steps needed going forward

Questions and Answers

1.

What is a valid base?
- A.
  
  Full search
- B.
  
  Half search
- C.
  
  Fourth search
- D.
  
  No search
- E.
  
  None of the above
Correct Answer
A. Full search

Explanation
A valid base refers to a complete and thorough search of all possible options or alternatives. In the context of the given question, "Full search" is the correct answer because it implies conducting a comprehensive search without omitting any potential options. The other options, such as "Half search," "Fourth search," and "No search," do not convey the idea of a complete search and are therefore not valid bases. "None of the above" is also not a valid base as it does not provide any specific method or approach for conducting the search.

Rate this question:
2.

If you have any type of base that contains the following exceptions: "Any easements and/or Covenants that are of poublic record or covenants, conditions, restrictions and/or eaements, if any, affecting title, which may appear in the public record"....do you use this base?
- A.
  
  Yes
- B.
  
  No
Correct Answer
B. No

Explanation
The given answer is "No" because the base contains exceptions that may affect the title. It states that any easements, covenants, conditions, and restrictions that are of public record and may appear in the public record should be considered. Therefore, using this base would not be advisable as it may have potential issues or restrictions on the title.

Rate this question:
3.

If you have a comparable base for a condominium property can you use this as a base?
- A.
  
  Yes
- B.
  
  No
Correct Answer
A. Yes

Explanation
Yes, if you have a comparable base for a condominium property, you can use it as a base. This means that if you have a similar property with similar characteristics and value, you can use it as a reference point for determining the value of the condominium property in question. Comparables are commonly used in real estate valuation to estimate the market value of a property by comparing it to similar properties that have recently sold.

Rate this question:
4.

Trustee's Sale Guarantee Bases should never be used as a base.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The statement is suggesting that Trustee's Sale Guarantee Bases should never be used as a base. However, the correct answer is False, implying that Trustee's Sale Guarantee Bases can be used as a base.

Rate this question:
5.

Use of a Lender's Policy is preferred over the use of a Owner's Policy if both were completed simultaneously.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The statement is false because the use of a Lender's Policy is not preferred over the use of an Owner's Policy if both were completed simultaneously. In fact, the opposite is true. An Owner's Policy provides coverage for the homeowner, while a Lender's Policy only protects the lender's interest in the property. Therefore, it is generally recommended for homeowners to obtain an Owner's Policy to ensure they have comprehensive coverage.

Rate this question:
6.

You are encouraged to use a Supplemental Report as a base.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The given answer is "False" but without any context or specific question, it is not possible to provide an accurate explanation for why the answer is false. More information is needed to provide a meaningful explanation.

Rate this question:
7.

A and R searches must be done on all Deeds of Trust and Financing Statements and Mechanic's Liens and Leases and Offsite Improvement Agreements shown as exceptions.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The given statement is true because when conducting searches on Deeds of Trust, Financing Statements, Mechanic's Liens, Leases, and Offsite Improvement Agreements, it is necessary to include all of them as exceptions. By including these documents as exceptions, any potential issues or encumbrances related to these agreements can be identified and addressed during the search process. Therefore, it is important to search for these documents and consider them as exceptions when conducting searches.

Rate this question:
8.

You must specifically address the issue of access in every file. You must refer to the Parcel 2 easement procedure.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The correct answer is true because the question states that "You must specifically address the issue of access in every file" and refers to the Parcel 2 easement procedure. This implies that in every file related to Parcel 2, the issue of access must be specifically addressed. Therefore, it is true that the issue of access must be addressed in every file according to the Parcel 2 easement procedure.

Rate this question:
9.

You don't have to review the requirements for the transaction code.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The given statement is false. It is necessary to review the requirements for the transaction code in order to ensure that it meets the necessary criteria and performs the desired functions. Neglecting to review the requirements may result in errors or inefficiencies in the code, leading to potential issues or failures in the transaction process. Therefore, it is important to thoroughly review the requirements before implementing a transaction code.

Rate this question:
10.

You may use the vesting as shown on the direct base if it is current vesting and covers 100% interest and it has been proofed for errors.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The explanation for the given correct answer is that if the vesting shown on the direct base is current and covers 100% interest, and it has been proofed for errors, then it can be used. This implies that the vesting information is reliable and accurate, making the statement true.

Rate this question:
11.

Vestings deeds do not need to be scanned in the doc repo.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The statement is false because vesting deeds do need to be scanned in the doc repo. Vesting deeds are legal documents that establish ownership of a property, and it is important to have them stored and accessible in the document repository for reference and verification purposes.

Rate this question:
12.

Any exceptions referring to "temporary" easements must not be pulled to determine if time frame has expired...we just carry them forward.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The statement suggests that any exceptions related to "temporary" easements should not be considered to determine if the time frame has expired; instead, they should be carried forward. Therefore, the correct answer is False, indicating that exceptions related to temporary easements should not be ignored when determining if the time frame has expired.

Rate this question:
13.

All CCR's must be looked at in the chain prior to the base and after.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The statement suggests that all CCR's (presumably referring to Chain Change Requests) should be examined in the chain before and after the base. This implies that when making changes to a chain, it is necessary to consider the impact of all CCRs that come before and after the base. Therefore, the answer "True" indicates that it is indeed necessary to look at all CCRs in the chain prior to the base and after.

Rate this question:
14.

Show all Survey matters on a Foreign Base or a First American Base.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
This statement is false because it is not possible to show all survey matters on a Foreign Base or a First American Base. The statement implies that all survey matters can be displayed on either a foreign base or a first American base, but this is not feasible as survey matters can vary in terms of location, jurisdiction, and other factors. Therefore, it is incorrect to claim that all survey matters can be shown on these specific bases.

Rate this question:
15.

Review Vesting Deed for disclosure of schedule B items without specific recording information. Show items in schedule B using the Vesting Deed recording information.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The explanation for the given correct answer is that the Vesting Deed should be reviewed to find the disclosure of schedule B items. The schedule B items should then be shown using the recording information provided in the Vesting Deed. This implies that the statement is true.

Rate this question:

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

Current Version
Jan 19, 2023

Quiz Edited by
ProProfs Editorial Team
Apr 29, 2010

Quiz Created by
Qcleadregina

Nv Base Forward Procedure Q2 2010

What is a valid base?

If you have any type of base that contains the following exceptions: "Any easements and/or Covenants that are of poublic record or covenants, conditions, restrictions and/or eaements, if any, affecting title, which may appear in the public record"....do you use this base?

If you have a comparable base for a condominium property can you use this as a base?

Trustee's Sale Guarantee Bases should never be used as a base.

Use of a Lender's Policy is preferred over the use of a Owner's Policy if both were completed simultaneously.

You are encouraged to use a Supplemental Report as a base.

A and R searches must be done on all Deeds of Trust and Financing Statements and Mechanic's Liens and Leases and Offsite Improvement Agreements shown as exceptions.

You must specifically address the issue of access in every file. You must refer to the Parcel 2 easement procedure.

You don't have to review the requirements for the transaction code.

You may use the vesting as shown on the direct base if it is current vesting and covers 100% interest and it has been proofed for errors.

Vestings deeds do not need to be scanned in the doc repo.

Any exceptions referring to "temporary" easements must not be pulled to determine if time frame has expired...we just carry them forward.

All CCR's must be looked at in the chain prior to the base and after.

Show all Survey matters on a Foreign Base or a First American Base.

Review Vesting Deed for disclosure of schedule B items without specific recording information. Show items in schedule B using the Vesting Deed recording information.