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maryland title insurance pre licensing Exam Q’s and A’s
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maryland title insurance pre licensing Exam Q’s and A’s
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maryland title insurance pre licensingExam Q’s and A’s
[0.1] How many questions will be on the pre-licensing exam? - - 100
- [0.2] What percentage of questions must you get correct in order to pass
the pre-licensing exam? - - 0.7
- [0.3] The consumer's decision to refinance or purchase triggers a
___________. - - search and examination
- [0.4] The one who searches the title may be called a _____________. - - title
searcher
title examiner
title abstractor
- [0.5] Where does the title searcher go to search the title? - - courthouse
- [0.6] The title searcher will begin with the current owner and work
backwards for the requisite time period—sometimes 40 years, 60 years or
more. This is known as a _______________. - - full search
limited search
- [0.7] Each property has a unique _____. - - [0.7] Each property has a
unique _____.
- [0.8] A "metes and bounds" legal description is typically _______. - -
unplatted
- [0.9] A "lot and block" legal description is typically ___________. - - platted
- [0.10] An additional way to describe real property is to obtain a
___________. - - survey
location drawing
- [0.11] The title report is examined by the ____________. - - title producer
- [0.12] The commitment contains ALL of the following parts EXCEPT: - -
Schedule C
- [0.13] The requirements of a title commitment are located on ________. - -
Schedule B-I
, - [0.14] The exceptions of a title commitment are located on ________. - -
Schedule B-II
- [0.15] The applicable premium rate is set by the ___________ who owns the
title insurance product. - - title insurer
- [0.16] A title commitment is typically sent to the lender along with a
_______________. - - closing protection letter
- [0.17] A insured protection letter protects the lender against the
settlement agent's ___________. - - fraud or negligence
- [0.18] Before closing can occur, the settlement agent must have "good
funds," which means __________. - - the lender must fund the loan
- [0.19] Lay settlement agents must be careful not to give ___________ to
avoid the unauthorized practice of law. - - legal advice
- [0.20] A settlement agent must also be very careful handling all the
____________—these are called escrow duties of the settlement agent and
must be performed with the utmost care. - - money
documents
- [0.21] A _______ contains several parts: policy jacket containing an insuring
clause (what is covered—which differs according to whether standard or
enhanced coverage is selected), exclusions (what is not covered), and terms,
conditions and stipulations (boilerplate provisions), as well as a Schedule A
(identifying the property, insured, and type of policy) and a Schedule B
(exceptions to coverage). - - title insurance policy
- [0.22] How people "take title" includes ALL of the following EXCEPT
_________. - - joint tenants in common
- [0.23] Forms of multiple ownership often present __________ issues. - - co-
tenancy
- [0.24] The kind of ownership interest one can obtain in real estate include
ALL of the following EXCEPT ______. - - fee leasehold
- [0.25] _____________ interests are especially tricky, presenting issues of
ground rent, redemption and ejectment. - - leasehold
- [0.27] How long a lien lasts is determined by the relevant _________. - -
statute of limitations
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