Missouri title insurance Exam Questions and Answers |Complete Solutions
Graded A+ |100% Correct
Affirmative possession Provisions in policies by which the insurer affirmatively insured
against loos due to specific risks generally not covered by policy.
appurtenance Rights which pass the title to the land itself.
Bona Fide Purchaser A good faith purchaser who pays value and is without notice, either
actual or constructive, of a prior adverse claim.
Certificate of Title Written opinion of the status of title to a property, given by an attorney
or title company. This certificate does not offer the protection given by title insurance.
Chattel personal property
Closing Protection Letter A document issued by the Company agreeing to protect the lender
against specific losses if an approved closing attorney or agent fails to carry out the lender's
written closing instructions or embezzles the money. Sometimes called an insured closing
agreement.
collateral something pledged as security for repayment of a loan, to be forfeited in the
event of a default.
condemnation 1. Taking private property for public use, through the government's power of
eminent domain. Also called appropriation. 2. A declaration that a structure is unfit for
occupancy and must be closed or demolished.
Conservator A person appointed by a court to manage the estate of one who is unable to
manage his or her own affairs.
, conveyance 1. A document which transfers an interest in real property from one person to
another 2. The act of executing and delivering a deed or mortgage
Covenant an agreement
Decedent deceased person
Easement The right to use the land of another for a particular purpose.
enity a corporation , partnership, trust, LLC, or other similar legal entity
Escheat The transfer of title to a state authority when no eligible heirs are available.
Fee absolute Ownership without any limitations.
Fee Ownership An estate in land of inheritance without conditions, belonging to the owner.
The owner can transfer or convey it to another or leave it to his or her heirs. It is an absolute
estate in perpetuity and the largest possible estate the owner can have.
guardian One who is appointed by the court to look after the affairs of a mentally
incompetent person.
HUD The Department of Housing and Urban Development; government agency that deals
with housing issues.
Indemnity Agreement An agreement by the maker of the document to repay the addressee
of the agreement up to the limit stated for any loss due to the contingency stated on the
agreement.
Graded A+ |100% Correct
Affirmative possession Provisions in policies by which the insurer affirmatively insured
against loos due to specific risks generally not covered by policy.
appurtenance Rights which pass the title to the land itself.
Bona Fide Purchaser A good faith purchaser who pays value and is without notice, either
actual or constructive, of a prior adverse claim.
Certificate of Title Written opinion of the status of title to a property, given by an attorney
or title company. This certificate does not offer the protection given by title insurance.
Chattel personal property
Closing Protection Letter A document issued by the Company agreeing to protect the lender
against specific losses if an approved closing attorney or agent fails to carry out the lender's
written closing instructions or embezzles the money. Sometimes called an insured closing
agreement.
collateral something pledged as security for repayment of a loan, to be forfeited in the
event of a default.
condemnation 1. Taking private property for public use, through the government's power of
eminent domain. Also called appropriation. 2. A declaration that a structure is unfit for
occupancy and must be closed or demolished.
Conservator A person appointed by a court to manage the estate of one who is unable to
manage his or her own affairs.
, conveyance 1. A document which transfers an interest in real property from one person to
another 2. The act of executing and delivering a deed or mortgage
Covenant an agreement
Decedent deceased person
Easement The right to use the land of another for a particular purpose.
enity a corporation , partnership, trust, LLC, or other similar legal entity
Escheat The transfer of title to a state authority when no eligible heirs are available.
Fee absolute Ownership without any limitations.
Fee Ownership An estate in land of inheritance without conditions, belonging to the owner.
The owner can transfer or convey it to another or leave it to his or her heirs. It is an absolute
estate in perpetuity and the largest possible estate the owner can have.
guardian One who is appointed by the court to look after the affairs of a mentally
incompetent person.
HUD The Department of Housing and Urban Development; government agency that deals
with housing issues.
Indemnity Agreement An agreement by the maker of the document to repay the addressee
of the agreement up to the limit stated for any loss due to the contingency stated on the
agreement.
