Missou r i Title Pr odu cer Exam w ith |! |! |! |! |!
accu r ate detailed answ er s |! |!
An insured statement of condition of title or ownership of real property. -
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Correct answer ✔Title Insurance
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How often can you charge for an insurance premium for title insurance?
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- Correct answer ✔Once
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A type of title insurance policy issued to the fee simple owner of a
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property which provides the insured coverage over the risks described in
|! |! |! |! |! |! |! |! |! |! |!
the policy. - Correct answer ✔Owner's Policy
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A document that must be issued before the effective date of a policy that
|! |! |! |! |! |! |! |! |! |! |! |! |! |!
shows only those exceptions contained and intervening matters after the
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date of the document and before the effective date of the policy. - Correct
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answer ✔Commitment/Binder
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A report as to the condition of a title and a commitment to issue a title
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insurance policy when certain conditions are met and contains the
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conditions under which a policy of title insurance will be issued. Also
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known as a commitment or binder. - Correct answer ✔Preliminary
|! |! |! |! |! |! |! |! |! |!
Report
,A provision in a title insurance policy binder or policy that excludes
|! |! |! |! |! |! |! |! |! |! |! |!
liability for a specific title defect or an outstanding lien or encumbrance,
|! |! |! |! |! |! |! |! |! |! |! |!
such as easements and restrictions. - Correct answer ✔Exceptions
|! |! |! |! |! |! |! |!
An addition or modification of a title insurance policy which expands or
|! |! |! |! |! |! |! |! |! |! |! |!
changes coverage of the policy, fulfilling specific requirements of the
|! |! |! |! |! |! |! |! |! |!
insured. - Correct answer ✔Endorsements |! |! |! |!
Individuals that must decide whether to issue a policy, the appropriate |! |! |! |! |! |! |! |! |! |! |!
premium to charge and write policies that cover these risks. They serve
|! |! |! |! |! |! |! |! |! |! |! |!
as the main link between the insurance carrier and the insurance agent. -
|! |! |! |! |! |! |! |! |! |! |! |!
Correct answer ✔Underwriter
|! |! |!
An organization that exists to protect individuals and entities from
|! |! |! |! |! |! |! |! |! |!
financial loss by assuming risk. - Correct answer ✔Insurance Company
|! |! |! |! |! |! |! |! |!
The situation that exists when a structure is built in whole or part on a
|! |! |! |! |! |! |! |! |! |! |! |! |! |! |!
neighbor's property. - Correct answer ✔Encroachment |! |! |! |! |!
Anything which effects or limits the fee simple title to property, such as
|! |! |! |! |! |! |! |! |! |! |! |! |!
mortgages, easements, or restrictions which do not prevent alienation of
|! |! |! |! |! |! |! |! |! |!
the fee simple title by the owner. - Correct answer ✔Encumbrance
|! |! |! |! |! |! |! |! |! |!
Conditions in a title insurance binder that must be met or otherwise |! |! |! |! |! |! |! |! |! |! |! |!
cleared before title can be insured and a policy can be issued. - Correct
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answer ✔Requirements |!
,The substitution of one person in the place of another with reference to a
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lawful claim or right. - Correct answer ✔Subrogation
|! |! |! |! |! |! |! |!
Person/entity that will receive title to a property if the mortgagor |! |! |! |! |! |! |! |! |! |! |!
defaults on the loan which is secured by the mortgage (or deed of trust) -
|! |! |! |! |! |! |! |! |! |! |! |! |! |!
Correct answer ✔Mortgagee/Grantee/Lender
|! |! |!
Notations of deeds, distribution from estates, certificates of death,
|! |! |! |! |! |! |! |! |!
foreclosures, quiet title and other recorded transfers of title are included
|! |! |! |! |! |! |! |! |! |! |!
on what document? - Correct answer ✔Chain of Title
|! |! |! |! |! |! |! |!
Depending on the state, this is handled by a title company, escrow holder
|! |! |! |! |! |! |! |! |! |! |! |!
or attorney. - Correct answer ✔Closing and Settlements
|! |! |! |! |! |! |! |!
What kind of ownership is not passed by will? - Correct answer ✔Joint
|! |! |! |! |! |! |! |! |! |! |! |! |!
Tenancy
The deposit of instruments, funds and instructions to an independent
|! |! |! |! |! |! |! |! |! |!
third party to carry out the provisions of an agreement. - Correct answer
|! |! |! |! |! |! |! |! |! |! |! |! |!
✔Escrow
Any cloud on title, such as claim to the title by someone or thing due to
|! |! |! |! |! |! |! |! |! |! |! |! |! |! |! |!
a prior lien or improper conveyance, or an inaccurate description of the
|! |! |! |! |! |! |! |! |! |! |! |!
property. - Correct answer ✔Title Defect |! |! |! |! |!
, In many real estate transactions, insurance companies issue title
|! |! |! |! |! |! |! |! |!
insurance based on this when it is transferred. - Correct answer ✔Chain
|! |! |! |! |! |! |! |! |! |! |! |!
of Title
|!
This is paid by the buyer or seller each time a property is transferred as
|! |! |! |! |! |! |! |! |! |! |! |! |! |! |!
evidenced by the Recorder of Deeds (Missouri doesn't require this fee) -
|! |! |! |! |! |! |! |! |! |! |! |!
Correct answer ✔Transfer Tax and Recording
|! |! |! |! |!
Legal terms to define the borrower and secured lender on a loan. -
|! |! |! |! |! |! |! |! |! |! |! |! |!
Correct answer ✔Mortgagor/Mortgagee |! |!
This type of policy is issued when the property has a loan for
|! |! |! |! |! |! |! |! |! |! |! |! |!
construction on the property. - Correct answer ✔Construction Loan |! |! |! |! |! |! |! |! |!
Policy
The final exchange in the sale and purchase of real estate where the title
|! |! |! |! |! |! |! |! |! |! |! |! |! |!
is transferred, financing documents and title insurance policies are
|! |! |! |! |! |! |! |! |!
exchanged, and costs are paid. - Correct answer ✔Closing and |! |! |! |! |! |! |! |! |! |!
Settlements
A history of passing of title ownership from the present owner back to
|! |! |! |! |! |! |! |! |! |! |! |! |!
the original owner. - Correct answer ✔Chain of Title
|! |! |! |! |! |! |! |!
Issuance of multiple policies on the same property at the same time,
|! |! |! |! |! |! |! |! |! |! |! |!
where the amount of issuance on the second property is less than that of
|! |! |! |! |! |! |! |! |! |! |! |! |! |!
the primary policy. - Correct answer ✔Simultaneous Issue
|! |! |! |! |! |! |!
accu r ate detailed answ er s |! |!
An insured statement of condition of title or ownership of real property. -
|! |! |! |! |! |! |! |! |! |! |! |!
Correct answer ✔Title Insurance
|! |! |! |!
How often can you charge for an insurance premium for title insurance?
|! |! |! |! |! |! |! |! |! |! |! |!
- Correct answer ✔Once
|! |! |!
A type of title insurance policy issued to the fee simple owner of a
|! |! |! |! |! |! |! |! |! |! |! |! |! |!
property which provides the insured coverage over the risks described in
|! |! |! |! |! |! |! |! |! |! |!
the policy. - Correct answer ✔Owner's Policy
|! |! |! |! |! |!
A document that must be issued before the effective date of a policy that
|! |! |! |! |! |! |! |! |! |! |! |! |! |!
shows only those exceptions contained and intervening matters after the
|! |! |! |! |! |! |! |! |! |!
date of the document and before the effective date of the policy. - Correct
|! |! |! |! |! |! |! |! |! |! |! |! |!
answer ✔Commitment/Binder
|! |!
A report as to the condition of a title and a commitment to issue a title
|! |! |! |! |! |! |! |! |! |! |! |! |! |! |! |!
insurance policy when certain conditions are met and contains the
|! |! |! |! |! |! |! |! |! |!
conditions under which a policy of title insurance will be issued. Also
|! |! |! |! |! |! |! |! |! |! |! |!
known as a commitment or binder. - Correct answer ✔Preliminary
|! |! |! |! |! |! |! |! |! |!
Report
,A provision in a title insurance policy binder or policy that excludes
|! |! |! |! |! |! |! |! |! |! |! |!
liability for a specific title defect or an outstanding lien or encumbrance,
|! |! |! |! |! |! |! |! |! |! |! |!
such as easements and restrictions. - Correct answer ✔Exceptions
|! |! |! |! |! |! |! |!
An addition or modification of a title insurance policy which expands or
|! |! |! |! |! |! |! |! |! |! |! |!
changes coverage of the policy, fulfilling specific requirements of the
|! |! |! |! |! |! |! |! |! |!
insured. - Correct answer ✔Endorsements |! |! |! |!
Individuals that must decide whether to issue a policy, the appropriate |! |! |! |! |! |! |! |! |! |! |!
premium to charge and write policies that cover these risks. They serve
|! |! |! |! |! |! |! |! |! |! |! |!
as the main link between the insurance carrier and the insurance agent. -
|! |! |! |! |! |! |! |! |! |! |! |!
Correct answer ✔Underwriter
|! |! |!
An organization that exists to protect individuals and entities from
|! |! |! |! |! |! |! |! |! |!
financial loss by assuming risk. - Correct answer ✔Insurance Company
|! |! |! |! |! |! |! |! |!
The situation that exists when a structure is built in whole or part on a
|! |! |! |! |! |! |! |! |! |! |! |! |! |! |!
neighbor's property. - Correct answer ✔Encroachment |! |! |! |! |!
Anything which effects or limits the fee simple title to property, such as
|! |! |! |! |! |! |! |! |! |! |! |! |!
mortgages, easements, or restrictions which do not prevent alienation of
|! |! |! |! |! |! |! |! |! |!
the fee simple title by the owner. - Correct answer ✔Encumbrance
|! |! |! |! |! |! |! |! |! |!
Conditions in a title insurance binder that must be met or otherwise |! |! |! |! |! |! |! |! |! |! |! |!
cleared before title can be insured and a policy can be issued. - Correct
|! |! |! |! |! |! |! |! |! |! |! |! |! |!
answer ✔Requirements |!
,The substitution of one person in the place of another with reference to a
|! |! |! |! |! |! |! |! |! |! |! |! |!
lawful claim or right. - Correct answer ✔Subrogation
|! |! |! |! |! |! |! |!
Person/entity that will receive title to a property if the mortgagor |! |! |! |! |! |! |! |! |! |! |!
defaults on the loan which is secured by the mortgage (or deed of trust) -
|! |! |! |! |! |! |! |! |! |! |! |! |! |!
Correct answer ✔Mortgagee/Grantee/Lender
|! |! |!
Notations of deeds, distribution from estates, certificates of death,
|! |! |! |! |! |! |! |! |!
foreclosures, quiet title and other recorded transfers of title are included
|! |! |! |! |! |! |! |! |! |! |!
on what document? - Correct answer ✔Chain of Title
|! |! |! |! |! |! |! |!
Depending on the state, this is handled by a title company, escrow holder
|! |! |! |! |! |! |! |! |! |! |! |!
or attorney. - Correct answer ✔Closing and Settlements
|! |! |! |! |! |! |! |!
What kind of ownership is not passed by will? - Correct answer ✔Joint
|! |! |! |! |! |! |! |! |! |! |! |! |!
Tenancy
The deposit of instruments, funds and instructions to an independent
|! |! |! |! |! |! |! |! |! |!
third party to carry out the provisions of an agreement. - Correct answer
|! |! |! |! |! |! |! |! |! |! |! |! |!
✔Escrow
Any cloud on title, such as claim to the title by someone or thing due to
|! |! |! |! |! |! |! |! |! |! |! |! |! |! |! |!
a prior lien or improper conveyance, or an inaccurate description of the
|! |! |! |! |! |! |! |! |! |! |! |!
property. - Correct answer ✔Title Defect |! |! |! |! |!
, In many real estate transactions, insurance companies issue title
|! |! |! |! |! |! |! |! |!
insurance based on this when it is transferred. - Correct answer ✔Chain
|! |! |! |! |! |! |! |! |! |! |! |!
of Title
|!
This is paid by the buyer or seller each time a property is transferred as
|! |! |! |! |! |! |! |! |! |! |! |! |! |! |!
evidenced by the Recorder of Deeds (Missouri doesn't require this fee) -
|! |! |! |! |! |! |! |! |! |! |! |!
Correct answer ✔Transfer Tax and Recording
|! |! |! |! |!
Legal terms to define the borrower and secured lender on a loan. -
|! |! |! |! |! |! |! |! |! |! |! |! |!
Correct answer ✔Mortgagor/Mortgagee |! |!
This type of policy is issued when the property has a loan for
|! |! |! |! |! |! |! |! |! |! |! |! |!
construction on the property. - Correct answer ✔Construction Loan |! |! |! |! |! |! |! |! |!
Policy
The final exchange in the sale and purchase of real estate where the title
|! |! |! |! |! |! |! |! |! |! |! |! |! |!
is transferred, financing documents and title insurance policies are
|! |! |! |! |! |! |! |! |!
exchanged, and costs are paid. - Correct answer ✔Closing and |! |! |! |! |! |! |! |! |! |!
Settlements
A history of passing of title ownership from the present owner back to
|! |! |! |! |! |! |! |! |! |! |! |! |!
the original owner. - Correct answer ✔Chain of Title
|! |! |! |! |! |! |! |!
Issuance of multiple policies on the same property at the same time,
|! |! |! |! |! |! |! |! |! |! |! |!
where the amount of issuance on the second property is less than that of
|! |! |! |! |! |! |! |! |! |! |! |! |! |!
the primary policy. - Correct answer ✔Simultaneous Issue
|! |! |! |! |! |! |!
