Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Exam with our comprehensive Humber Course 2 Exam Practice quiz. Engage with multiple choice questions and detailed explanations, designed to help you excel.

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Which type of insurance policy is commonly associated with covering home buyers and lenders in property transactions?

Mortgage Insurance
Fire Insurance Policies
Title Insurance Policies
Homeowners Insurance

The correct answer is: Title Insurance Policies

Title insurance policies are commonly associated with covering home buyers and lenders in property transactions because they protect against any issues related to the title of the property. Title insurance helps ensure that the title is clean and free from any defects, which could potentially create problems in the future. Mortgage insurance is typically associated with protecting lenders in case the borrower defaults on the loan. Fire insurance policies usually cover damage to the property caused by fire. Homeowners insurance provides coverage for a range of potential risks, such as damage to the property, liability protection, and personal belongings coverage. However, title insurance specifically focuses on safeguarding against title-related issues, making it the most relevant choice for property transactions.