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Definition for

Exceptions (B2’s)

With regard to a title insurance commitment, a list of items that, absent removal by discharge, extinguishment or endorsement, will be limitations on coverage under the title insurance policy. The list includes standard exceptions related to unpaid taxes, parties in possession, easements, boundary line conflicts, encroachments and mechanic’s liens, as well as any additional defects or encumbrances discovered upon an examination of the record title of the subject parcel of real property.
Exclusive right to sell listing - A listing whereby the owner appoints one real estate broker as his sole and exclusive agent for a specified period of time. No matter who sells the property, including the owner himself, the broker is entitled to a commission.

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