Examination for Missouri Insurance Producer's License/ 149 Q&A/ Already Graded A+. Terms like:
Abstract of Title - Answer: A summary of public records relating to the title to a particular tract of land.
Acknowledgement - Answer: A formal declaration before a duly authorized officer (usually...
Examination for Missouri Insurance Producer's
License/ 149 Q&A/ Already Graded A+
Abstract of Title - Answer: A summary of public records relating to the title to a particular tract
of land.
Acknowledgement - Answer: A formal declaration before a duly authorized officer (usually a
notary public) by a person who has executed an instrument that such execution is his own act
and deed. An acknowledgement is necessary to entitle some instruments to be recorded, to
impart constructive notice of its contents and to entitle the instruments to be used as evidence
without further proof. The certificate of acknowledgement is attached to the instrument or
incorporated therein.
Adverse Possession - Answer: Physical possession of land inconsistent with the rights of the
owner. In most states, a party in adverse possession, after fully satisfying the requirements of
the relevant statues, acquires title to the land.
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,Affirmative Coverage - Answer: Provisions in policies by which the insurer affirmatively insures
against loss due to specific risks generally not covered by policies. Examples of this type of
coverage would be insuring against loss due to violation of usury or truth-in-lending statues or
restrictive covenants.
Appurtenenances - Answer: Rights which pass with the title to the land itself. These rights may
affect other lands, e.g., an appropriate access easement over adjoining land.
Bona Fide Purchaser - Answer: One who buys property in good faith, for fair value, and without
notice of any adverse claim or right of third parties.
Certificate of Title - Answer: A written opinion by an attorney that ownership of the particular
parcel of land is as stated in the certificate. This is often used as a basis for issuing a title
insurance policy.
Chain of Title - Answer: The successive ownerships or transfers in the history of title to a
particular parcel of land. Each deed or other instrument effecting a transfer of the title is called
a "link" and all of the links constitute the chain.
Chattel - Answer: Another name for personal property.
Collateral - Answer: Marketable real or personal property which a borrower pledges as security
for a loan. In mortgage transactions, specific land is the collateral.
Condemnation - Answer: 1) The taking of private property by the governement for public use -
as for a street or storm drain - upon making just compensation to the owner. This right or power
of government to take property for a necessary public use is called eminent domain.
2) A declaration by a governmental agency that a building is unfit for use.
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,Conservator - Answer: A person appointed by the court to care for the person and/or property
of an incompetent adult or an adult unable to care for their person or property because of
health.
Conveyance - Answer: 1) A document which transfers an interest in real property from one
person to another, e.g., a deed.
2) The act of executing and delivering a deed or mortgage.
Covenant - Answer: An agreement between the parties in a deed whereby one party promises
either 1) the performance or non-performance of certain acts with respect to the land or 2) that
a given state of things with respect to the land are so, e.g., covenant that the land will be used
only for residential purposes.
Decedent - Answer: A deceased person. Using the word "decedent" connotes that the person
has recently died.
Easement - Answer: A privilege or right of use or enjoyment which one person may have in the
lands of another. For example, a right of way to install, operate, and maintain utility lines.
Entity - Answer: (Policy Term) A corporations, partnership, trust, limited liability company, or
other similar legal entity.
Escheat - Answer: 1) The transfer of title of property to the state if the owner dies intestate and
without heirs.
2) To transfer unclaimed funds to the state after a period of time dictated by the state.
Unclaimed funds could be monies held in escrow or outstanding checks.
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, Escrow - Answer: Money, securities, documents, or other property deposited with an impartial
third party to be held by the third party (called the escrow agents) until the happening of a
future event and then to be delivered to the designated party. In some states, nearly all real
estate transactions are closed through the use of escrow.
Exceptions - Answer: Those specific matters revealed by title search and those matters derived
from underwriting guidelines from which title insurance protection is not given. The matters set
out in the Exceptions schedules of title policies.
Fee [ownership] - Answer: An estate in land of inheritance without conditions, belonging to the
owner. The owner can transfer or convey it to another or leave it to his or her heirs. It is an
absolute estate in perpetuity and the largest possible estate the owner can have.
Fee Absolute - Answer: Ownership without any limitations.
Fee Simple - Answer: An estate in fee simple is the highest form of land ownership. An estate in
fee simple absolute is ownership of land that can be transferred by deed or inheritance and has
no limitations or conditions.
Guardian - Answer: One who is court appointed to manage the affairs of a minor or
incompetent.
HUD - Answer: 1) Department of Housing and Urban Development. This agency is responsible
for the implementation and administration of federal government housing and urban
development programs.
2) A standard closing or settlement statement in a form the Department of Housing and Urban
Development (HUD) has approved. Also called a "HUD-1".
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