FL Title exam questions with complete
solutions already passed
The Purpose of the Notice to Purchaser-Mortgagor is to: - correct answer ✔✔Tell them the loan
policy does not protect them as an owner
Rate the minimum title premium for a $10,000 owner's title policy - correct answer ✔✔$100
What is the minimum risk rate premium that can be charged for an owners policy? - correct
answer ✔✔$100
An owners policy must be issued for a full insurable value of: - correct answer ✔✔The premises
What is the minimum risk premium that may be charged for a mortgage title policy? - correct
answer ✔✔$100
A mortgage title insurance may NOT be issued for less than the: - correct answer ✔✔Full
principal debt
what is the maximum percentage above the full loan amoun t for which a mortgagee title policy
may be issued, without an additional interest or shared appreciated endorsement? - correct
answer ✔✔25%
what is the reissue risk premium for a $25,000 owner policy? - correct answer ✔✔$100
The minimum risk rate premium for simultaneous issue loan policy shall be: - correct answer
✔✔$25
,On a simultaneous issue transaction, the risk premium on the amount of the loan policy in
excess of the owners policy shall be figured out at: - correct answer ✔✔regular original title
insurance rates for mortgage policies
the minimum retention of title premium by title insurers is: - correct answer ✔✔30%
required retention of title premium funds must be remitted to the insurer by the agent at least:
- correct answer ✔✔monthly
Until the required retention of funds are remitted to the insurer by agent, such funds are
considered: - correct answer ✔✔collected funds
Which is NOT a category of endorsement and affirmative type coverage provided for in 69O-
186.005(7)(a) - correct answer ✔✔Regulated Endorsements and or affirmative types coverages
what endorsement can NOT be issued without approval from the department (OIR)? - correct
answer ✔✔Florida Form 9
The risk rate premium for florida form 9 endorsement shall be: - correct answer ✔✔10% of total
policy premium
risk rate premium for Navigational servitude endorsement shall be: - correct answer ✔✔10% of
total policy premium
title insurance is limited to : - correct answer ✔✔coverage of real property
, Individual escrow records for each transaction, in which deposits and disbursements are made,
must be maintained by the title insurance agent for what time period? - correct answer ✔✔3
years
Monthly escrow account reconciliation records must be maintained for: - correct answer ✔✔5
years
To qualify for title agent licensure, which of the following do not apply? - correct answer
✔✔you must be currently employed within the title insurance industry.
the statutory definition of a title insurance agent is someone who: - correct answer ✔✔is
appointed in writing by an title insurer to issue and counter sign commitments and policies of
title insurance on behalf of the insurer.
when appointing an agency to the department, the insurer must certify that the agency has all
of the following - correct answer ✔✔1.surety bond in the minimum amount of $35,000
2.fidelity bond in the minimum amount of $50,000
3.errors and omissions insurance in the minimum amount of $250,000 per claim and max
deductible of $10,000
Title Insurance agency with one main office and two branches that conduct daily activities
requiring title agent licensure should have a minimum of how many licensed agents? - correct
answer ✔✔3, one per office
once a title agents appointment has expired/been terminated, if not reappointed within_____
years, an application is required for qualification for new license - correct answer ✔✔4
for licenses which have been suspended, such period shall not exceed? - correct answer ✔✔1
year
solutions already passed
The Purpose of the Notice to Purchaser-Mortgagor is to: - correct answer ✔✔Tell them the loan
policy does not protect them as an owner
Rate the minimum title premium for a $10,000 owner's title policy - correct answer ✔✔$100
What is the minimum risk rate premium that can be charged for an owners policy? - correct
answer ✔✔$100
An owners policy must be issued for a full insurable value of: - correct answer ✔✔The premises
What is the minimum risk premium that may be charged for a mortgage title policy? - correct
answer ✔✔$100
A mortgage title insurance may NOT be issued for less than the: - correct answer ✔✔Full
principal debt
what is the maximum percentage above the full loan amoun t for which a mortgagee title policy
may be issued, without an additional interest or shared appreciated endorsement? - correct
answer ✔✔25%
what is the reissue risk premium for a $25,000 owner policy? - correct answer ✔✔$100
The minimum risk rate premium for simultaneous issue loan policy shall be: - correct answer
✔✔$25
,On a simultaneous issue transaction, the risk premium on the amount of the loan policy in
excess of the owners policy shall be figured out at: - correct answer ✔✔regular original title
insurance rates for mortgage policies
the minimum retention of title premium by title insurers is: - correct answer ✔✔30%
required retention of title premium funds must be remitted to the insurer by the agent at least:
- correct answer ✔✔monthly
Until the required retention of funds are remitted to the insurer by agent, such funds are
considered: - correct answer ✔✔collected funds
Which is NOT a category of endorsement and affirmative type coverage provided for in 69O-
186.005(7)(a) - correct answer ✔✔Regulated Endorsements and or affirmative types coverages
what endorsement can NOT be issued without approval from the department (OIR)? - correct
answer ✔✔Florida Form 9
The risk rate premium for florida form 9 endorsement shall be: - correct answer ✔✔10% of total
policy premium
risk rate premium for Navigational servitude endorsement shall be: - correct answer ✔✔10% of
total policy premium
title insurance is limited to : - correct answer ✔✔coverage of real property
, Individual escrow records for each transaction, in which deposits and disbursements are made,
must be maintained by the title insurance agent for what time period? - correct answer ✔✔3
years
Monthly escrow account reconciliation records must be maintained for: - correct answer ✔✔5
years
To qualify for title agent licensure, which of the following do not apply? - correct answer
✔✔you must be currently employed within the title insurance industry.
the statutory definition of a title insurance agent is someone who: - correct answer ✔✔is
appointed in writing by an title insurer to issue and counter sign commitments and policies of
title insurance on behalf of the insurer.
when appointing an agency to the department, the insurer must certify that the agency has all
of the following - correct answer ✔✔1.surety bond in the minimum amount of $35,000
2.fidelity bond in the minimum amount of $50,000
3.errors and omissions insurance in the minimum amount of $250,000 per claim and max
deductible of $10,000
Title Insurance agency with one main office and two branches that conduct daily activities
requiring title agent licensure should have a minimum of how many licensed agents? - correct
answer ✔✔3, one per office
once a title agents appointment has expired/been terminated, if not reappointed within_____
years, an application is required for qualification for new license - correct answer ✔✔4
for licenses which have been suspended, such period shall not exceed? - correct answer ✔✔1
year
