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Exam-Title Insurance Licensing Exam with Complete Solutions
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Exam-Title Insurance Licensing Exam with Complete Solutions
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Exam-Title Insurance Licensing Exam with CompleteSolutions
All of the following are characteristic of an ALTA loan EXCEPT:
A. Exceptions
B. Exclusions
C. Contingencies
D. Conditions Correct 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 Correct Answer-D. Cumulative claims
Zoning ordinances are establish by:
A. Home builders
, Exam-Title Insurance Licensing Exam with Complete
Solutions
B. Local Government
C. Lender
D. All the above Correct Answer-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 Correct 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
, Exam-Title Insurance Licensing Exam with Complete
Solutions
D. The abstracor Correct 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 Correct Answer-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 Correct Answer-C. A trust account
, Exam-Title Insurance Licensing Exam with Complete
Solutions
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 Correct Answer-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 Correct Answer-B. Requirements
To provide notice that a mortgage has been paid off, a satisfactions must be:
A. Recorded
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