Title Insurance Exam

Front 1

A couple holding title as tenants by the entirety divorce now they hold title as

Back 1

Tenants in common

Front 2

Types of

Policy

Back 2

Homeowners- Enhanced insurance

Lenders policy

Leasehold Policy

Front 3

Requirments

Back 3

a list of all requirements that need to met in order to issue a policy

Front 4

Endorsments

Back 4

modify the binder or policy. They may add additional coverage or serve as a correction.

Front 5

Chain of title

Back 5

a list of people who have owned the home

Front 6

Closing settlement

Front 7

Licensee shall retain all record relative to insurance transaction of how many years?

Back 7

3

Front 8

Any person who knowingly or willfully violates and provision of Title. 38.2 or any regulation issued pursuant to this title shall be punished for each violation by a penalty not more than

Back 8

$5,000

Front 9

a non resident agent who moves from one state or province to another state shall file a change of address and provide a certification from the new home state within _______ days

Back 9

30

Front 10

Any person who violates without knowledge or intent any provision of title. 38.2 or any rule regulation or order issued pursuant to this title Shall be punished for each violation by a penalty not more than?

Back 10

$1,000

Front 11

An agent is authorized to act as an agent for an insurer and receive commissions, once the agent is?

Back 11

Appointed by the insurer

Front 12

Of the total required CE credits for each biennium, 2 credits shall be in

Back 12

Virginia insurance lass, regulations and ethics

Front 13

A licensed agent convicted of a felony shall reports with in how many calendar days?

Back 13

30 Days

Front 14

Who a subject to do a inspection of supervision and regulations?

Back 14

Domestics Foreign and Alien

Front 15

Licenses authority to transact business of the insurance in the Commonwealth are

Back 15

Commission

Front 16

to obtain a resident title agent license in the Commonwealth one must do what?

Back 16

pass a exam

Front 17

When reporting and accounting for premiums

Back 17

1. all funds must be held in a fiduciary account.

2. all funds must be accounted for

3. paid in a ordinary course of business to those entitled to payment.

Front 18

Funds can be comingled for

Back 18

1 Advancing premiums

2 maintain the adequacy if the account

3 establishing reserves

Front 19

Settlement agents must disburse funds within____ business days of settlement.

Back 19

2

Front 20

Transactions involving the purchase of sale of an interest in a residential real property, the settlement agent shall provide notification to the purchaser of the availability of

Back 20

Owners title insurance

Front 21

A settlement agent must do The following prior to the disbursement of funds

Back 21

Record Applicanle instruments

Front 22

A settlement agent must do The following prior to the disbursement of funds

Back 22

Record Applicanle instruments

Front 23

Any employers payment to its own bona fide employees for referrals of mortgage loan or insurances business is considered a kickback true or false

Back 23

False

Front 24

True or false regarding kickbacks thing value means any payment advance funds loan service for other consideration

Back 24

True

Front 25

True or false regarding kickbacks thing value means any payment advance funds loan service for other consideration

Back 25

True

Front 26

In accordance with Virginia code 38.2–1813 premiums received must be remitted in the ordinary course of business true or false

Back 26

True

Front 27

Parties to the transaction are considered to be all of the following

Back 27

Borrower seller and Lender

Front 28

You have how many days to get licensed after passing the state exam

Back 28

183

Front 29

Who oversees the insurance industry

Back 29

State Corporation commission

Front 30

You must be license within how many days after passing the state exam

Back 30

250

Front 31

Which Bureau of the State Corporation commission oversees the title industry

Back 31

Insurance Bureau

Front 32

Which Bureau of the State Corporation commission oversees the title industry

Back 32

Insurance Bureau

Front 33

The reconveyance department of a mortgage company handles

Back 33

Releases

Front 34

Which Bureau of the State Corporation commission oversees the title industry

Back 34

Insurance Bureau

Front 35

The reconveyance department of a mortgage company handles

Back 35

Releases

Front 36

Who cannot transfer title

Back 36

A felon

Front 37

Which Bureau of the State Corporation commission oversees the title industry

Back 37

Insurance Bureau

Front 38

The reconveyance department of a mortgage company handles

Back 38

Releases

Front 39

Who cannot transfer title

Back 39

A felon

Front 40

Meridian lines run

Back 40

From pole to pole north to south

Front 41

The discovery of the homestead D during the title search means the grantors may be in

Back 41

Bankruptcy

Front 42

A holographic will is

Back 42

A hand written will

Front 43

A holographic will is

Back 43

A hand written will

Front 44

To make a change to Will one needs to prepare a

Back 44

A codicil

Front 45

A holographic will is

Back 45

A hand written will

Front 46

To make a change to Will one needs to prepare a

Back 46

A codicil

Front 47

What court is bankruptcy filed with

Back 47

Federal

Front 48

A holographic will is

Back 48

A hand written will

Front 49

To make a change to Will one needs to prepare a

Back 49

A codicil

Front 50

What court is bankruptcy filed with

Back 50

Federal

Front 51

True or false Someone who dies with Will is said to have died in state

Back 51

False

Front 52

True or false someone who dies without a will is said to have died testate

Back 52

False

Front 53

What typically accompanies a deed of trust

Back 53

A note or a bond

Front 54

To foreclosure under deed of trust one must

Back 54

Follow procedures provided by statue in terms contained in the deed of trust

Front 55

When I lender agrees to be in second lien position the lien is

Back 55

Subordinate to the first lien

Front 56

Which indexing system is used by Virginia Circuit Court clerks office

Back 56

Alphabetical

Front 57

Unless continued or terminated a you CC attaches to your property for how many years

Back 57

5

Front 58

Unless continued or terminated a you CC attaches to your property for how many years

Back 58

5

Front 59

What is tangible personal property

Back 59

Chattels

Front 60

Unless continued or terminated a you CC attaches to your property for how many years

Back 60

5

Front 61

What is tangible personal property

Back 61

Chattels

Front 62

In a condominium the area shared by owners is called

Back 62

The common area

Front 63

Unless continued or terminated a you CC attaches to your property for how many years

Back 63

5

Front 64

What is tangible personal property

Back 64

Chattels

Front 65

In a condominium the area shared by owners is called

Back 65

The common area

Front 66

A couple holding title as tenants by the entirety divorce now they hold title as

Back 66

Tenants in common

Front 67

Animate domain is also referred to as

Back 67

Condemnation

Front 68

Why is pacer checked

Back 68

Pacer should be checked with the new file is open to make sure parties are not in bankruptcy pacer should also be check the day of closing

Front 69

What are navigable waters

Back 69

River Bay ocean the Commonwealth of Virginia owns the beds individually and owners phones to the edge of the water tidewaters

Front 70

What are navigable waters

Back 70

River Bay ocean the Commonwealth of Virginia owns the beds individually and owners phones to the edge of the water tidewaters

Front 71

Non-navigable waters

Back 71

Ponce branch Creek's beds are owned by Buddy Lee and owners to the center of the waterbed

Front 72

Title waters

Back 72

Commonwealth of Virginia owns the bed of the mean to the Lowater

Front 73

Title waters

Back 73

Commonwealth of Virginia owns the bed of the mean to the Lowater

Front 74

Non-tidal but navigable

Back 74

Commonwealth of Virginia owns the beds

Front 75

Title waters

Back 75

Commonwealth of Virginia owns the bed of the mean to the Lowater

Front 76

Non-tidal but navigable

Back 76

Commonwealth of Virginia owns the beds

Front 77

Accretion

Back 77

Gradual addition of soil

Front 78

Title waters

Back 78

Commonwealth of Virginia owns the bed of the mean to the Lowater

Front 79

Non-tidal but navigable

Back 79

Commonwealth of Virginia owns the beds

Front 80

Accretion

Back 80

Gradual addition of soil

Front 81

Erosion

Back 81

Gradual loss of land

Front 82

Title waters

Back 82

Commonwealth of Virginia owns the bed of the mean to the Lowater

Front 83

Non-tidal but navigable

Back 83

Commonwealth of Virginia owns the beds

Front 84

Accretion

Back 84

Gradual addition of soil

Front 85

Erosion

Back 85

Gradual loss of land

Front 86

Avulsion

Back 86

Sudden or perpetual gain or loss of land

Front 87

What does ONAM stand for

Back 87

One. Owners say you are the owner too. No defects on title three. Access you have access to the property for. Marketability you should have

Front 88

What does ONAM stand for

Back 88

One. Owners say you are the owner too. No defects on title three. Access you have access to the property for. Marketability you should have

Front 89

State statues require a deed to have

Back 89

One. Being writing

Two. Contain sufficient legal description

Three. Identify the grantor and grantee

4. Have words of convenience

Front 90

What does ONAM stand for

Back 90

One. Owners say you are the owner too. No defects on title three. Access you have access to the property for. Marketability you should have

Front 91

State statues require a deed to have

Back 91

One. Being writing

Two. Contain sufficient legal description

Three. Identify the grantor and grantee

4. Have words of convenience

Front 92

The library conference meet

Back 92

Every year

Front 93

General warranty

Back 93

Contains promises by grantor English covenants of title in season and right to convey the covenant against encumbrances the covenant of quiet enjoyment in the covenant of warranty and further assurance

Front 94

Special warranty

Back 94

Contain same warrantees is General warranty deed but only covers defects created while the grantor was the owner of the real estate

Front 95

Special warranty

Back 95

Contain same warrantees is General warranty deed but only covers defects created while the grantor was the owner of the real estate

Front 96

Quit claim deed

Back 96

Gives no warranties

Front 97

Special warranty

Back 97

Contain same warrantees is General warranty deed but only covers defects created while the grantor was the owner of the real estate

Front 98

Quit claim deed

Back 98

Gives no warranties

Front 99

Trustees deed

Back 99

Foreclosures

Front 100

Special warranty

Back 100

Contain same warrantees is General warranty deed but only covers defects created while the grantor was the owner of the real estate

Front 101

Quit claim deed

Back 101

Gives no warranties

Front 102

Trustees deed

Back 102

Foreclosures

Front 103

Assumption deed

Back 103

Grantee assumes grant or obligations under note like a VA loan

Front 104

Special warranty

Back 104

Contain same warrantees is General warranty deed but only covers defects created while the grantor was the owner of the real estate

Front 105

Quit claim deed

Back 105

Gives no warranties

Front 106

Trustees deed

Back 106

Foreclosures

Front 107

Assumption deed

Back 107

Grantee assumes grant or obligations under note like a VA loan

Front 108

Transfer on death deed

Back 108

Transfers when one dies

Front 109

Joint tenancy

Back 109

Two or more individuals own the property at the death of one owner the descendants share best in the surviving joint tenant

Front 110

Tenants in common

Back 110

Individuals own the property without survivorship each person's interest is undivided interest which can be sold or transferred