Title Escrow UPDATED Actual Exam Questions and CORRECT Answers
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Course
Title Escrow
Institution
Title Escrow
Title Escrow UPDATED Actual Exam
Questions and CORRECT Answers
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 a...
Title Escrow UPDATED Actual Exam
Questions and CORRECT Answers
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, loss 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 need 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 officer 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 appearance 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
encumbrance - CORRECT ANSWER- ✔✔A claim, charge, or liability that attaches to and is
binding on real estate.
Definition of Real Property - CORRECT ANSWER- ✔✔land and anything attached to it
Types of Joint Ownership - CORRECT ANSWER- ✔✔Tenants in common and Joint tenancy
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