The primary purpose of requiring identification of a buyer and seller at settlement is to:

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The primary purpose of requiring identification of a buyer and seller at settlement is to:

A. Comply with RESPA requirements
B. Check marital status
C. Verify the spelling of the name
D. Prevent fraud

Answer: D. Prevent fraud

Insurance

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

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The voluntary relinquishment of a legal right is called
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