Title Escrow Exam Study Guide Utah
Questions & Answers 2023/2024
How much can you spend on a special event for a client? - ANSWER-$75
Encumbrances - ANSWER-A claim, lien, charge, or liability attached to and binding real property
Solvency - ANSWER-the possession of assets in excess of liabilities; ability to pay one's debts.
Escrow - ANSWER-is the process of holding monetary funds by a title agency or bank for the purpose of
offering or purchasing real property.
Title Insurance - ANSWER-is the product that is purchased to protect the rights of the owner, purchaser
or lien-holder in the event that that there is a defect, loss or damage, unmarketability of the title, or
invalidity or unenforceability of any liens or encumbrances on the property.
Who in Utah is the title and escrow industry regulated by? - ANSWER-The Insurance Department
How often in Utah do you need to renew your license? - ANSWER-Every two years
If there is a change of address or telephone number who needs to be notified? - ANSWER-The insurance
commissioner
How and when do we notify the insurance commissioner of change? - ANSWER-30 days of change and in
writing
The___________________________ has all the powers reasonable and necessary to enable him to
reform the duties imposed by hid title. - ANSWER-Commissioner
, How many years must an escrow officer keep recorded documents? - ANSWER-3 years
Searches must be maintained for ____ years. - ANSWER-15
An annual report which contains a statement of financial condition must be filed with the
________________ _______________. - ANSWER-Insurance Department
What are the three types of agent authority? - ANSWER-express, implied, apparent
Express Authority - ANSWER-the authority of an agent, stated in the document or agreement creating
the agency
Implied Authority - ANSWER-Authority that is not expressed or written into the contract, but which the
agent is assumed to have in order to transact the business of insurance for the principal.
Apparent Authority - ANSWER-The appearance or the assumption of authority based on the actions,
words, or deeds of the principal or because of circumstances the principal created.
Conveyances - ANSWER-A transfer of title to, or an interest in land, from one person to another
encumbrance - ANSWER-A claim, charge, or liability that attaches to and is binding on real estate.
Definition of Real Property - ANSWER-land and anything attached to it
Types of Joint Ownership - ANSWER-Tenants in common and Joint tenancy
Intestate - ANSWER-When a person dies without a will and their property is distributed to their heirs as
determined by he statute
Testate - ANSWER-When a person dies with a will which enumerates how the estate is to be distributed
Questions & Answers 2023/2024
How much can you spend on a special event for a client? - ANSWER-$75
Encumbrances - ANSWER-A claim, lien, charge, or liability attached to and binding real property
Solvency - ANSWER-the possession of assets in excess of liabilities; ability to pay one's debts.
Escrow - ANSWER-is the process of holding monetary funds by a title agency or bank for the purpose of
offering or purchasing real property.
Title Insurance - ANSWER-is the product that is purchased to protect the rights of the owner, purchaser
or lien-holder in the event that that there is a defect, loss or damage, unmarketability of the title, or
invalidity or unenforceability of any liens or encumbrances on the property.
Who in Utah is the title and escrow industry regulated by? - ANSWER-The Insurance Department
How often in Utah do you need to renew your license? - ANSWER-Every two years
If there is a change of address or telephone number who needs to be notified? - ANSWER-The insurance
commissioner
How and when do we notify the insurance commissioner of change? - ANSWER-30 days of change and in
writing
The___________________________ has all the powers reasonable and necessary to enable him to
reform the duties imposed by hid title. - ANSWER-Commissioner
, How many years must an escrow officer keep recorded documents? - ANSWER-3 years
Searches must be maintained for ____ years. - ANSWER-15
An annual report which contains a statement of financial condition must be filed with the
________________ _______________. - ANSWER-Insurance Department
What are the three types of agent authority? - ANSWER-express, implied, apparent
Express Authority - ANSWER-the authority of an agent, stated in the document or agreement creating
the agency
Implied Authority - ANSWER-Authority that is not expressed or written into the contract, but which the
agent is assumed to have in order to transact the business of insurance for the principal.
Apparent Authority - ANSWER-The appearance or the assumption of authority based on the actions,
words, or deeds of the principal or because of circumstances the principal created.
Conveyances - ANSWER-A transfer of title to, or an interest in land, from one person to another
encumbrance - ANSWER-A claim, charge, or liability that attaches to and is binding on real estate.
Definition of Real Property - ANSWER-land and anything attached to it
Types of Joint Ownership - ANSWER-Tenants in common and Joint tenancy
Intestate - ANSWER-When a person dies without a will and their property is distributed to their heirs as
determined by he statute
Testate - ANSWER-When a person dies with a will which enumerates how the estate is to be distributed
