Examination for Missouri Insurance Producer's License/ 149 Q&A/ Already Graded A+. Terms like:
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 governm...
Examination for Missouri Insurance Producer's
License/ 149 Q&A/ Already Graded A+
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.
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.
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,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.
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.
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,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".
Indemnity Agreement - Answer: An agreement by the maker of the document to repay the
addressee of the agreement up to the limit stated for any loss due to the contingency stated on
the agreement.
Insured - Answer: (Policy Term) The insured named on Schedule A of the policy. (See policy for
greater detail.)
Insured Claimant - Answer: (Policy Term) An insured person or entity claiming loss or damage
under the policy.
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, Intestate - Answer: Without having made a valid will or one who dies without having made a
will.
Knowledge - Answer: (Policy Term) Actual knowledge, not constructive knowledge or notice
that may be imputed to an Insured by reason of the Public Records or any other records that
impart constructive notice of matter affecting the Title.
Land - Answer: (Policy Term) The land described in Schedule A, and affixed improvements that
by law constitute real property. The term "Land" does not include any property beyond the lines
of the area described in Schedule A, nor any rights, title, interest, estate, or easement in
abutting streets, roads, avenues, alleys, lanes, ways or waterways, but this does not modify or
limit the extent that a right of access to and from the Land is insured by this policy.
Landlocked - Answer: A property is landlocked if it (1) does not abut a public street or road, (2)
has no appurtenant easement of right of way to a public street or road or (3) does not have any
other legal right of access to a public street or road.
Lien - Answer: A claim or charge on the property of an individual to provide security for the
payment of a debt, obligation, or duty.
Lis Pendens - Answer: A legal notice that there is litigation pending relating to the land and a
warning that anyone obtaining an interest subsequent to the date of the notice may be bound
by the judgement.
Marketable Title - Answer: A title which a reasonable purchaser, well informed as to the facts
and their legal meaning, would be willing to accept.
Parcel - Answer: Any area of land contained within a single description.
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