FL Title Exam With Complete Correct
Answers
The fPurpose fof fthe fNotice fto fPurchaser-Mortgagor fis fto: f- fCORRECT✅✅Tell fthem
fthe floan fpolicy fdoes fnot fprotect fthem fas fan fowner
Rate fthe fminimum ftitle fpremium ffor fa f$10,000 fowner's ftitle fpolicy f-
fCORRECT✅✅$100
What fis fthe fminimum frisk frate fpremium fthat fcan fbe fcharged ffor fan fowners fpolicy? f-
fCORRECT✅✅$100
An fowners fpolicy fmust fbe fissued ffor fa ffull finsurable fvalue fof: f- fCORRECT✅✅The
fpremises
What fis fthe fminimum frisk fpremium fthat fmay fbe fcharged ffor fa fmortgage ftitle fpolicy? f-
fCORRECT✅✅$100
A fmortgage ftitle finsurance fmay fNOT fbe fissued ffor fless fthan fthe: f-
fCORRECT✅✅Full fprincipal fdebt
what fis fthe fmaximum fpercentage fabove fthe ffull floan famoun ft ffor fwhich fa fmortgagee
ftitle fpolicy fmay fbe fissued, fwithout fan fadditional finterest for fshared fappreciated
fendorsement? f- fCORRECT✅✅25%
what fis fthe freissue frisk fpremium ffor fa f$25,000 fowner fpolicy? f- fCORRECT✅✅$100
The fminimum frisk frate fpremium ffor fsimultaneous fissue floan fpolicy fshall fbe: f-
fCORRECT✅✅$25
On fa fsimultaneous fissue ftransaction, fthe frisk fpremium fon fthe famount fof fthe floan
fpolicy fin fexcess fof fthe fowners fpolicy fshall fbe ffigured fout fat: f-
fCORRECT✅✅regular foriginal ftitle finsurance frates ffor fmortgage fpolicies
the fminimum fretention fof ftitle fpremium fby ftitle finsurers fis: f- fCORRECT✅✅30%
required fretention fof ftitle fpremium ffunds fmust fbe fremitted fto fthe finsurer fby fthe fagent
fat fleast: f- fCORRECT✅✅monthly
Until fthe frequired fretention fof ffunds fare fremitted fto fthe finsurer fby fagent, fsuch ffunds
fare fconsidered: f- fCORRECT✅✅collected ffunds
,Which fis fNOT fa fcategory fof fendorsement fand faffirmative ftype fcoverage fprovided ffor
fin f69O-186.005(7)(a) f- fCORRECT✅✅Regulated fEndorsements fand for faffirmative
ftypes fcoverages
what fendorsement fcan fNOT fbe fissued fwithout fapproval ffrom fthe fdepartment f(OIR)? f-
fCORRECT✅✅Florida fForm f9
The frisk frate fpremium ffor fflorida fform f9 fendorsement fshall fbe: f- fCORRECT✅✅10%
fof ftotal fpolicy fpremium
risk frate fpremium ffor fNavigational fservitude fendorsement fshall fbe: f-
fCORRECT✅✅10% fof ftotal fpolicy fpremium
title finsurance fis flimited fto f: f- fCORRECT✅✅coverage fof freal fproperty
Individual fescrow frecords ffor feach ftransaction, fin fwhich fdeposits fand fdisbursements
fare fmade, fmust fbe fmaintained fby fthe ftitle finsurance fagent ffor fwhat ftime fperiod? f-
fCORRECT✅✅3 fyears
Monthly fescrow faccount freconciliation frecords fmust fbe fmaintained ffor: f-
fCORRECT✅✅5 fyears
To fqualify ffor ftitle fagent flicensure, fwhich fof fthe ffollowing fdo fnot fapply? f-
fCORRECT✅✅you fmust fbe fcurrently femployed fwithin fthe ftitle finsurance findustry.
the fstatutory fdefinition fof fa ftitle finsurance fagent fis fsomeone fwho: f- fCORRECT✅✅is
fappointed fin fwriting fby fan ftitle finsurer fto fissue fand fcounter fsign fcommitments fand
fpolicies fof ftitle finsurance fon fbehalf fof fthe finsurer.
when fappointing fan fagency fto fthe fdepartment, fthe finsurer fmust fcertify fthat fthe
fagency fhas fall fof fthe ffollowing f- fCORRECT✅✅1.surety fbond fin fthe fminimum
famount fof f$35,000
2.fidelity fbond fin fthe fminimum famount fof f$50,000
3.errors fand fomissions finsurance fin fthe fminimum famount fof f$250,000 fper fclaim fand
fmax fdeductible fof f$10,000
Title fInsurance fagency fwith fone fmain foffice fand ftwo fbranches fthat fconduct fdaily
factivities frequiring ftitle fagent flicensure fshould fhave fa fminimum fof fhow fmany flicensed
fagents? f- fCORRECT✅✅3, fone fper foffice
once fa ftitle fagents fappointment fhas fexpired/been fterminated, fif fnot freappointed
fwithin_____ fyears, fan fapplication fis frequired ffor fqualification ffor fnew flicense f-
fCORRECT✅✅4
for flicenses fwhich fhave fbeen fsuspended, fsuch fperiod fshall fnot fexceed? f-
fCORRECT✅✅1 fyear
, for flicenses fwhich fhave fbeen frevoked, fsuch fperiod fshall fnot fexceed? f-
fCORRECT✅✅2 fyears
Closing fdefinition fincludes: f- fCORRECT✅✅1.preparing fdocuments fnecessary fto
fclose ftransaction
2. fconducting fclosing
3. fhandling fdisbursement fof ffunds frelated fto fthe fclosing
Primary ftitle fservices fincludes: f- fCORRECT✅✅1. fdetermining finsurability fin
fcompliance fwith fsound funderwriting fpractices fbased fupon fevaluation fof fa freasonable
ftitle fsearch f
2.determining fand fclearance fof funderwriting fobjections fand frequirements fto feliminate
frisk
3.preparation fand fissuance fof fa ftitle finsurance fcommitment fand fpolicies
F.S. f627.782(1) fstates fon. fRESPA frelated ftransactions, f_______ fattributable fto
fproviding fa fprimary ftitle fservice fshall fbe fpaid for fretained fby fany fperson fwho fdoes
fnot factually fperform fservice. f- fCORRECT✅✅No fportion fof fpremium
preparing fdocuments for fconducting fclosings fNOT fincident fto fthe fissuance fof ftitle
finsurance: f- fCORRECT✅✅is fconsidered fthe funauthorized fpractice fof flaw
the fstatutory fdefinition fof fthe fGAP fexception fis fthe fperiod fbetween fthe feffective fdate
fof fcommitment fand fthe fdate: f- fCORRECT✅✅of frecording fthe fvesting finstrument
evidence fof fthe fdetermination fof finsurability fand freasonable ftitle fsearch fmust fbe
fmaintained ffor f___ fyears fafter fthe fcommitment for fpolicy fis fissued. f-
fCORRECT✅✅7
title finsurer for fits fappointed fagent/cy fmust fmaintain fa frecord fof factual fpremium
fcharged ffor fissuance fof ftitle fpolicies fand fendorsements ffor fat fleast f____ fyears? f-
fCORRECT✅✅7
a ftitle finsurance fpolicy fmay fnot fbe fissued ffrom fa fsearch fperformed fby fany fperson
fother fthan fa ftitle finsurance fagent, for fan femployee fof fa ftitle finsurance fagency, funless
fthat fperson fhas: f- fCORRECT✅✅errors fand fomissions finsurance fwith fminimum
fcoverage flimits fof f$25,000 fand fmax fdeductible fof f$10,000
Section f8 fof fRESPA fpermits fa fpayment fby fa ftitle fcompany fto fits fduly fappointed
fagent ffor: f- fCORRECT✅✅services factually fperformed fby fagent fin fissuance fof ftitle
fpolicy
when fa fperson fin fa fposition fto frefer fsettlement fservice fbusiness freceives fpayment ffor
fproviding fadditional fservices fas fpart fof fa freal festate ftransaction, fsuch fpayments ffor
fservices fthat fas fall: f- fCORRECT✅✅1. factua
Answers
The fPurpose fof fthe fNotice fto fPurchaser-Mortgagor fis fto: f- fCORRECT✅✅Tell fthem
fthe floan fpolicy fdoes fnot fprotect fthem fas fan fowner
Rate fthe fminimum ftitle fpremium ffor fa f$10,000 fowner's ftitle fpolicy f-
fCORRECT✅✅$100
What fis fthe fminimum frisk frate fpremium fthat fcan fbe fcharged ffor fan fowners fpolicy? f-
fCORRECT✅✅$100
An fowners fpolicy fmust fbe fissued ffor fa ffull finsurable fvalue fof: f- fCORRECT✅✅The
fpremises
What fis fthe fminimum frisk fpremium fthat fmay fbe fcharged ffor fa fmortgage ftitle fpolicy? f-
fCORRECT✅✅$100
A fmortgage ftitle finsurance fmay fNOT fbe fissued ffor fless fthan fthe: f-
fCORRECT✅✅Full fprincipal fdebt
what fis fthe fmaximum fpercentage fabove fthe ffull floan famoun ft ffor fwhich fa fmortgagee
ftitle fpolicy fmay fbe fissued, fwithout fan fadditional finterest for fshared fappreciated
fendorsement? f- fCORRECT✅✅25%
what fis fthe freissue frisk fpremium ffor fa f$25,000 fowner fpolicy? f- fCORRECT✅✅$100
The fminimum frisk frate fpremium ffor fsimultaneous fissue floan fpolicy fshall fbe: f-
fCORRECT✅✅$25
On fa fsimultaneous fissue ftransaction, fthe frisk fpremium fon fthe famount fof fthe floan
fpolicy fin fexcess fof fthe fowners fpolicy fshall fbe ffigured fout fat: f-
fCORRECT✅✅regular foriginal ftitle finsurance frates ffor fmortgage fpolicies
the fminimum fretention fof ftitle fpremium fby ftitle finsurers fis: f- fCORRECT✅✅30%
required fretention fof ftitle fpremium ffunds fmust fbe fremitted fto fthe finsurer fby fthe fagent
fat fleast: f- fCORRECT✅✅monthly
Until fthe frequired fretention fof ffunds fare fremitted fto fthe finsurer fby fagent, fsuch ffunds
fare fconsidered: f- fCORRECT✅✅collected ffunds
,Which fis fNOT fa fcategory fof fendorsement fand faffirmative ftype fcoverage fprovided ffor
fin f69O-186.005(7)(a) f- fCORRECT✅✅Regulated fEndorsements fand for faffirmative
ftypes fcoverages
what fendorsement fcan fNOT fbe fissued fwithout fapproval ffrom fthe fdepartment f(OIR)? f-
fCORRECT✅✅Florida fForm f9
The frisk frate fpremium ffor fflorida fform f9 fendorsement fshall fbe: f- fCORRECT✅✅10%
fof ftotal fpolicy fpremium
risk frate fpremium ffor fNavigational fservitude fendorsement fshall fbe: f-
fCORRECT✅✅10% fof ftotal fpolicy fpremium
title finsurance fis flimited fto f: f- fCORRECT✅✅coverage fof freal fproperty
Individual fescrow frecords ffor feach ftransaction, fin fwhich fdeposits fand fdisbursements
fare fmade, fmust fbe fmaintained fby fthe ftitle finsurance fagent ffor fwhat ftime fperiod? f-
fCORRECT✅✅3 fyears
Monthly fescrow faccount freconciliation frecords fmust fbe fmaintained ffor: f-
fCORRECT✅✅5 fyears
To fqualify ffor ftitle fagent flicensure, fwhich fof fthe ffollowing fdo fnot fapply? f-
fCORRECT✅✅you fmust fbe fcurrently femployed fwithin fthe ftitle finsurance findustry.
the fstatutory fdefinition fof fa ftitle finsurance fagent fis fsomeone fwho: f- fCORRECT✅✅is
fappointed fin fwriting fby fan ftitle finsurer fto fissue fand fcounter fsign fcommitments fand
fpolicies fof ftitle finsurance fon fbehalf fof fthe finsurer.
when fappointing fan fagency fto fthe fdepartment, fthe finsurer fmust fcertify fthat fthe
fagency fhas fall fof fthe ffollowing f- fCORRECT✅✅1.surety fbond fin fthe fminimum
famount fof f$35,000
2.fidelity fbond fin fthe fminimum famount fof f$50,000
3.errors fand fomissions finsurance fin fthe fminimum famount fof f$250,000 fper fclaim fand
fmax fdeductible fof f$10,000
Title fInsurance fagency fwith fone fmain foffice fand ftwo fbranches fthat fconduct fdaily
factivities frequiring ftitle fagent flicensure fshould fhave fa fminimum fof fhow fmany flicensed
fagents? f- fCORRECT✅✅3, fone fper foffice
once fa ftitle fagents fappointment fhas fexpired/been fterminated, fif fnot freappointed
fwithin_____ fyears, fan fapplication fis frequired ffor fqualification ffor fnew flicense f-
fCORRECT✅✅4
for flicenses fwhich fhave fbeen fsuspended, fsuch fperiod fshall fnot fexceed? f-
fCORRECT✅✅1 fyear
, for flicenses fwhich fhave fbeen frevoked, fsuch fperiod fshall fnot fexceed? f-
fCORRECT✅✅2 fyears
Closing fdefinition fincludes: f- fCORRECT✅✅1.preparing fdocuments fnecessary fto
fclose ftransaction
2. fconducting fclosing
3. fhandling fdisbursement fof ffunds frelated fto fthe fclosing
Primary ftitle fservices fincludes: f- fCORRECT✅✅1. fdetermining finsurability fin
fcompliance fwith fsound funderwriting fpractices fbased fupon fevaluation fof fa freasonable
ftitle fsearch f
2.determining fand fclearance fof funderwriting fobjections fand frequirements fto feliminate
frisk
3.preparation fand fissuance fof fa ftitle finsurance fcommitment fand fpolicies
F.S. f627.782(1) fstates fon. fRESPA frelated ftransactions, f_______ fattributable fto
fproviding fa fprimary ftitle fservice fshall fbe fpaid for fretained fby fany fperson fwho fdoes
fnot factually fperform fservice. f- fCORRECT✅✅No fportion fof fpremium
preparing fdocuments for fconducting fclosings fNOT fincident fto fthe fissuance fof ftitle
finsurance: f- fCORRECT✅✅is fconsidered fthe funauthorized fpractice fof flaw
the fstatutory fdefinition fof fthe fGAP fexception fis fthe fperiod fbetween fthe feffective fdate
fof fcommitment fand fthe fdate: f- fCORRECT✅✅of frecording fthe fvesting finstrument
evidence fof fthe fdetermination fof finsurability fand freasonable ftitle fsearch fmust fbe
fmaintained ffor f___ fyears fafter fthe fcommitment for fpolicy fis fissued. f-
fCORRECT✅✅7
title finsurer for fits fappointed fagent/cy fmust fmaintain fa frecord fof factual fpremium
fcharged ffor fissuance fof ftitle fpolicies fand fendorsements ffor fat fleast f____ fyears? f-
fCORRECT✅✅7
a ftitle finsurance fpolicy fmay fnot fbe fissued ffrom fa fsearch fperformed fby fany fperson
fother fthan fa ftitle finsurance fagent, for fan femployee fof fa ftitle finsurance fagency, funless
fthat fperson fhas: f- fCORRECT✅✅errors fand fomissions finsurance fwith fminimum
fcoverage flimits fof f$25,000 fand fmax fdeductible fof f$10,000
Section f8 fof fRESPA fpermits fa fpayment fby fa ftitle fcompany fto fits fduly fappointed
fagent ffor: f- fCORRECT✅✅services factually fperformed fby fagent fin fissuance fof ftitle
fpolicy
when fa fperson fin fa fposition fto frefer fsettlement fservice fbusiness freceives fpayment ffor
fproviding fadditional fservices fas fpart fof fa freal festate ftransaction, fsuch fpayments ffor
fservices fthat fas fall: f- fCORRECT✅✅1. factua
