Title Escrow Exam Study Guide Utah Questions and Answers 100% Pass
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Course
Escrow
Institution
Escrow
Title Escrow Exam Study Guide Utah
Questions and Answers 100% Pass
How much can you spend on a special event for a client? - Correct Answer ️️ -$75
Encumbrances - Correct Answer ️️ -A claim, lien, charge, or liability attached to and
binding real property
Solvency - Correct Answer ️�...
Title Escrow Exam Study Guide Utah Questions and Answers 100% Pass How much can you spend on a special event for a client? - Correct Answer ✔️✔️-$75 Encumbrances - Correct Answer ✔️✔️-A claim, lien, charge, or liability attached to and binding real property Solvency - Correct Answer ✔️✔️-the possession of assets in excess of liabilities; ability to pay one's debts. Escrow - Correct Answer ✔️✔️-is the process of holding monetary funds by a title agency or bank for the purpose of offering or purchasing real property. Title Insurance - Correct Answer ✔️✔️-is the product that is purchased to protect the rights of the owner, purchaser or lien -holder in the event that that there is a defect, lo ss or damage, unmarketability of the title, or invalidity or unenforceability of any liens or encumbrances on the property. Who in Utah is the title and escrow industry regulated by? - Correct Answer ✔️✔️-The Insurance Department How often in Utah do you n eed to renew your license? - Correct Answer ✔️✔️-Every two years If there is a change of address or telephone number who needs to be notified? - Correct Answer ✔️✔️-The insurance commissioner How and when do we notify the insurance commissioner of change? - Correct Answer ✔️✔️-30 days of change and in writing The___________________________ has all the powers reasonable and necessary to enable him to reform the duties imposed by hid title. - Correct Answer ✔️✔️-
Commissioner How many years must an escrow offi cer keep recorded documents? - Correct Answer ✔️✔️-3 years Searches must be maintained for ____ years. - Correct Answer ✔️✔️-15 An annual report which contains a statement of financial condition must be filed with the ________________ _______________. - Correct Answer ✔️✔️-Insurance Department What are the three types of agent authority? - Correct Answer ✔️✔️-express, implied, apparent Express Authority - Correct Answer ✔️✔️-the authority of an agent, stated in the document or agreement creating the agency Implied Authority - Correct Answer ✔️✔️-Authority that is not expressed or written into the contract, but which the agent is assumed to have in order to transact the business of insurance for the principal. Apparent Authority - Correct Answer ✔️✔️-The appe arance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Conveyances - Correct Answer ✔️✔️-A transfer of title to, or an interest in land, from one person to another
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