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 - ANSWER - 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 - ANSWER - D. Cumulative claims
Zoning ordinances are establish by:
A. Home builders
B. Local Government
C. Lender
D. All the above - ANSWER - B. Local government
Before a foreclosure can occur in Maryland, a notice of intent to foreclose must be sent to the
borrower:
A. 15 days before the sale
B. 30 days before the sale
,C. 45 days before the sale
D. 10 days before the sale - ANSWER - C. 45 days before the sale
An acceleration clause in a deeds of trust:
A. Allows the borrower to pay off their mortgage early without penalty
B. Does not allow the borrower to pay your mortgage off early
C. Allow the lender to demand the balance due upon default
D. None of the above - ANSWER - C. Allow the lender to demand the balance due upon default
Releasing a mortgage is the responsibility of:
A. The buyer
B. The seller
C. The mortgagee
D. The courthouse - ANSWER - C. The mortgagee
In Maryland, if a release is not available for recording, the following may be recorded in its
place:
A. Promissory note, stamped paid in full by the note holder
B. Copy of the cancelled check with an affidavit
C. All of the above
D. None of the above - ANSWER - C. All of the above
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 - ANSWER - C. A trust account
, In a foreclosure sales, all interested parties, including creditors:
A. Have a right to notice
B. Must be present at the foreclosure
C. Must execute the foreclosure deed
D. None of the above - ANSWER - A. Have a right to notice
RESPA is regulated by:
A. Frannie Mae
B. Department of housing and urban development
C. Freddie Max
D. Salle Mae - ANSWER - B. Department of housing and urban development
An owners title insurance policy covers:
A. Defects in the title
B. Marketability
C. Unpaid liens if previous owner
D. All of the above - ANSWER - D. All of the above
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
D. None of the above - ANSWER - B. The person granting the power dies
Schedule BI of a title commitment is reserved for:
Questions and Answers (Graded A)
All of the following are characteristic of an ALTA loan EXCEPT:
A. Exceptions
B. Exclusions
C. Contingencies
D. Conditions - ANSWER - 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 - ANSWER - D. Cumulative claims
Zoning ordinances are establish by:
A. Home builders
B. Local Government
C. Lender
D. All the above - ANSWER - B. Local government
Before a foreclosure can occur in Maryland, a notice of intent to foreclose must be sent to the
borrower:
A. 15 days before the sale
B. 30 days before the sale
,C. 45 days before the sale
D. 10 days before the sale - ANSWER - C. 45 days before the sale
An acceleration clause in a deeds of trust:
A. Allows the borrower to pay off their mortgage early without penalty
B. Does not allow the borrower to pay your mortgage off early
C. Allow the lender to demand the balance due upon default
D. None of the above - ANSWER - C. Allow the lender to demand the balance due upon default
Releasing a mortgage is the responsibility of:
A. The buyer
B. The seller
C. The mortgagee
D. The courthouse - ANSWER - C. The mortgagee
In Maryland, if a release is not available for recording, the following may be recorded in its
place:
A. Promissory note, stamped paid in full by the note holder
B. Copy of the cancelled check with an affidavit
C. All of the above
D. None of the above - ANSWER - C. All of the above
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 - ANSWER - C. A trust account
, In a foreclosure sales, all interested parties, including creditors:
A. Have a right to notice
B. Must be present at the foreclosure
C. Must execute the foreclosure deed
D. None of the above - ANSWER - A. Have a right to notice
RESPA is regulated by:
A. Frannie Mae
B. Department of housing and urban development
C. Freddie Max
D. Salle Mae - ANSWER - B. Department of housing and urban development
An owners title insurance policy covers:
A. Defects in the title
B. Marketability
C. Unpaid liens if previous owner
D. All of the above - ANSWER - D. All of the above
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
D. None of the above - ANSWER - B. The person granting the power dies
Schedule BI of a title commitment is reserved for:
