MD TITLE INSURANCE LATEST
PRODUCER LICENSE
EXAM
Quasi-Contract - ANSWERS-A contract this is implied by law and a
way for courts to correct or remedy a situation and to prevent unjust
enrichment.
Void for Vagueness - ANSWERS-1. An incomplete and uncertain
contract based on vague terms --- which may be void
2. If a determination is not reached, the courts may void the contract or
severe the terms.
Statue of Frauds Includes: - ANSWERS-- Contracts that cannot be
performed in one year
- Contracts for the sale of real estate, real property, or land.
- Contracts for the sale of goods that are above a certain price
END OF
PAGE
1
, MD TITLE INSURANCE LATEST
PRODUCER LICENSE
EXAM
Title Insurance - ANSWERS-A contractual obligation that protects
against losses that occur when title to a property is not free and clear or
defects --- a one time fee payable at the time of closing
Standard Coverage Policy - ANSWERS-Insures primarily against
defects in title which are discoverable through an examination of the
public record --- includes defects in title or recorded liens or
encumbrances.
Extended Coverage Policy - ANSWERS-Same insurance as the standard
policy --- also insures against defects, liens, encumbrances, easements,
and encroachments and conflicts in boundary lines that are not reflected
in public records
Homeowners Insurance - ANSWERS-Insures a house, contents, and
may provide coverage for losses due to fire or lighting, theft, vandalism,
and personal liability claims. ---- Billed monthly, quarterly, or annually.
Lenders Policy - ANSWERS-Insures the lender's security interest in the
property has priority over claims that others may have in the property
END OF
PAGE
2
, MD TITLE INSURANCE LATEST
PRODUCER LICENSE
EXAM
Owners Policy - ANSWERS-Insures the buyer for as long as he or she
owns the property --- higher than a loan policy due to the assumption of
risk.
Underwriter - ANSWERS-A professional who evaluates the risk
involved when insuring people or assets and establishes pricing.
Settlement Process - ANSWERS-1. Pre-Licensing: Information is
gathered to determine if the title can be transferable
2. Closing: All parties come together to execute documents to transfer
the title
3. Post-Closing: Title insurance company is responsible for recording
the deed, deed of trust, and any other documents outlined in the lenders
instructions.
Title Producer's License Applicant - ANSWERS-- Good Character
END OF
PAGE
3
PRODUCER LICENSE
EXAM
Quasi-Contract - ANSWERS-A contract this is implied by law and a
way for courts to correct or remedy a situation and to prevent unjust
enrichment.
Void for Vagueness - ANSWERS-1. An incomplete and uncertain
contract based on vague terms --- which may be void
2. If a determination is not reached, the courts may void the contract or
severe the terms.
Statue of Frauds Includes: - ANSWERS-- Contracts that cannot be
performed in one year
- Contracts for the sale of real estate, real property, or land.
- Contracts for the sale of goods that are above a certain price
END OF
PAGE
1
, MD TITLE INSURANCE LATEST
PRODUCER LICENSE
EXAM
Title Insurance - ANSWERS-A contractual obligation that protects
against losses that occur when title to a property is not free and clear or
defects --- a one time fee payable at the time of closing
Standard Coverage Policy - ANSWERS-Insures primarily against
defects in title which are discoverable through an examination of the
public record --- includes defects in title or recorded liens or
encumbrances.
Extended Coverage Policy - ANSWERS-Same insurance as the standard
policy --- also insures against defects, liens, encumbrances, easements,
and encroachments and conflicts in boundary lines that are not reflected
in public records
Homeowners Insurance - ANSWERS-Insures a house, contents, and
may provide coverage for losses due to fire or lighting, theft, vandalism,
and personal liability claims. ---- Billed monthly, quarterly, or annually.
Lenders Policy - ANSWERS-Insures the lender's security interest in the
property has priority over claims that others may have in the property
END OF
PAGE
2
, MD TITLE INSURANCE LATEST
PRODUCER LICENSE
EXAM
Owners Policy - ANSWERS-Insures the buyer for as long as he or she
owns the property --- higher than a loan policy due to the assumption of
risk.
Underwriter - ANSWERS-A professional who evaluates the risk
involved when insuring people or assets and establishes pricing.
Settlement Process - ANSWERS-1. Pre-Licensing: Information is
gathered to determine if the title can be transferable
2. Closing: All parties come together to execute documents to transfer
the title
3. Post-Closing: Title insurance company is responsible for recording
the deed, deed of trust, and any other documents outlined in the lenders
instructions.
Title Producer's License Applicant - ANSWERS-- Good Character
END OF
PAGE
3
