Missouri Title Insurance Producer Exam 2023 with 100% correct answers

Title Insurance - correct answer -Insured statement of the condition of title or ownership of real property. For a one-time-only premium, the named insured and their heirs are protected against title defects, liens, encumbrances existing as of the date of the policy and not specifically excluded from it. In the event of a claim , the title company provides legal defense from the policyholder and pays any covered losses incurred as a result of such claim. Commitment/Binder 1 - correct answer -Also called a "preliminary certificate", it's a contract with a title company to issue a specific title policy, showing only those exceptions contained in the -- and any intervening matters after the date of the -- and prior to the effective date of the policy. The -- contains all information included in the preliminary title report, plus a list of requirements that must be met in order to insure the transaction and standard exceptions from coverage that will appear in the policy Commitment/Binder 2 - correct answer -1. A preliminary report as to the condition of a title and a -- to issue a title insurance policy when certain conditions are met. 2. A document issued by a title insurance company that contains the conditions under which a policy of title insurance will be issued. Endorsement - correct answer -An addition to or modification of a title insurance policy which expands or changes coverage of the policy, fulfilling specific requirements of the insured. Exception - correct answer -A provision in a title insurance binder or policy that excludes liability for a specific title defect or an outstanding lien or encumbrance, such as easements and restrictions Requirements - correct answer -Conditions in a title insurance binder that must be met or otherwise cleared before title can be insured and a policy can be issued, Encumbrance - correct answer -Anything which affects or limits the fee simple title to property, such as mortgages, easements, or restrictions which do not prevent alienation of the fee title by the owner. Liens are special -- which make the property security for the debt. Encroachment