Title Escrow Exam Study Guide UTAH Latest Update.
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 ex...
Title Escrow Exam Study Guide UTAH
Latest Update.
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
Intestate - CORRECT ANSWER When a person dies without a will and their property is distributed to
their heirs as determined by he statute
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