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FLORIDA BAIL BONDS STATE EXAM
UPDATED EXAM WITH VERIFIED
SOLUTIONS.
1. What percentage of the bond payment is recoverable through
remission after 2 years? - correct answer -50%
2. Breach - correct answer -Failure to perform as agreed
3. Jurisdiction - correct answer -The ability of the court to hear a
case
4. Vacate - correct answer -Set Aside / Render void
5. Exonerate - correct answer -Release from duty or obligation
6. Liability - correct answer -Obligation that must be performed
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7. Adjudicate - correct answer -to decide a matter based on
evidence
8. Disposition - correct answer -Final settlement
9. Judgement - correct answer -Court order for payment
10. What types of collateral may be accepted on bonds of over
$50000? - correct answer -Stock in closed corporations
11. Patents, copyrights or trademarks
12. Additionally, collateral must also always include a
promissory note, indemnity agreement &/or a real property
mortgage
13. In whos name must the collateral be taken? - correct answer
-the suretys name, with the bondsman as the fiduciary
14. How must cash collateral be held? - correct answer -Under
$5000 must be held in an account separate from any other
funds belonging to the surety company or the bondsman.
OVER $5000 must be held by the surety
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15. What is the term (length) of an indemnity contract? - correct
answer -Indefinite
16. When does an Indemnity agreement become cancellable? -
correct answer -When the conditions of the bond are fulfilled
17. What information must appear on a collateral receipt? -
correct answer -- The date of the receipt
- The name of the Principal
- The numbers of the Powers attached to the bond
- The name of the indemnitor
- The name of who will hold the collateral
18. Upon proof of fulfillment of the obligation of the bond, what
must the bondsman do with the collateral? - correct answer -
The collateral must be returned to the Indemnitor or the person
to whom it is assigned
FLORIDA BAIL BONDS STATE EXAM
UPDATED EXAM WITH VERIFIED
SOLUTIONS.
1. What percentage of the bond payment is recoverable through
remission after 2 years? - correct answer -50%
2. Breach - correct answer -Failure to perform as agreed
3. Jurisdiction - correct answer -The ability of the court to hear a
case
4. Vacate - correct answer -Set Aside / Render void
5. Exonerate - correct answer -Release from duty or obligation
6. Liability - correct answer -Obligation that must be performed
, Page | 2
7. Adjudicate - correct answer -to decide a matter based on
evidence
8. Disposition - correct answer -Final settlement
9. Judgement - correct answer -Court order for payment
10. What types of collateral may be accepted on bonds of over
$50000? - correct answer -Stock in closed corporations
11. Patents, copyrights or trademarks
12. Additionally, collateral must also always include a
promissory note, indemnity agreement &/or a real property
mortgage
13. In whos name must the collateral be taken? - correct answer
-the suretys name, with the bondsman as the fiduciary
14. How must cash collateral be held? - correct answer -Under
$5000 must be held in an account separate from any other
funds belonging to the surety company or the bondsman.
OVER $5000 must be held by the surety
, Page | 3
15. What is the term (length) of an indemnity contract? - correct
answer -Indefinite
16. When does an Indemnity agreement become cancellable? -
correct answer -When the conditions of the bond are fulfilled
17. What information must appear on a collateral receipt? -
correct answer -- The date of the receipt
- The name of the Principal
- The numbers of the Powers attached to the bond
- The name of the indemnitor
- The name of who will hold the collateral
18. Upon proof of fulfillment of the obligation of the bond, what
must the bondsman do with the collateral? - correct answer -
The collateral must be returned to the Indemnitor or the person
to whom it is assigned
