Term
The purpose of the Notice to Purchaser-Mortgagor is to:
a. Welcome them to their new home
b. Tell them the loan policy does not protect them as an owner
c. Advise them not to purchase the home without a loan policy
d. Suggest they have the seller insure their interests |
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Definition
| b. Tell them the loan policy does not protect them as an owner |
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Term
Rate the title premium for a $10,000 owner's title policy.
a. 57.50
b. 60.00
c. 75.00
d. 100.00 |
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Definition
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Term
What is the minimum risk rate premium that may be charged for an owner's policy?
a. $ 25.00
b. $ 50.00
c. $ 75.00
d. $ 100.00 |
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Definition
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Term
An owner's policy must be issued for full insurable value of:
a. The premises
b. The loan
c. The personal property
d. The tax assessment |
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Definition
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Term
What is the minimum risk premium that may be charged for a mortgage title policy?
a. $ 25.00
b. $ 50.00
c. $ 60.00
d. $ 100.00 |
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Definition
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Term
A mortgage title insurance policy may NOT be issued for less than the:
a. Contract sales price
b. Full principal debt
c. Estimated foreclosure costs
d. Tax assessed value |
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Definition
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Term
What is the maximum percentage above the full loan amount for which a mortgagee title policy may be issued, without an Additional Interest or Shared Appreciation Endorsement?
a. 0%
b. 10%
c. 25%
d. 50% |
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Definition
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Term
What is the reissue risk premium for a $25,000 owner's title policy?
a. $ 60.00
b. $ 75.00
c. $ 82.50
d. $ 100.00 |
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Definition
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Term
The minimum risk rate premium for a simultaneous issue loan policy shall be:
a. $25
b. $50
c. $60
d. $100 |
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Definition
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Term
On a simultaneous issue transaction,the risk premium on the amount of the loan policy in excess of the owner's policy shall be figured at:
a. Regular original title insurance rates for mortgage policies
b. Reissue risk rates
c. Prior owner's policy rates
d. Substitution loan rates |
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Definition
| a. Regular original title insurance rates for mortgage policies |
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Term
The minimum retention of title premium by title insurers is:
a. 20%
b. 30%
c. 60%
d. 70% |
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Definition
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Term
The required retention of title premium funds must be remitted to the insurer by the agent at least:
a. Daily
b. Weekly
c. Monthly
d. Annually |
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Definition
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Term
Until the required retention of funds are remitted to the insurer by the agent, such funds are considered:
a. Agent's operating funds
b. Collected Funds
c. A loan from the underwriter
d. Money in the bank
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Definition
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Term
Which is NOT a category of Endorsements and affirmative type coverage provided for in 69O-186.00S(7)(a)?
a. Permitted Endorsements and/or affirmative type coverages
b. Prohibtied Endorsements and/or affirmative type coverages
c. Regulated Endorsements and/or affirmative type coverages
d. Endorsements and/or affirmative type coverages not requiring specific Departmental [OIR] approval
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Definition
| c. Regulated Endorsements and/or affirmative type coverages |
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Term
What Endorsement may NOT be issued without approval from the Department (OIR)?
a. Deletion of general exceptions
b. Gap Coverage Endorsement
c. Florida Form 9
d. Changes in loan policy effective dates |
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Definition
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Term
The risk rate premium for a Florida Form 9 Endorsement shall be:
a. $ 25.00
b. $ 100.00
c. 10% of total policy premium
d. 25% of total policy premium |
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Definition
| c. 10% of total policy premium |
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Term
The risk rate premium for a Navigational Servitude Endorsement shall be:
a. $ 25.00
b. $ 100.00
c. 10% of total policy premium
d. 25% of total policy premium |
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Definition
| c. 10% of total policy premium |
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Term
Title insurance is limited to:
a. Sale by attorney-agents only
b. Sale by title insurers only
c. Coverage of real property
d.. Coverage of real and personal property |
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Definition
| c. Coverage of real property |
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Term
Individual escrow records for each transaction, in which deposits and disbursements are made, must be maintained by the title insurance agent for what period of time?
a. 1 year
b. 2 years
c. 3 years
d. 5 years |
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Definition
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Term
Monthly escrow account reconciliation records must be maintained for:
a. 1 year
b. 2 years
c. 3 years
d. 5 years |
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Definition
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Term
Which of the following does NOT apply to title insurance?
a. Single premium policy
b. Non-casualty product
c. Indemnification agreement
d. Property-casualty product |
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Definition
| d. Property-casualty product |
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Term
Title insurance insures against:
a. Future loss based on future risk
b. Prior loss based on prior risk
c. Future loss based on prior risk
d. Prior loss based on future risk |
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Definition
| c. Future loss based on prior risk |
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Term
The Continuation of Insurance clause states that policy coverage shall continue in force as of Date of Policy in favor of the Insured for as long as the Insured qualifies under any of the stated conditions. Which of the following is NOT one of the stated conditions?
a. As long as the Insured retains an estate or interest in the land
b. As long as the Insured holds an obligation secured by a purchase money mortgage given by a purchaser from the Insured
c. As long as the Insured retains an institutional loan on the subject property
d. As long as the Insured has liability by reason of warranties in any transfer or conveyance of the Title |
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Definition
| c. As long as the Insured retains an institutional loan on the subject property |
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Term
Any defect, lien, or encumbrance on the title of record prior to Date of Policy is considered to be:
a. Inherent in the Title
b. Outside the chain of title
c. Unenforceable in law or equity
d. Jurisdictionally unrecordable |
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Definition
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