Missouri Insurance Test exam 2023 with 100% correct answers

Tenants in Common - Passed to surviving heirs - correct answer Tenants do not have right of survivor ship. If a tenant dies, ownership is passed to the surviving heirs. Joint Tenancy - Right of Survivorship - correct answer A form of concurrent ownership, which occurs when two or more persons own a single estate in land, with right of survivorship. Must have equal shares, right to partition. Warranty Deed - Main, basic deed - correct answer A deed that guarantees a clear title to the buyer of real property. They are standard for average home sales. That's because warranty deed not only transfers ownership of property from one party to another, it also provides a new owner with a "Warranty" or guarantee that the title is free and clear of any unknown claims or encumbrances. Commonly used when a property is purchased at or around its fair market value. Implies certain warranties that the seller, or grantor provides to the buyer or grantee. General Warranty Deed - Same as Warranty deed - correct answer A deed containing a covenant whereby the seller agrees to protect the buyer against being dispossessed because of any adverse claim against the land. Special Warranty Deed - In result of Foreclosure - correct answer A deed containing a covenant whereby the seller agrees to protect the buyer against being dispossessed because of any adverse claims to the land by the seller, or anyone claiming through the seller. Deed of Trust -Borrow money/ Lien - correct answer a document by which the title to land is conveyed as security for the repayment of a loan or other obligation Leasehold - Insuring leasing of property - correct answer A policy of title insurance related to a lease. may be a leasehold owners (issued to the leasehold owners/lessee) or Leasehold Loan (issued to the lender whose security is the leasehold interest in the property) Encroachment - If something on anthers property comes into your property - correct answer An extension of some physical structure, such as a building, driveway, fence, or tree over the property lines from an adjoining property. (off sides) Encumbrances - Anything affecting value of property - correct answer A claim or liability against real estate, held by someone other than the fee owner of the property that affects the title to the property, and therefore its value. Endorsement - Additional Coverage - correct answer Extra coverage you can purchase, for example if you get coverage for an unrecorded leases or easement. A form issued by the insurere at the request of the insured that cha