Exam (elaborations)
FL Title exam (1)
Exam of 16 pages for the course NY Life, Accident, and Health Insurance Agent/Brok at NY Life, Accident, and Health Insurance Agent/Brok (FL Title exam (1))
[Show more]
Seller
Follow
Content preview
FL Title examThe Purpose of the Noltice to Purchaser-Mortgagor is to: - ANS-Tell them the loan policy does
not protect them as an owner
Rate the minimum title premium for a $10,000 owner's title policy - ANS-$100
What is the minimum risk rate premium that can be charged for an owners policy? - ANS-$100
An owners policy must be issued for a full insurable value of: - ANS-The premises
What is the minimum risk premium that may be charged for a mortgage title policy? - ANS-$100
A mortgage title insurance may NOT be issued for less than the: - ANS-Full principal debt
what is the maximum percentage above the full loan amoun t for which a mortgagee title policy
may be issued, without an additional interest or shared appreciated endorsement? - ANS-25%
what is the reissue risk premium for a $25,000 owner policy? - ANS-$100
The minimum risk rate premium for simultaneous issue loan policy shall be: - ANS-$25
On a simultaneous issue transaction, the risk premium on the amount of the loan policy in
excess of the owners policy shall be figured out at: - ANS-regular original title insurance rates
for mortgage policies
the minimum retention of title premium by title insurers is: - ANS-30%
required retention of title premium funds must be remitted to the insurer by the agent at least: -
ANS-monthly
Until the required retention of funds are remitted to the insurer by agent, such funds are
considered: - ANS-collected funds
Which is NOT a category of endorsement and affirmative type coverage provided for in
69O-186.005(7)(a) - ANS-Regulated Endorsements and or affirmative types coverages
what endorsement can NOT be issued without approval from the department (OIR)? -
ANS-Florida Form 9
The risk rate premium for florida form 9 endorsement shall be: - ANS-10% of total policy
premium
,risk rate premium for Navigational servitude endorsement shall be: - ANS-10% of total policy
premium
title insurance is limited to : - ANS-coverage of real property
Individual escrow records for each transaction, in which deposits and disbursements are made,
must be maintained by the title insurance agent for what time period? - ANS-3 years
Monthly escrow account reconciliation records must be maintained for: - ANS-5 years
To qualify for title agent licensure, which of the following do not apply? - ANS-you must be
currently employed within the title insurance industry.
the statutory definition of a title insurance agent is someone who: - ANS-is appointed in writing
by an title insurer to issue and counter sign commitments and policies of title insurance on
behalf of the insurer.
when appointing an agency to the department, the insurer must certify that the agency has all of
the following - ANS-1.surety bond in the minimum amount of $35,000
2.fidelity bond in the minimum amount of $50,000
3.errors and omissions insurance in the minimum amount of $250,000 per claim and max
deductible of $10,000
Title Insurance agency with one main office and two branches that conduct daily activities
requiring title agent licensure should have a minimum of how many licensed agents? - ANS-3,
one per office
once a title agents appointment has expired/been terminated, if not reappointed within_____
years, an application is required for qualification for new license - ANS-4
for licenses which have been suspended, such period shall not exceed? - ANS-1 year
for licenses which have been revoked, such period shall not exceed? - ANS-2 years
Closing definition includes: - ANS-1.preparing documents necessary to close transaction
2. conducting closing
3. handling disbursement of funds related to the closing
Primary title services includes: - ANS-1. determining insurability in compliance with sound
underwriting practices based upon evaluation of a reasonable title search
2.determining and clearance of underwriting objections and requirements to eliminate risk
3.preparation and issuance of a title insurance commitment and policies
, F.S. 627.782(1) states on. RESPA related transactions, _______ attributable to providing a
primary title service shall be paid or retained by any person who does not actually perform
service. - ANS-No portion of premium
preparing documents or conducting closings NOT incident to the issuance of title insurance: -
ANS-is considered the unauthorized practice of law
the statutory definition of the GAP exception is the period between the effective date of
commitment and the date: - ANS-of recording the vesting instrument
evidence of the determination of insurability and reasonable title search must be maintained for
___ years after the commitment or policy is issued. - ANS-7
title insurer or its appointed agent/cy must maintain a record of actual premium charged for
issuance of title policies and endorsements for at least ____ years? - ANS-7
a title insurance policy may not be issued from a search performed by any person other than a
title insurance agent, or an employee of a title insurance agency, unless that person has: -
ANS-errors and omissions insurance with minimum coverage limits of $25,000 and max
deductible of $10,000
Section 8 of RESPA permits a payment by a title company to its duly appointed agent for: -
ANS-services actually performed by agent in issuance of title policy
when a person in a position to refer settlement service business receives payment for providing
additional services as part of a real estate transaction, such payments for services that as all: -
ANS-1. actua
2.necessary
3. distinct from primary services provided
Under RESPA many of the complaints about sham affiliated business arrangements include that
new entities: - ANS-perform little, if any, real estate services
For RESPA transactions involving affiliated business arrangement, the affiliated business
disclosure must be given to consumer: - ANS-in conjunction with issuance of final policies
Under RESPA, disclosure of an affiliated business arrangement must: - ANS-1.be in writing, not
require use of referred providers
2.disclose the nature of a relationship b/w provider and person making referral
3.explain ownership and financial interest of such arrangement
4.provide an estimate or range of charges of provider
RESP section 8(a) specifically prohibits any person from giving or accepting_______ fir the
referral of settlement service business involving a federally related mortgage loan. - ANS-1. Fee
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller modockochieng06. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$11.47. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79271 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now