Title Insurance Study Guide Part 1 Exam With Complete Solutions!!

How is the Arkansas Insurance Commissioner appointed? - ANSWER-By the governor with advise from Senate. What is the Maximum fines imposed for the first known rule violation? - ANSWER-$5,000.00 What is the best description of Meridian ? - ANSWER-Set of imaginary lines running North & South that intersect with a base line at a specific point A section measures? - ANSWER-1 square mile How many acres are in the west 1/2 ne 1/4 nw 1/4? - ANSWER-20 How many acres are in the SW 1/4 NW 1/4 NE 1/4? - ANSWER-10 How many square feet are in 1 acres? - ANSWER-43,560 How many feet in a rod? - ANSWER-16.5 How many feet in a chain? - ANSWER-66 What are 4 ways to make a easement? - ANSWER-Express Grant, Implication, Prespectives & Necessity How much are document stamps? - ANSWER-$3.30 per thousand What is the best description of estoppel? - ANSWER-Bans someone from makeing assertations if it is inconsistent with previous asseratations made Where does the boundary line end for property that adjoins non navigable water? - ANSWER-The center of the stream What is the purpose of a Schedule A? - ANSWER-Describe the terms of the policy. What is the definition that best describes Usury? - ANSWER-Interest in excess of legal rates charged to a borrower What is the purpose of a Comprehensive endorsement? - ANSWER-Insure no restrictions have been violated and there are no encroachments. What is Ad Valorem? - ANSWER-Taxes assessed according to value Title policy does not generally covers? - ANSWER-Something about police powers