MI Title Exam Practice Test Questions With All Complete And Verified Solutions.

A title insurance company or a title insurance agent may perform all of the following except: a)solicit title insurance applications for a policy b)provide settlement services c)pay part of their fees to a real estate agent d) search county records - correct answersC The following is true of an appurtenant easement. a) It runs with the land. b) It expires when the property is conveyed. c) It is personal in nature. d) It is prescriptive. - correct answersA An Owner's Policy does insure: a) the mortgage is the first lien b) the house and land are worth the purchase price c) there is a right of access to and from the real estate d) that taxes will not increase - correct answersC An Owner's Policy excludes from coverage: a)the rights of heirs of the former owner b)rights of the government to appropriate land for a highway c)second mortgages d)appurtenant easements - correct answersB A Loan Policy does not insure the lender that: a) the mortgage note was signed b) the mortgage was recorded c) the mortgage debt will be paid by the borrowers d) there is access to the property - correct answersC A Loan Policy does not insure the lender that: a) there are not other liens except those shown on Schedule B b) that future real estate taxes will be promptly paid c) the borrower is the-record owner of the property d) the mortgage note was properly signed - correct answersB Which of the following normally will not concern a title agent when examining a survey: a) the date of the survey b) the surveyor's signature c) the type of construction (brick, frame, etc.) d) the location of the garage - correct answersC A property owner whose boundary line is a non-navigable stream: a) owns the edge of the stream b) owns to the 100 year high-water mark c) owns to the middle of the stream d) owns the entire stream bed in trust for the public - correct answersC An easement in gross is: a) the same as an easement appurtenant b) attached to a dominant estate c) inheritable d) a personal right - correct answersD A Title Policy may not be issued to: a) an owner b) a lender c) a land contract vendee d) a non-secured creditor - correct answersD A title agent receives a letter from an attorney stating that "his client is insured under the agent's title policy" and there may be a claim. The agent should: a) ignore the letter since it is not a definite claim b) try to negotiate the claim himself c) forward the letter to his underwriter d) write a threatening letter to the claimant on behalf of the insured - correct answersC A system describing real estate that uses feet, degrees and a point of beginning is: a) rectangular survey b) metes and bounds c) government survey d) recorded plat of subdivision - correct answersB How many sections are in a township? a) 24 b) 30 c) 36 d) 32 - correct answersC How long is a chain? a) 60 feet b) 66 feet c)100 feet d) 120 feet - correct answersB A standard sections contains approximately: a) 640 acres b) 600 acres c) 660 acres d) 680 acres - correct answersA This party to the transaction is liable for state transfer tax: a) buyer b) seller c) realtor d) agent - correct answersB The present system of surveying is known as: a) The American System b) The Metes & Bounds System c) The Western System d) The Rectangular System - correct answersD Range lines are: a) 6 miles apart b) 1 mile apart c) 36 miles apart d) none of the above - correct answersA A "Base Line" runs: a) North and South b) East and West c) same direction as a principal Meridian d) from the Atlantic to the Pacific - correct answersB A loan policy of title insurance insures: a) the legal enforceability of each provision of the insured mortgage b) that the borrower cannot legally contest the validity of the insured mortgage c) the validity and priority of the lien of the insured mortgage d) that the insured mortgage is not in default as of the date of the policy - correct answersC Matters listed in Schedule B of a title insurance policy: a) are risks specifically covered by the policy b) are matters specifically excepted from coverage c) modify the conditions of the policy d) must refer only to items appearing in the public record - correct answersB After a claim has been paid and insured made whole, the right of subrogation provided in the policy is vested in: a) the insurance company b) the insured claimant c) the party who caused the claim to occur d) three years after the claim has been paid - correct answersA Under the terms of an Owner's Policy of title insurance the insurer is obligated to pay: a) only the cost of defending the insured's title b) only for an insured's substantive loss up to the amount of the policy c) for the insured's substantive loss up to the amount of the policy plus the costs of defending the title d) only up to the amount of the policy for both defense costs and substantive loss - correct answersC A personal representative is appointed by which of the following? a) termination of joint tenancy b) domiciliary letters c) letters of trust d) letters of authority - correct answersD To release a mortgage of record a satisfaction is executed by the: a) mortgagor b) mortgagee c) witnesses to the mortgage d) register of deeds - correct answersB A properly executed satisfaction of mortgage must: a) identify the mortgage being satisfied.