MD Pre-Licensing Title Insurance Prep - Set 3 Unit Questions And Already Passed Answers.
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Course
Maryland life prelicensing
Institution
Maryland Life Prelicensing
Typically in Maryland, the premium for an owner's insurance policy is paid by the
A. Seller
B. Buyer
C. Lender
D. Split between seller and buyer - Answer B. Buyer
Which of the following would permit a lender to make a claim against a title insurance company?
A. Borrowers default in p...
MD Pre-Licensing Title Insurance Prep -
Set 3 Unit Questions And Already
Passed Answers.
Typically in Maryland, the premium for an owner's insurance policy is paid by the
A. Seller
B. Buyer
C. Lender
D. Split between seller and buyer - Answer B. Buyer
Which of the following would permit a lender to make a claim against a title insurance company?
A. Borrowers default in payment pursuant to a promissory note
B. Failure of title agent to issue a loan policy within the time period prescribed by the MIA.
C.Failure of the title company to reduce settlement fees
D.Failure of title company to pay the borrowers future taxes yearly - Answer D. Failure of title company
to pay the borrowers future taxes yearly
Generally, all of the following appear on a HUD-1 statement or Loan Disclosure Form EXCEPT
A.Commission
B.Lenders fees
C.Title fees
D.Credit Score - Answer D. Credit Score
Standard title insurance forms/policies are created by
,A. MLTA
B. ALTA
C. Commission of insurance
D. Insurance underwrite - Answer B. ALTA
All of the following appear in a title insurance commitment EXCEPT
A. Requirements
B. Exceptions
C. Amount of coverage
D. Income or ability to pay - Answer D. Income or ability to pay
All of the following are necessary for a complete title search EXCEPT
A.Search of property history
B.Search person(s)/judgment history
C.Search of grantor/grantee index
D.Search of employment history - Answer D. Search of employment history
All of the following are exceptions in a policy EXCEPT
A.Easement
B.Deed restriction
C.Right of way
D.Interest rate - Answer D. Interest rate
The effective date on a title commitment is
, A. The date of the last deed transfer
B. The date of the last refinance
C. The date of the title search
D. The last date records are made available at the court house - Answer D. The last date records are
made available at the court house
All of the following are true EXCEPT
A. Loan policies insure the mortgage or note holder
B. Owner policies insure the owner
C. Construction loan policies are obsolete
D. Leasehold policies are for ground rent properties - Answer C. Construction loan policies are obsolete
When a ground rent is redeemed with SDAT, the ground rent lease is
A. Cancelled and the property becomes fee simple
B. Extinguished and the property becomes fee simple
C. Waived and the property becomes fee simple
D. NOTA - Answer B. Extinguished and the property becomes fee simple
All of the following are examples of endorsements EXCEPT
A. Environmental protection endorsement
B. Planned unit development endorsement
C. FHA mortgage endorsement
D. Condominium endorsement - Answer C. FHA mortgage endorsement
MAHT was created to
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