MD PRE-LICENSING TITLE INSURANCE EXAM STUDY GUIDE QUESTIONS FULLY SOLVED & UPDATED.

MD PRE-LICENSING TITLE INSURANCE EXAM STUDY GUIDE
QUESTIONS FULLY SOLVED & UPDATED.


1) Which of the following best describes race-notice?
t t t t t t t




A. Earliest dated document has priority t t t t




B. Latest dated document has priority t t t t t




C. First to record has priorityt t t t




D. Last to record has priority -- Correct Answer ✔✔ C. First to record has
t t t t t t t t t t t t t t




priority

2) The use of the closing disclosure form in 1 - 4 family residential transactions is required
t t t t t t t t t t t t t t t t




by t




A. RESPA/TILA
B. The option of the title company
t t t t t




C. The option of the county's clerk of the court
t t t t t t t t t




D. The option of the lender -- Correct Answer ✔✔ A. RESPA/TILA
t t t t t t t t t t




3) When paying off a line of credit or an open-end deed of trust during a real estate
t t t t t t t t t t t t t t t t t




transaction, the borrower must request in writing that the line of credit or account is
t t t t t t t t t t t t t t t




closed.

A. True t




B. False -- Correct Answer ✔✔ A. True t t t t t t




4) RESPA is an acronym for
t t t t




A. Real estate and sellers procedures act
t t t t t




B. Real estate and settlement and purchase act
t t t t t t




C. Real estate settlements and procedures act
t t t t t

, D. Real estate statement for purchasers act -- Correct Answer ✔✔ C. Real estate
t t t t t t t t t t t t t




settlements and procedures act t t t




5) Generally, all of the following are included in lender's instructions EXCEPT
t t t t t t t t t t




A. Loan terms t




B. Borrower's name t




C. Property address t t




D. Employment history of borrower -- Correct Answer ✔✔ D. Employment t t t t t t t t t t




history of borrower t t




6) Real property settlements are conducted by
t t t t t




A. Licensed title producers t t




B. Licensed loan officers t t




C. Title underwriters t




D. MIA designees -- Correct Answer ✔✔ A. Licensed title producers
t t t t t t t t t




7) ALTA is an acronym for
t t t t




A. American Land Title Association t t t




B. American Loan Transfer Association t t t




C. American Loan And Title Association t t t t




D. American Land Transfer Association -- Correct Answer ✔✔ A. American Land
t t t t t t t t t t t




Title Association t




8) All of the following information is found in schedule A of a title insurance policy
t t t t t t t t t t t t t t t




EXCEPT

A. Amount of insurance t t




B. Name of insured t t




C. Legal description t




D. Exceptions -- Correct Answer ✔✔ D. Exceptions t t t t t t




9) All of the following are contained in Schedule B of a title insurance commitment
t t t t t t t t t t t t t t




EXCEPT

, A. Requirements
B. Exceptions from coverage t t




C. Legal description t




D. Open mortgages -- Correct Answer ✔✔ C. Legal description
t t t t t t t t




10) Schedule BI of a title commitment is reserved for
t t t t t t t t




A. Exceptions to coverage t t




B. Requirements
C. Legal descriptions t




D. Endorsements to coverage -- Correct Answer ✔✔ B. Requirements t t t t t t t t




11) Attorneys licensed to practice before the Court of Appeal in Maryland are required to
t t t t t t t t t t t t t t




do the following to conduct real property settlements
t t t t t t t




A. Obtain a license from the MIA t t t t t




B. Take the pre-licensing course
t t t




C. Take the pre-licensing exam
t t t




D. Take a 30 hour self-study course -- Correct Answer ✔✔ A. Obtain a license
t t t t t t t t t t t t t t




from the MIA t t




12) A title insurance settlement officer represents
t t t t t




A. The title insurance company or underwriter
t t t t t




B. The borrower t




C. The lender t




D. The seller -- Correct Answer ✔✔ A. The title insurance company or
t t t t t t t t t t t t




underwriter

13) A HUD-1 settlement statement shows all of the following EXCEPT
t t t t t t t t t




A. Mortgage payments and due dates t t t t




B. Receipts and disbursements t t




C. Buyer and seller t t




D. Property address -- Correct Answer ✔✔ A. Mortgage payments and due dates
t t t t t t t t t t t