Humber/Ontario Real Estate Course 3 Exam Practice

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What are the terms "owner policy" and "loan policy" commonly associated with?

Commission Trust Account
Fire Insurance Policies
Mortgage Insurance
Title Insurance Policies

The correct answer is: Title Insurance Policies

"Owner policy" and "loan policy" are commonly associated with Title Insurance Policies. An owner's policy protects the property owner against any legal issues that may arise related to the title of the property, such as liens or ownership disputes. On the other hand, a loan policy protects the mortgage lender in case of any title issues that may jeopardize their security interest in the property. Therefore, both owner's and loan policies are important components of title insurance to provide protection and peace of mind to both property owners and mortgage lenders.