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MD Title Insurance Producer 2024-2025. Questions and Correct, Verified Answers. Graded A, Exams of Insurance law

University of YorkInsurance law

MD Title Insurance Producer 2024-2025. Questions and Correct, Verified Answers. Graded A

Typology: Exams

2024/2025

Available from 02/26/2025

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MD Title Insurance Producer 2024-2025.
Questions and Correct, Verified Answers.
Graded A
10. FILL IN THE BLANKS and ANSWER THE MULTIPLE CHOICE: Rates on an owner's
policy are generally ___HIGHER___ than that of a loan policy due to the
assumption of risk and the likelihood that an owner's policy will probably be in
effect longer than a loan policy. The policy should be a ___OWNER___Policy and
not a Loan Policy. In Maryland the discount rate is usually 40% What are the two
types of issue rates?
A. Discount Rate and Policy Rate
B. Simultaneous Issue and Discount Rate.
C. Policy Rate Reissue and Premium Rate.
D. Simultaneous Issue and Reissue Rate. - ANSD. Simultaneous Issue and Reissue
Rate.
11. These covered risks are associated with a specific policy: Forgery and
impersonation; Lack of competency, (capacity or legal authority of a party); Deed
not joined in by a necessary party (co-owner, heir, spouse, corporate officer, or
business partner); Undisclosed (but recorded) prior mortgage or lien; Undisclosed
(but recorded) easement or use restriction; Erroneous or inadequate legal
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Download MD Title Insurance Producer 2024-2025. Questions and Correct, Verified Answers. Graded A and more Exams Insurance law in PDF only on Docsity!

MD Title Insurance Producer 2024-2025.

Questions and Correct, Verified Answers.

Graded A

  1. FILL IN THE BLANKS and ANSWER THE MULTIPLE CHOICE: Rates on an owner's policy are generally HIGHER than that of a loan policy due to the assumption of risk and the likelihood that an owner's policy will probably be in effect longer than a loan policy. The policy should be a ___OWNER___Policy and not a Loan Policy. In Maryland the discount rate is usually 40% What are the two types of issue rates? A. Discount Rate and Policy Rate B. Simultaneous Issue and Discount Rate. C. Policy Rate Reissue and Premium Rate. D. Simultaneous Issue and Reissue Rate. - ANSD. Simultaneous Issue and Reissue Rate.
  2. These covered risks are associated with a specific policy: Forgery and impersonation; Lack of competency, (capacity or legal authority of a party); Deed not joined in by a necessary party (co-owner, heir, spouse, corporate officer, or business partner); Undisclosed (but recorded) prior mortgage or lien; Undisclosed (but recorded) easement or use restriction; Erroneous or inadequate legal

descriptions; Lack of a right access and deed not properly recoded deals with are all risk, Choose the correct policy. - ANS

  1. Title insurance producers may not convert or misappropriate funds held in escrow or trust while: A. Soliciting, procuring, or negotiations title insurance contracts. B. Performing escrow, closing, and settlement services. C. A title insurer D. A and B E. B and C F. C and A G. All of the above. - ANSD. A and B
  2. A bond or letter of credit required in addition to meeting any applicable requirements for a license to act as and insurance producer under this subtitle, a sole proprietor, a limited liability company, a partnership, or a corporate applicant for a license as a title insurance producer shall file file with commissioner: A. A blanket fidelity bond covering appropriate employees and title insurance producer independent contractors. B. Notary commission. C. A blanket surety bond

D. Adopt regulations requiring that the documents to be provided to a consumer at the same time that a good faith estimate is given to a consumer in connection with a mortgage loan. E. Shara information rehearsing complains received involving a real estate closing and Work collaboratively to track any patterns of problem transactions or licenses.

  • ANSC. Examine the current rate review and approval process for title insurance premiums.
  1. Commingling of trust funds is not allowed. However, in the case of MD affordable Housing Trust (MAHT) Accounts commingling are required. Section 22- 103 of the codes requires the commingling of the interested received I. Deposits of trust money where the interest will not be greater than what amount? A. 100 B. 50 C. 75 - ANSB. $
  2. MAHT allocates up to 15% of its funds for building and pre-development costs. What is the maximum award amount increased to and when was it increased? A. $100,000 in June 2009 B. $125,000 in May 2009 C. $150,000 in March 2007

D. $175,000 in March 2007 - ANSC. 150,000 in March 2007

  1. In the intake sheet - it states that the intake sheet is only complete if it has been prepared and accompany a deed that should be processed to transfer proper ownership in the assessment records where the primary purpose is to distinguish arm-length conveyances from transfers that have not had full exposure to the market place: Improvement sale - Arm-Length (1); Unimproved Sale Arm-Length (2); Multiple Accounts Arms-Length (3); Not an Arms-Length Sale (9). What section is the intake sheet would you find the above? A. Section 1- Type(s) of instruments B. Section 2- Conveyance Type C. Section 4- consideration and Tax Calculations. D. Section 11- Assessment Information. - ANSB. Section 2- Conveyance Type
  2. RESPA is a consumer protection statute designed to help home buyers be better shoppers in the home buying process, and was forced by HUD. However has been a reassignment as to what government agency enforces RESPA and in what date and year? A. Effective June 21, 2010, the Bureau of competitivo enforces RESPA. B. Effective July 21, 2011, the Consumer Protection Bureau enforcer RESPA. C. Effective July 30, 2010, the Housing Urban and Development enforces RESPA. D. Effective June 21, 2011, the Antitrust division of the Department of Justice