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Title Insurance Licensing Exam Questions
and Correct Answers the Latest Update
and Recommended Version
All of the following are characteristic of an ALTA loan EXCEPT:
A. Exceptions
B. Exclusions
C. Contingencies
D. Conditions
✓ C. Contingencies
The policy limit noted in a title insurance policy applies to:
A. Each defect
B. Each claim
C. Per year
D. Cumulative claims
✓ D. Cumulative claims
Zoning ordinances are establish by:
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A. Home builders
B. Local Government
C. Lender
D. All the above
✓ B. Local government
A good faith estimate must be given to a purchaser of real property within:
A. 5 days of receiving a loan application
B. 4 days of receiving a loan application
C. 3 days of receiving a loan application
D. 2 days of receiving a loan application
✓ C. 3 days of reviewing a loan application
The HUD-1 Settlement Statement is generally prepared by:
A. The real estate agent
B. The lender
C. The title company
D. The abstracor
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✓ C. The title company
If a joint tenant sells their interest in a property, the tenancy becomes:
A. Tenants in common
B. Sole owner
C. Life estate tenant
D. All of the above
✓ A. Tenants in common
In Maryland, funds received by title companies form a sales transaction must be deposited
into:
A. An operating account
B. An IOLTA account
C. A trust account
D. A general account
✓ C. A trust account
A power of attorney ceases when:
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A. The power of attorney is revoked
B. The person granting the power dies
C. All of the above
D. None of the above
✓ B. The person granting the power dies
Schedule BI of a title commitment is reserved for:
A. Exceptions from coverage
B. Requirements
C. The legal description
D. Endorsements to coverage
✓ B. Requirements
To provide notice that a mortgage has been paid off, a satisfactions must be:
A. Recorded
B. Mailed to the borrowers
C. All of the above
D. None of the above
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Title Insurance Licensing Exam Questions
and Correct Answers the Latest Update
and Recommended Version
All of the following are characteristic of an ALTA loan EXCEPT:
A. Exceptions
B. Exclusions
C. Contingencies
D. Conditions
✓ C. Contingencies
The policy limit noted in a title insurance policy applies to:
A. Each defect
B. Each claim
C. Per year
D. Cumulative claims
✓ D. Cumulative claims
Zoning ordinances are establish by:
|
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A. Home builders
B. Local Government
C. Lender
D. All the above
✓ B. Local government
A good faith estimate must be given to a purchaser of real property within:
A. 5 days of receiving a loan application
B. 4 days of receiving a loan application
C. 3 days of receiving a loan application
D. 2 days of receiving a loan application
✓ C. 3 days of reviewing a loan application
The HUD-1 Settlement Statement is generally prepared by:
A. The real estate agent
B. The lender
C. The title company
D. The abstracor
|
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✓ C. The title company
If a joint tenant sells their interest in a property, the tenancy becomes:
A. Tenants in common
B. Sole owner
C. Life estate tenant
D. All of the above
✓ A. Tenants in common
In Maryland, funds received by title companies form a sales transaction must be deposited
into:
A. An operating account
B. An IOLTA account
C. A trust account
D. A general account
✓ C. A trust account
A power of attorney ceases when:
|
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A. The power of attorney is revoked
B. The person granting the power dies
C. All of the above
D. None of the above
✓ B. The person granting the power dies
Schedule BI of a title commitment is reserved for:
A. Exceptions from coverage
B. Requirements
C. The legal description
D. Endorsements to coverage
✓ B. Requirements
To provide notice that a mortgage has been paid off, a satisfactions must be:
A. Recorded
B. Mailed to the borrowers
C. All of the above
D. None of the above
|
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✓ © 2024 TestTrackers ✓ Your Success is Our Mission!
✓ Customer Support: [+254707240657]
