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block

Monthly escrow account reconciliation records must be maintained for:

Select the correct answer(s).  

(0/0)

---

5 years

1 year

3 years

10 years

none

Which of the following is NOT required to be provided by title agents to title insurers on a monthly basis with respect to escrow account reconciliation?

Select the correct answer(s).  

(0/0)

---

Monthly bank statement

List of all voided checks

List of all outsanding checks

Trial balance

none

At the time a substitution loan is made, the ____ will be considered the amount of insurance in force on which the substitution rates shall be calculated.

Select the correct answer(s).  

(0/0)

---

Face amount of the prior loan title policy

Appraised value of the property

Face amount of the prior owner's title policy

Unpaid principal balance of the previous loan

none

Individual escrow records for each transaction in which deposits and disbursements were made must be maintained by the title insurance agent for what period of time?

Select the correct answer(s).  

(0/0)

---

3 years

5 years

1 year

10 years

none

What is the minimum reissue risk rate premium?

Select the correct answer(s).  

(0/0)

---

$100.00

$50.00

$25.00

$75.00

none

Funds received by a licensed title agent or insurer, pursuant to a real estate closing transaction involving the issuance of a title insurance policy, may be deposited into an interest-bearing trust or escrow account provided:

Select the correct answer(s).  

(0/0)

---

The agent/insurer receives authorization from the lender involved in the transactionth

the agent/insurer has an escrow shortage and needs the interest to make up the loss

the agent/Insurer customarily deposits such funds in an interest-bearing account

the agent/Insurer receives written consent from the buyer and seller

none

What is the reissue risk premium for a $25,000 owner's title policy?

Select the correct answer(s).  

(0/0)

---

$100.00

$60.00

$75.00

$82.50

none

The Purpose of the Notice to Purchaser-Mortgagor is to:

Select the correct answer(s).  

(0/0)

---

Advise them not to purchase the home without a loan policy

Tell them the loan policy does not protect them as an owner

Welcome them to their new home

Suggest they have the seller insure their interests

none

Title insurance is limited to

Select the correct answer(s).  

(0/0)

---

Coverage of real and personal property

Coverage of real property

Sale by title insurers only

Sale by attorney agents only

none

What is the minimum risk premium that may be charged for mortgage title policy?

Select the correct answer(s).  

(0/0)

---

$75.00

$100.00

$25.00

$50.00

none

When calculating reissue rates, the amount of the new insurance in excess of the insured amount of the prior owner's policy is:

Select the correct answer(s).  

(0/0)

---

Calculated at the base tax rate as adopted by the tax assessor

Uninsurable

calculated at the original owner's or leasehold rates

Calculated based on he appraised amount of the property

none

Which of the following is NOT a protection under the Closing Protection Letter issued by a title insurer to the lender on behalf of the insurer's title agent?

Select the correct answer(s).  

(0/0)

---

Fraud or dishonesty of the agent in handeling loan proceeds

Protection ectended to the seller

Protection extended to the borrower

Fraud or dihonesty of the agent in handling lender documents

none

If a lessee, who has obtained a leasehold policy insuring his lease and thereafter purchases the property for up to$100,000.00, makes application for an owner's policy and surrenders the leasehold policy, the re-issue risk rate for the owner's policy shall be calculated at ____ of the rates set forth in subsection (1) of the Title Rule.

Select the correct answer(s).  

(0/0)

---

50%

10%

30%

25%

none

When a title insurance agency substitutes a ___in place of its deposit of securities, the bond must secure performance by the agency, including performance during the time period in which the deposit was in place, prior to the issuance of the bond

Select the correct answer(s).  

(0/0)

---

theft bond

Surety bond

escrow bond

fidelity bond

none

The required retention of title premium funds must be remitted to the insurer by the agent at least:

Select the correct answer(s).  

(0/0)

---

Daily

Monthly

Weekly

Annually