Title Escrow Exam Study Guide Utah Questions With 100% Correct Answers

Title Escrow Exam Study Guide Utah Questions With 100% Correct Answers How much can you spend on a special event for a client? - answer$75 Encumbrances - answerA claim, lien, charge, or liability attached to and binding real property Solvency - answerthe possession of assets in excess of liabilities; ability to pay one's debts. Escrow - answeris the process of holding monetary funds by a title agency or bank for the purpose of offering or purchasing real property. Title Insurance - answeris the product that is purchased to protect the rights of the owner, purchaser or lien-holder in the event that that there is a defect, loss or damage, unmarketability of the title, or invalidity or unenforceability of any liens or encumbrances on the property. Who in Utah is the title and escrow industry regulated by? - answerThe Insurance Department How often in Utah do you need to renew your license? - answerEvery two years If there is a change of address or telephone number who needs to be notified? - answerThe insurance commissioner How and when do we notify the insurance commissioner of change? - answer30 days of change and in writing The___________________________ has all the powers reasonable and necessary to enable him to reform the duties imposed by hid title. - answerCommissioner How many years must an escrow officer keep recorded documents? - answer3 years Searches must be maintained for ____ years. - answer15 An annual report which contains a statement of financial condition must be filed with the ________________ _______________. - answerInsurance Department What are the three types of agent authority? - answerexpress, implied, apparent Express Authority - answerthe authority of an agent, stated in the document or agreement creating the agency