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
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 - ANSWER - 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
D. The abstracor - ANSWER - 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 - ANSWER - A. Tenants in common
, 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
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:
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