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| Section | Objectives |
|---|---|
| Topic 1: Insurance Industry Overview | - Fundamentals of Insurance Principles
|
| Topic 2: Ethics and Professional Conduct | - Fiduciary Responsibilities
|
| Topic 3: Title Insurance Principles | - Title Insurance Policies
|
| Topic 4: Real Estate and Settlement Procedures | - Legal Concepts
|
1. Which of the following parties can file a claim under the provisions of a title policy?
A) The holder of a judgment against the insured.
B) The taxing authority with jurisdiction over the insured property.
C) The holder of an undisclosed interest in the insured property.
D) The insured named under the policy.
2. Which of the following is considered a voluntary lien?
A) Real estate tax lien.
B) State tax lien.
C) Mortgage lien.
D) Construction lien.
3. What must accompany the satisfaction piece when presented for recording?
A) The final receipt
B) The certificate of title
C) The payment record
D) The original mortgage instrument
4. What requirements define which closing costs are allowable as charges to the borrower?
A) ALTA
B) FHA
C) State
D) RESPA
5. Which document is recorded in the recorder of deeds?
A) civil judgment
B) notice of lis pendens
C) mechanic's lien
D) realty transfer tax statement of value
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: C | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: D |
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