TITLE INSURANCE LICENSING EXAM
TITLE INSURANCE LICENSING EXAM QUESTIONS
AND ANSWERS GRADED A+
All of the following are characteristic of an ALTA loan EXCEPT:
A. Exceptions
B. Exclusions
C. Contingencies
D. Conditions ANS >> C. Contingencies
The policy limit noted in a title insurance policy applies to:
A. Each defect
B. Each claim
C. Per year
D. Cumulative claims ANS >> D. Cumulative claims
,TITLE INSURANCE LICENSING EXAM
Zoning ordinances are establish by:
A. Home builders
B. Local Government
C. Lender
D. All the above ANS >> B. Local government
A good faith estimate must be given to a purchaser of real property
within:
A. 5 days of receiving a loan application
B. 4 days of receiving a loan application
C. 3 days of receiving a loan application
D. 2 days of receiving a loan application ANS >> C. 3 days of reviewing a
loan application
The HUD-1 Settlement Statement is generally prepared by:
A. The real estate agent
B. The lender
C. The title company
,TITLE INSURANCE LICENSING EXAM
D. The abstractor ANS >> C. The title company
If a joint tenant sells their interest in a property, the tenancy becomes:
A. Tenants in common
B. Sole owner
C. Life estate tenant
D. All of the above ANS >> A. Tenants in common
In Maryland, funds received by title companies form a sales transaction
must be deposited into:
A. An operating account
B. An IOLTA account
C. A trust account
D. A general account ANS >> C. A trust account
A power of attorney ceases when:
A. The power of attorney is revoked
B. The person granting the power dies
C. All of the above
, TITLE INSURANCE LICENSING EXAM
D. None of the above ANS >> B. The person granting the power dies
Schedule BI of a title commitment is reserved for:
A. Exceptions from coverage
B. Requirements
C. The legal description
D. Endorsements to coverage ANS >> B. Requirements
To provide notice that a mortgage has been paid off, a satisfaction must
be:
A. Recorded
B. Mailed to the borrowers
C. All of the above
D. None of the above ANS >> C. All of the above
Releasing a mortgage is the responsibility of:
A. The buyer
B. The seller
C. The mortgagee
TITLE INSURANCE LICENSING EXAM QUESTIONS
AND ANSWERS GRADED A+
All of the following are characteristic of an ALTA loan EXCEPT:
A. Exceptions
B. Exclusions
C. Contingencies
D. Conditions ANS >> C. Contingencies
The policy limit noted in a title insurance policy applies to:
A. Each defect
B. Each claim
C. Per year
D. Cumulative claims ANS >> D. Cumulative claims
,TITLE INSURANCE LICENSING EXAM
Zoning ordinances are establish by:
A. Home builders
B. Local Government
C. Lender
D. All the above ANS >> B. Local government
A good faith estimate must be given to a purchaser of real property
within:
A. 5 days of receiving a loan application
B. 4 days of receiving a loan application
C. 3 days of receiving a loan application
D. 2 days of receiving a loan application ANS >> C. 3 days of reviewing a
loan application
The HUD-1 Settlement Statement is generally prepared by:
A. The real estate agent
B. The lender
C. The title company
,TITLE INSURANCE LICENSING EXAM
D. The abstractor ANS >> C. The title company
If a joint tenant sells their interest in a property, the tenancy becomes:
A. Tenants in common
B. Sole owner
C. Life estate tenant
D. All of the above ANS >> A. Tenants in common
In Maryland, funds received by title companies form a sales transaction
must be deposited into:
A. An operating account
B. An IOLTA account
C. A trust account
D. A general account ANS >> C. A trust account
A power of attorney ceases when:
A. The power of attorney is revoked
B. The person granting the power dies
C. All of the above
, TITLE INSURANCE LICENSING EXAM
D. None of the above ANS >> B. The person granting the power dies
Schedule BI of a title commitment is reserved for:
A. Exceptions from coverage
B. Requirements
C. The legal description
D. Endorsements to coverage ANS >> B. Requirements
To provide notice that a mortgage has been paid off, a satisfaction must
be:
A. Recorded
B. Mailed to the borrowers
C. All of the above
D. None of the above ANS >> C. All of the above
Releasing a mortgage is the responsibility of:
A. The buyer
B. The seller
C. The mortgagee
