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Exam (elaborations)

Missouri Title Producer Exam; Questions and Answers 100% Solved

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Missouri Title Producer Exam; Questions and Answers 100% Solved Title Insurance Correct answer-An insured statement of condition of title or ownership of real property. Once Correct answer-How often can you charge for an insurance premium for title insurance? Owner's Policy Correct answer-...

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  • July 21, 2024
  • 24
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • missouri title producer exam
  • questions and answers 100 solved

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  • Title Producer
  • Title Producer

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Missouri Title Producer Exam; Questions and
Answers 100% Solved
Title Insurance Correct answer-An insured statement of condition of title or ownership of
real property.



Once Correct answer-How often can you charge for an insurance premium for title
insurance?



Owner's Policy Correct answer-A type of title insurance policy issued to the fee simple
owner of a property which provides the insured coverage over the risks described in the policy.



Commitment/Binder Correct answer-A document that must be issued before the
effective date of a policy that shows only those exceptions contained and intervening matters
after the date of the document and before the effective date of the policy.



Preliminary Report Correct answer-A report as to the condition of a title and a
commitment to issue a title insurance policy when certain conditions are met and contains the
conditions under which a policy of title insurance will be issued. Also known as a commitment
or binder.



Exceptions Correct answer-A provision in a title insurance policy binder or policy that
excludes liability for a specific title defect or an outstanding lien or encumbrance, such as
easements and restrictions.



Endorsements Correct answer-An addition or modification of a title insurance policy
which expands or changes coverage of the policy, fulfilling specific requirements of the insured.



Underwriter Correct answer-Individuals that must decide whether to issue a policy, the
appropriate premium to charge and write policies that cover these risks. They serve as the main
link between the insurance carrier and the insurance agent.

, Missouri Title Producer Exam; Questions and
Answers 100% Solved
Insurance Company Correct answer-An organization that exists to protect individuals and
entities from financial loss by assuming risk.



Encroachment Correct answer-The situation that exists when a structure is built in whole
or part on a neighbor's property.



Encumbrance Correct answer-Anything which effects or limits the fee simple title to
property, such as mortgages, easements, or restrictions which do not prevent alienation of the
fee simple title by the owner.



Requirements Correct answer-Conditions in a title insurance binder that must be met or
otherwise cleared before title can be insured and a policy can be issued.



Subrogation Correct answer-The substitution of one person in the place of another with
reference to a lawful claim or right.



Mortgagee/Grantee/Lender Correct answer-Person/entity that will receive title to a
property if the mortgagor defaults on the loan which is secured by the mortgage (or deed of
trust)



Chain of Title Correct answer-Notations of deeds, distribution from estates, certificates of
death, foreclosures, quiet title and other recorded transfers of title are included on what
document?



Closing and Settlements Correct answer-Depending on the state, this is handled by a title
company, escrow holder or attorney.



Joint Tenancy Correct answer-What kind of ownership is not passed by will?

, Missouri Title Producer Exam; Questions and
Answers 100% Solved
Escrow Correct answer-The deposit of instruments, funds and instructions to an
independent third party to carry out the provisions of an agreement.



Title Defect Correct answer-Any cloud on title, such as claim to the title by someone or
thing due to a prior lien or improper conveyance, or an inaccurate description of the property.



Chain of Title Correct answer-In many real estate transactions, insurance companies issue
title insurance based on this when it is transferred.



Transfer Tax and Recording Correct answer-This is paid by the buyer or seller each time a
property is transferred as evidenced by the Recorder of Deeds (Missouri doesn't require this
fee)



Mortgagor/Mortgagee Correct answer-Legal terms to define the borrower and secured
lender on a loan.



Construction Loan Policy Correct answer-This type of policy is issued when the property
has a loan for construction on the property.



Closing and Settlements Correct answer-The final exchange in the sale and purchase of
real estate where the title is transferred, financing documents and title insurance policies are
exchanged, and costs are paid.



Chain of Title Correct answer-A history of passing of title ownership from the present
owner back to the original owner.



Simultaneous Issue Correct answer-Issuance of multiple policies on the same property at
the same time, where the amount of issuance on the second property is less than that of the
primary policy.

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