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Missouri Title Producer Exam – Questions & Solutions
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Missouri Title Producer Exam – Questions & Solutions
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Missouri Title Producer Exam – Questions & SolutionsTitle Insurance Right Ans - An insured statement of condition of title or
ownership of real property.
Once Right Ans - How often can you charge for an insurance premium for
title insurance?
Owner's Policy Right Ans - A type of title insurance policy issued to the fee
simple owner of a property which provides the insured coverage over the
risks described in the policy.
Commitment/Binder Right Ans - A document that must be issued before
the effective date of a policy that shows only those exceptions contained and
intervening matters after the date of the document and before the effective
date of the policy.
Preliminary Report Right Ans - A report as to the condition of a title and a
commitment to issue a title insurance policy when certain conditions are met
and contains the conditions under which a policy of title insurance will be
issued. Also known as a commitment or binder.
Exceptions Right Ans - A provision in a title insurance policy binder or
policy that excludes liability for a specific title defect or an outstanding lien or
encumbrance, such as easements and restrictions.
Endorsements Right Ans - An addition or modification of a title insurance
policy which expands or changes coverage of the policy, fulfilling specific
requirements of the insured.
Underwriter Right Ans - Individuals that must decide whether to issue a
policy, the appropriate premium to charge and write policies that cover these
risks. They serve as the main link between the insurance carrier and the
insurance agent.
Insurance Company Right Ans - An organization that exists to protect
individuals and entities from financial loss by assuming risk.
,Encroachment Right Ans - The situation that exists when a structure is
built in whole or part on a neighbor's property.
Encumbrance Right Ans - Anything which effects or limits the fee simple
title to property, such as mortgages, easements, or restrictions which do not
prevent alienation of the fee simple title by the owner.
Requirements Right Ans - Conditions in a title insurance binder that must
be met or otherwise cleared before title can be insured and a policy can be
issued.
Subrogation Right Ans - The substitution of one person in the place of
another with reference to a lawful claim or right.
Mortgagee/Grantee/Lender Right Ans - Person/entity that will receive title
to a property if the mortgagor defaults on the loan which is secured by the
mortgage (or deed of trust)
Chain of Title Right Ans - Notations of deeds, distribution from estates,
certificates of death, foreclosures, quiet title and other recorded transfers of
title are included on what document?
Closing and Settlements Right Ans - Depending on the state, this is handled
by a title company, escrow holder or attorney.
Joint Tenancy Right Ans - What kind of ownership is not passed by will?
Escrow Right Ans - The deposit of instruments, funds and instructions to
an independent third party to carry out the provisions of an agreement.
Title Defect Right Ans - Any cloud on title, such as claim to the title by
someone or thing due to a prior lien or improper conveyance, or an inaccurate
description of the property.
Chain of Title Right Ans - In many real estate transactions, insurance
companies issue title insurance based on this when it is transferred.
, Transfer Tax and Recording Right Ans - This is paid by the buyer or seller
each time a property is transferred as evidenced by the Recorder of Deeds
(Missouri doesn't require this fee)
Mortgagor/Mortgagee Right Ans - Legal terms to define the borrower and
secured lender on a loan.
Construction Loan Policy Right Ans - This type of policy is issued when the
property has a loan for construction on the property.
Closing and Settlements Right Ans - The final exchange in the sale and
purchase of real estate where the title is transferred, financing documents and
title insurance policies are exchanged, and costs are paid.
Chain of Title Right Ans - A history of passing of title ownership from the
present owner back to the original owner.
Simultaneous Issue Right Ans - Issuance of multiple policies on the same
property at the same time, where the amount of issuance on the second
property is less than that of the primary policy.
Conventional Subrogation Right Ans - Based on an understanding or an
agreement when an uninterested party to the matter who pays the debt of
another becomes entitled to the right of the creditor. The substitution of
another person in place of the creditor whose rights he succeeds in relation to
the debt.
Real Property Right Ans - Land and anything permanently affixed to the
earth, including all natural attributes and any man-made improvements of a
permanent nature thereon. (Ex. minerals, trees, buildings, appurtenant rights)
Leasehold Right Ans - A policy of title insurance related to a lease.
Terms, Conditions and Stipulations Right Ans - Governing language of a
title policy.
Tenants in Common Right Ans - This form of ownership does not pass to
surviving owners in the event of death of one of the owners but ownership in
the property is left to their heirs as specified by will.
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