Missouri Title Producer Exam 2023 with 100% correct answers

Premium tax - correct answer -A type of indirect tax levied on general insurance premiums. Cashiers Check - correct answer -A check drawn on a financial institution. Certified funds - correct answer -A form of payment that is guaranteed to clear or settle by the company certifying the funds. Director - correct answer -The director of the department of insurance, financial and professional regulation. Financial institution - correct answer -A person or entity doing business under the laws of this state or the United States relating to banks, trust companies, and savings and loan associations, credit unions, commercial and consumer finance companies, industrial loan companies, insurance companies, small business investment corporations, a mortgage loan company or mortgage banker. Settlement Agent - correct answer -A person, corporation, partnership or other business organization which accepts funds and documents as fiduciary for the buyer, seller or lender for the purposes of closing a sale of an interest in real estate located within the state of Missouri and is not a financial institution or lawyer. Closing/Settlement Fees - correct answer -The expenses, over and above the price of the property that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees and credit report charges. Title Insurance Premiums (Risk Rate Schedule) - correct answer -Rates for Title Insurance that must be filed at least 30 days prior to effective date. Computed per $100 of liability issued. Prohibited Practices - correct answer -Only the person paying for title insurance may choose which title agency and/or issuer issues the title insurance policy, specifically prohibiting other parties from requiring or directing business to a specific title company.