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| Section | Objectives |
|---|---|
| Title Insurance Principles | - Title Search and Examination
|
| Insurance Industry Overview | - Regulatory Framework
|
| Real Estate and Settlement Procedures | - Closing Process
|
| Ethics and Professional Conduct | - Fiduciary Responsibilities
|
1. Title insurance NOT covering the insured for unpaid property taxes, which are NOT known at the time of closing, would be considered a
A) standard exception.
B) judgment.
C) federal lien.
D) covenant.
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. A real estate interest that passes at death by operation of law to the surviving title holder is known as
A) real estate contract interest.
B) joint tenancy.
C) tenancy in common.
D) fee simple estate.
4. A waiver is defined as the
A) acceptance of terms of the policy.
B) intentional and voluntary giving up of a known right.
C) misrepresentation of a known right.
D) modification of a known right.
5. What requirements define which closing costs are allowable as charges to the borrower?
A) FHA
B) RESPA
C) State
D) ALTA
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: C | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: A |
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