MaryLand State Portion of Title Producer Exam Questions With Correct Answers

1. If a party uses a fictitious or different name than its business name, it must be approved by the a. Maryland Insurance Administration b. National Association of Insurance Commissioners c. Maryland Land Title Association d. American Land Title Association - Answer a. Maryland Insurance Administration 2. When there is termination of the appointment by a title insurer, the insurer must update the producer register within how many days. a. 15 days b. 30 days c. 45 days d. 60 days - Answer b. 30 days 3. When the application of a business entity for a license as a title insurance producer is submitted, said entity shall file with the Commissioner a blanket fidelity bond or letter of credit in this amount. a. 100,000 b. 150,000 c. 10,000 d. 110,000 - Answer b. 150,000 4. Unclaimed property must be escheated to the State of Maryland if it remains unclaimed by the owner of said property within what time frame? a. After 1 year of contacting owner and not receiving a reply b. After 1 year of sending the unclaimed property c. After 3 years of contacting owner and not receiving a reply d. After 3 years of sending the unclaimed property - Answer d. After 3 years of sending the unclaimed property 5. When a non-resident owner sells property within Maryland, they will be charged by the title producer and will collect from what amount? a. Recordation taxes b. Net proceeds c. Loan Amount d. Half of the total payment - Answer b. Net proceeds 6. Under the Real Estate Procedures Act of 1974, all parties to certain real estate transactions receive a uniform settlement statement called: a. Loan Estimate b. Good Faith Estimate c. Warranty Disclosure d. Closing Disclosure - Answer d. Closing Disclosure 7. All employees under a title insurance producer company must be licensed per Maryland Code EXCEPT: a. Escrow Officers b. Closing Agents c. Settlement Officers d. Administrative Assistants - Answer d. Administrative Assistants 8. Each title insurer must hold to the rates as approved by the Commissioner and may not deviate from said rates. Doing so would be considered: a. Rate Discrimination b. Rate Administration c. Rate Deception d. Rate Licensure - Answer a. Rate Discrimination 9. The Commissioner may deny a license to a title producer applicant if the producer does the following EXCEPT: a. Has willfully violated a State law b. Has intentionally misrepresented or concealed a material fact c. Has attempted to obtain a license by misrepresentation d. Has attempted to take the title producer exam repeatedly - Answer d. Has attempted to take the title producer exam repeatedly