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MD Pre-Licensing Title Insurance Prep - Set 3 Exam Questions and Answers
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MD Pre-Licensing Title Insurance Prep - Set 3 Exam Questions and Answers
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MD Pre-Licensing Title Insurance Prep -Set 3 Exam Questions and 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 - - 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 - - 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 - - D. Credit Score
- Standard title insurance forms/policies are created by
A. MLTA
B. ALTA
C. Commission of insurance
D. Insurance underwrite - - 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 - - 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 - - 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 - - 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 - - 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 - - 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 - - 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 - - C. FHA mortgage endorsement
- MAHT was created to
, A. To assist victims who suffer because of errors and omissions of title
insurers
B. To assist with mortgage payment for low income homeowners
C. To assist with the purchase of property for low income individuals
D. To assist victims of fraud - - C. To assist with the purchase of property for
low income individuals
- The concept that deeds and real estate contracts must be in writing is
based on the
A. Statute of seisin
B. Principals of contracts
C. Statute of frauds
D. Principals of real property - - C. Statute of frauds
- All of the following are requirements for an initial license with the MIA
EXCEPT
A. 18 years old
B. 30 hour pre-licensing education certificate
C. Passing of pre-licensing examination
D. 16 hours of continuing education - - D. 16 hours of continuing education
- In order for a commitment or title policy to be binding it must be signed by
A. Theunderwriter
B. The insurance commission
C. The abstractor performing the search
D. A validating officer of the title company - - D. A validating officer of the
title company
- Exhibit A attached to a title policy
A. Survey
B. An endorsement
C. A legal description
D. A plat map - - C. A legal description
- All of the following are common characteristics of a surety bond EXCEPT
A. It is a contractual agreement
B. It protects against default
C. It binds the surety
D. It protects against embezzlement, larceny and gross negligence - - D. It
protects against embezzlement, larceny and gross negligence
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