Michigan State Title Insurance - Exam Questions And Answers

$.55 - County Transfer Tax $10,000 - Fine for violating a cease and desist order issued by the commissioner 30 days - An agent must report a change in his or her mailing address to the Department of Insurance within 36 - How many sections are in a township 40 years - How long is the Michigan Marketable Title Act 40 years - To obtain marketable record title to real property, an owner needs an unbroken chain of title for how many years 6 miles - The space between range lines 640 acres - A standard section contains appox. 66 feet - How long is a chain A "Base Line" - Runs East and West A Loan Policy - The quality and priority of the lien of the insured mortgage gets insured by which policy abstract - A historical summary of all the recorded instruments and proceedings that affect the title to a particular piece of propertyAccess - The right of owners to get to and from their property is called Acknowledgement - A formal statement by the person executing the instrument to the notary that he did so as his free act and deed Affidavit of Scrivener's Error - You can correct a minor error in a legal description by re-recording a deed and attaching an amount of the policy plus the costs of defending the title. - Under the terms of an Owner's policy of title insurance the insurer is obligated to pay for the insured's substantive loss up to the ... An easement in gross - a personal right Appurtenant Easement - Runs with the land Arbitration - A process by which parties who cannot agree and submit the dispute to the judgement of an impartial third party is Assignment of Mortgage - A mortgagee's interest in land is conveyed by Breach of Fiduciary Duty - Failure to pay insurer premium collected Buyers Signature - Not required in a conveyance Certified Death Certificate - What type of Death Certificate is recorded Chain of Title - Describes the series of transactions affecting title to a particular parcel of land