Missouri Title Insurance Certification Exam Questions and Answers |Complete Solutions
Graded A+ |100% Correct
Certificate of Title A written opinion by an attorney that ownership of the parcel of land is as
stated in the certificate.
Affirmative Coverage Provisions in a policy by which the insurer insures against loss due to
specific risks generally not covered by policies.
E.g. Violation of usury, truth-in-lending statutes, or restrictive covenants
Beneficiary Deed Conveys real property to a beneficiary upon owners death
Quit Claim Deed A deed without either expressed or implied warranties . It conveys
whatever interest, right, or title the grantor has in the property, if any, to the grantee/heirs.
Warranty Deed A deed in which the grantor guarantees to the grantee that the grantor has
title to the property conveyed in the deed, that there are no encumbrances on the property
other than what the grantor has represented, and that the grantee will enjoy quiet possession
of the property; The grantor agrees to defend against lawful claims.
Abstract of Title A summary of public records relating to a particular tract of land.
Title Plant The storage facility which holds and stores the complete title records of a county
which encompasses the last 45 years.
Title Insurance Premiums Title insurers must file their rate schedule 30 days prior to their
effective date. The form is often referred to as the Risk Rate Schedule.
Premiums are to be completed per $100 of liability issued.
,Statute requires a notice be given to a purchaser that is not requesting an OP on any
commitment issued for a LP. At the time the commit. is issued, the title co. must deliver a
written notice informing buyer they will not receive any protections and they'll have an option
to purchase title insurance at any point within 60 days of closing. Notice must be maintained
for 15 yrs.
If an agency contract is terminated by an insurer, the insurer must notify the Director of the
Department of insurance within 7 days providing the reasons.
Retention of Records-Policies issued files must be maintained during the duration of the
policy term plus 2 years.
Retention of Records-Declined Insurance Coverage files must be maintained for 3 years.
Retention of Records-Complaints Must maintain a log of all complaints received for a period
of at least 3 years.
Retention of Records-Claims files must be maintained for 3 years after the claim was closed.
Retention of Records Records and response to any DIFP inquiry must be provided to the
DIFP examiner within 10 calendar days of the request
These must be kept on file/record for 3 years Complaints, Claims, and Declined Insurance
Coverage
Retention of Records-Search and Examination file must be maintained for at least 10 years
after the policy has been issued
Standards of Conduct-Annual On-Site Review Each title insurer shall conduct an on-site
review of the underwriting,claims, and escrow practices of each of its title agents at least once
, per year. Records of this audit must be provided to director after review and maintained for at
least 4 years.
State Judgement Liens are lienable against real property for 10 years from date of
judgement.
Federal Judgement Liens are lienable against real property for 20 years from date of
judgement.
Internal Revenue Liens are good for 10 years from date of recording
State Tax Liens are good for 10 years from date of recording.
Mechanic's Lien You have 6 months to file this followed by 6 months to enforce. Action to
foreclose shall be brought within 1 year from the time of filing.
Director-Powers and Duties Any rules issued by them may not conflict with state laws and
must be given a public hearing at least 15 days prior to the adoption of said rules.
Any finding in the adopted report may be appealed within 30 days with a hearing in front of
the director.
Director-Cease and Desist Orders The penalty for willful violation of cease and desist orders
is a fine up to $100,000 and/or up to an imprisonment of 10 years.
Funds held in escrow must be deposited into a separate trust account no later than the 2nd
business day after receipt
What does USPLS stand for? United States Public Land Survey
Graded A+ |100% Correct
Certificate of Title A written opinion by an attorney that ownership of the parcel of land is as
stated in the certificate.
Affirmative Coverage Provisions in a policy by which the insurer insures against loss due to
specific risks generally not covered by policies.
E.g. Violation of usury, truth-in-lending statutes, or restrictive covenants
Beneficiary Deed Conveys real property to a beneficiary upon owners death
Quit Claim Deed A deed without either expressed or implied warranties . It conveys
whatever interest, right, or title the grantor has in the property, if any, to the grantee/heirs.
Warranty Deed A deed in which the grantor guarantees to the grantee that the grantor has
title to the property conveyed in the deed, that there are no encumbrances on the property
other than what the grantor has represented, and that the grantee will enjoy quiet possession
of the property; The grantor agrees to defend against lawful claims.
Abstract of Title A summary of public records relating to a particular tract of land.
Title Plant The storage facility which holds and stores the complete title records of a county
which encompasses the last 45 years.
Title Insurance Premiums Title insurers must file their rate schedule 30 days prior to their
effective date. The form is often referred to as the Risk Rate Schedule.
Premiums are to be completed per $100 of liability issued.
,Statute requires a notice be given to a purchaser that is not requesting an OP on any
commitment issued for a LP. At the time the commit. is issued, the title co. must deliver a
written notice informing buyer they will not receive any protections and they'll have an option
to purchase title insurance at any point within 60 days of closing. Notice must be maintained
for 15 yrs.
If an agency contract is terminated by an insurer, the insurer must notify the Director of the
Department of insurance within 7 days providing the reasons.
Retention of Records-Policies issued files must be maintained during the duration of the
policy term plus 2 years.
Retention of Records-Declined Insurance Coverage files must be maintained for 3 years.
Retention of Records-Complaints Must maintain a log of all complaints received for a period
of at least 3 years.
Retention of Records-Claims files must be maintained for 3 years after the claim was closed.
Retention of Records Records and response to any DIFP inquiry must be provided to the
DIFP examiner within 10 calendar days of the request
These must be kept on file/record for 3 years Complaints, Claims, and Declined Insurance
Coverage
Retention of Records-Search and Examination file must be maintained for at least 10 years
after the policy has been issued
Standards of Conduct-Annual On-Site Review Each title insurer shall conduct an on-site
review of the underwriting,claims, and escrow practices of each of its title agents at least once
, per year. Records of this audit must be provided to director after review and maintained for at
least 4 years.
State Judgement Liens are lienable against real property for 10 years from date of
judgement.
Federal Judgement Liens are lienable against real property for 20 years from date of
judgement.
Internal Revenue Liens are good for 10 years from date of recording
State Tax Liens are good for 10 years from date of recording.
Mechanic's Lien You have 6 months to file this followed by 6 months to enforce. Action to
foreclose shall be brought within 1 year from the time of filing.
Director-Powers and Duties Any rules issued by them may not conflict with state laws and
must be given a public hearing at least 15 days prior to the adoption of said rules.
Any finding in the adopted report may be appealed within 30 days with a hearing in front of
the director.
Director-Cease and Desist Orders The penalty for willful violation of cease and desist orders
is a fine up to $100,000 and/or up to an imprisonment of 10 years.
Funds held in escrow must be deposited into a separate trust account no later than the 2nd
business day after receipt
What does USPLS stand for? United States Public Land Survey
