FL Title exam
The Purpose of the Noltice to Purchaser-Mortgagor is to: - Answer-Tell them the loan policy does not
protect them as an owner
Rate the minimum title premium for a $10,000 owner's title policy - Answer-$100
What is the minimum risk rate premium that can be charged for an owners policy? - Answer-$100
An owners policy must be issued for a full insurable value of: - Answer-The premises
What is the minimum risk premium that may be charged for a mortgage title policy? - Answer-$100
A mortgage title insurance may NOT be issued for less than the: - Answer-Full principal debt
what is the maximum percentage above the full loan amoun t for which a mortgagee title policy may be
issued, without an additional interest or shared appreciated endorsement? - Answer-25%
what is the reissue risk premium for a $25,000 owner policy? - Answer-$100
The minimum risk rate premium for simultaneous issue loan policy shall be: - Answer-$25
,On a simultaneous issue transaction, the risk premium on the amount of the loan policy in excess of the
owners policy shall be figured out at: - Answer-regular original title insurance rates for mortgage policies
the minimum retention of title premium by title insurers is: - Answer-30%
required retention of title premium funds must be remitted to the insurer by the agent at least: -
Answer-monthly
Until the required retention of funds are remitted to the insurer by agent, such funds are considered: -
Answer-collected funds
Which is NOT a category of endorsement and affirmative type coverage provided for in 69O-186.005(7)
(a) - Answer-Regulated Endorsements and or affirmative types coverages
what endorsement can NOT be issued without approval from the department (OIR)? - Answer-Florida
Form 9
The risk rate premium for florida form 9 endorsement shall be: - Answer-10% of total policy premium
risk rate premium for Navigational servitude endorsement shall be: - Answer-10% of total policy
premium
title insurance is limited to : - Answer-coverage of real property
Individual escrow records for each transaction, in which deposits and disbursements are made, must be
maintained by the title insurance agent for what time period? - Answer-3 years
, Monthly escrow account reconciliation records must be maintained for: - Answer-5 years
To qualify for title agent licensure, which of the following do not apply? - Answer-you must be currently
employed within the title insurance industry.
the statutory definition of a title insurance agent is someone who: - Answer-is appointed in writing by an
title insurer to issue and counter sign commitments and policies of title insurance on behalf of the
insurer.
when appointing an agency to the department, the insurer must certify that the agency has all of the
following - Answer-1.surety bond in the minimum amount of $35,000
2.fidelity bond in the minimum amount of $50,000
3.errors and omissions insurance in the minimum amount of $250,000 per claim and max deductible of
$10,000
Title Insurance agency with one main office and two branches that conduct daily activities requiring title
agent licensure should have a minimum of how many licensed agents? - Answer-3, one per office
once a title agents appointment has expired/been terminated, if not reappointed within_____ years, an
application is required for qualification for new license - Answer-4
for licenses which have been suspended, such period shall not exceed? - Answer-1 year
for licenses which have been revoked, such period shall not exceed? - Answer-2 years
Closing definition includes: - Answer-1.preparing documents necessary to close transaction
2. conducting closing
3. handling disbursement of funds related to the closing
The Purpose of the Noltice to Purchaser-Mortgagor is to: - Answer-Tell them the loan policy does not
protect them as an owner
Rate the minimum title premium for a $10,000 owner's title policy - Answer-$100
What is the minimum risk rate premium that can be charged for an owners policy? - Answer-$100
An owners policy must be issued for a full insurable value of: - Answer-The premises
What is the minimum risk premium that may be charged for a mortgage title policy? - Answer-$100
A mortgage title insurance may NOT be issued for less than the: - Answer-Full principal debt
what is the maximum percentage above the full loan amoun t for which a mortgagee title policy may be
issued, without an additional interest or shared appreciated endorsement? - Answer-25%
what is the reissue risk premium for a $25,000 owner policy? - Answer-$100
The minimum risk rate premium for simultaneous issue loan policy shall be: - Answer-$25
,On a simultaneous issue transaction, the risk premium on the amount of the loan policy in excess of the
owners policy shall be figured out at: - Answer-regular original title insurance rates for mortgage policies
the minimum retention of title premium by title insurers is: - Answer-30%
required retention of title premium funds must be remitted to the insurer by the agent at least: -
Answer-monthly
Until the required retention of funds are remitted to the insurer by agent, such funds are considered: -
Answer-collected funds
Which is NOT a category of endorsement and affirmative type coverage provided for in 69O-186.005(7)
(a) - Answer-Regulated Endorsements and or affirmative types coverages
what endorsement can NOT be issued without approval from the department (OIR)? - Answer-Florida
Form 9
The risk rate premium for florida form 9 endorsement shall be: - Answer-10% of total policy premium
risk rate premium for Navigational servitude endorsement shall be: - Answer-10% of total policy
premium
title insurance is limited to : - Answer-coverage of real property
Individual escrow records for each transaction, in which deposits and disbursements are made, must be
maintained by the title insurance agent for what time period? - Answer-3 years
, Monthly escrow account reconciliation records must be maintained for: - Answer-5 years
To qualify for title agent licensure, which of the following do not apply? - Answer-you must be currently
employed within the title insurance industry.
the statutory definition of a title insurance agent is someone who: - Answer-is appointed in writing by an
title insurer to issue and counter sign commitments and policies of title insurance on behalf of the
insurer.
when appointing an agency to the department, the insurer must certify that the agency has all of the
following - Answer-1.surety bond in the minimum amount of $35,000
2.fidelity bond in the minimum amount of $50,000
3.errors and omissions insurance in the minimum amount of $250,000 per claim and max deductible of
$10,000
Title Insurance agency with one main office and two branches that conduct daily activities requiring title
agent licensure should have a minimum of how many licensed agents? - Answer-3, one per office
once a title agents appointment has expired/been terminated, if not reappointed within_____ years, an
application is required for qualification for new license - Answer-4
for licenses which have been suspended, such period shall not exceed? - Answer-1 year
for licenses which have been revoked, such period shall not exceed? - Answer-2 years
Closing definition includes: - Answer-1.preparing documents necessary to close transaction
2. conducting closing
3. handling disbursement of funds related to the closing
