VA Title Licensing Exam Questions AND Correct Answers
A ________________ transfer occurs when someone
transfers his or her assets (including real property) to a
relative or related entity in anticipation of a lawsuit to
shield those assets from creditors - ✔✔fraudulent
A _________________ transfer occurs when the grantor
conveys property to fewer than all of its unsecured
creditors while the grantor is insolvent. -
✔✔preferential
A _________________ transfer occurs when the grantor
conveys property to fewer than all of its unsecured
creditors while the grantor is insolvent. -
✔✔preferential
a business entity cannot be a designated licensed
producer. - ✔✔True
,A condominium association lien will be wiped out by
the foreclosure of a __________________. - ✔✔first
deed of trust (institutional lender)
A letter of indemnity is addressed to: - ✔✔the
purchaser's title insurer
A settlement agent must keep records pertaining to
escheatment at least ____ years after the report is filed.
- ✔✔5 years
a settlement agent that pays off a loan can sign a
certificate of satisfaction to release the deed of trust
lien for that loan. - ✔✔true
A title insurance policy is a contract of
_________________, protecting the insured against
actual loss. - ✔✔indemnity
Able conveys Blackacre by deed "to Bill and Carol as
joint tenants." Bill dies. Who owns Blackacre? -
,✔✔Carol and Bill's heirs or devisees, There must be
language to create a right of survivorship.
access - ✔✔Access is the right to enter (ingress) and
leave (egress) a tract of land from an adjacent public
way. Sometimes, a parcel does not abut a public way,
so access must be established over the
land of another. When this happens, we say that access
for the subject property is
established by an access easement over the land of
another. Easements are affirmative when they convey
privileges on a person or owner of land to use
the land of another. Easements are negative when they
convey rights to demand that the owner of land refrain
from certain otherwise permissible uses of his land
(veto power)
According to Va Code § 38.2-218, any person who
commits a series of violations without knowledge or
intent of any provision of Title 38.2 or any regulation
thereunder may be punished for each violation by a
, penalty of not more than __________ in the aggregate.
- ✔✔10,000
According to Va. Code § 38.2-1821.1, all of the following
are exceptions to licensing - ✔✔an insurer
employees of insurers who are engaged to inspect, rate
or classify risks
employees of insurers who train title producers
Adverse possession - ✔✔Adverse possession allows
someone who is not the record owner of land to
become the
record owner of land by possessing it adversely (i.e.,
adverse to the true owner) for the
statutory time period. The rationale behind the rule is
to reward those who behave like
owners of real property by giving them the title to that
property, and to punish those who
do not care to assert their rights as a property owner.
Classified by the following:
-Actual
A ________________ transfer occurs when someone
transfers his or her assets (including real property) to a
relative or related entity in anticipation of a lawsuit to
shield those assets from creditors - ✔✔fraudulent
A _________________ transfer occurs when the grantor
conveys property to fewer than all of its unsecured
creditors while the grantor is insolvent. -
✔✔preferential
A _________________ transfer occurs when the grantor
conveys property to fewer than all of its unsecured
creditors while the grantor is insolvent. -
✔✔preferential
a business entity cannot be a designated licensed
producer. - ✔✔True
,A condominium association lien will be wiped out by
the foreclosure of a __________________. - ✔✔first
deed of trust (institutional lender)
A letter of indemnity is addressed to: - ✔✔the
purchaser's title insurer
A settlement agent must keep records pertaining to
escheatment at least ____ years after the report is filed.
- ✔✔5 years
a settlement agent that pays off a loan can sign a
certificate of satisfaction to release the deed of trust
lien for that loan. - ✔✔true
A title insurance policy is a contract of
_________________, protecting the insured against
actual loss. - ✔✔indemnity
Able conveys Blackacre by deed "to Bill and Carol as
joint tenants." Bill dies. Who owns Blackacre? -
,✔✔Carol and Bill's heirs or devisees, There must be
language to create a right of survivorship.
access - ✔✔Access is the right to enter (ingress) and
leave (egress) a tract of land from an adjacent public
way. Sometimes, a parcel does not abut a public way,
so access must be established over the
land of another. When this happens, we say that access
for the subject property is
established by an access easement over the land of
another. Easements are affirmative when they convey
privileges on a person or owner of land to use
the land of another. Easements are negative when they
convey rights to demand that the owner of land refrain
from certain otherwise permissible uses of his land
(veto power)
According to Va Code § 38.2-218, any person who
commits a series of violations without knowledge or
intent of any provision of Title 38.2 or any regulation
thereunder may be punished for each violation by a
, penalty of not more than __________ in the aggregate.
- ✔✔10,000
According to Va. Code § 38.2-1821.1, all of the following
are exceptions to licensing - ✔✔an insurer
employees of insurers who are engaged to inspect, rate
or classify risks
employees of insurers who train title producers
Adverse possession - ✔✔Adverse possession allows
someone who is not the record owner of land to
become the
record owner of land by possessing it adversely (i.e.,
adverse to the true owner) for the
statutory time period. The rationale behind the rule is
to reward those who behave like
owners of real property by giving them the title to that
property, and to punish those who
do not care to assert their rights as a property owner.
Classified by the following:
-Actual
