Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
MISSOURI TITLE EXAM
| Question | Answer |
|---|---|
| COMMITMENT (1) | (1) a prelim report as to the condition of a title & a commitment to an insurance policy in a certain manner when certain conditions are met |
| COMMITMENT (2) | (2) a deposit in escrow of a small part of the purchase price of real estate as evidence of good faith and to bind in an agreement to purchase |
| COMMITMENT (3) | (3) also called "binder" a report issued by title co. committing the title insurance co to issue the form of policy designated in the commitment upon compliance with & satisfaction of requirements set fourth in the commitment |
| EDNORSEMENT | an addition to or limitation of title insurance coverage that is attached to a title insurance policy |
| EXCEPTION | a provision in a title insurance binder or policy that excludes liability for a specific title defect or an outstanding lien or encumbrance |
| REQUIREMENTS | the receipt of documents or completion of tasks set out in the requirements section of the commitment. or schedule B-1 |
| ENCUMBRANCE | any interest, right, lien, or liability attached to a parcel of land (such as unpaid taxes or an unsatisfied mortgage) that constitutes or represents a burden or charge upon the property |
| ENCROACHMENT | any building, improvement, or structure located on one property (such as a wall, fence, or driveway) that intrudes upon the property of another |
| INSURER | a company organized under laws of this state for the purposes of transacting as insurer the business of title insurance and any foreign or alien title insurer engaged in this state in the business of title insurance as insurer |
| UNDERWRITER | an insurance company that issues insurance polices to the public or to another insurer |
| CHAIN OF TITLE | the past series of ownership or transfers in the history of title to a tract of land |
| CLOSING/SETTLEMENT | also known as "escrow" the process of executing legally binding documents, such as deeds & mortgages most commonly associated with the purchase of real estate & the borrowing of money to assist in the purchase |
| RECORDING | the noting in a public office of the details of legal documents - such as a deed or mortgage - affecting the title to real estate. When property is recorded, it's considered to be a matter of public record |
| MORTGAGOR | a person who mortgages property - a person who executes a mortgage, generally the property owner |
| MORTGAGEE | the holder of a mortgage - the party to whom a mortgage is made, generally the lender |
| SIMULTANEOUS ISSUE | the reduced rate for a loan policy or owner's policy of title insurance issued on the same property or loan at the same time as another policy |
| TITLE DEFECT | any possible or patent claim or right outstanding in a chain of title that is adverse to the claim of ownership. Any material irregularity in the execution or effect of an instrument in the chain of title |
| REAL PROPERTY | also "real estate." land & anything permanently affixed to the land, such as building, fence, & those things attached to the buildings, such as light fixtures, plumbing, & heating - or other such items that would be personal property if not attached |
| CLOSING PROTECTION LETTER | a letter issued on behalf of a title insurer, which indemnifies a buyer, lender, or seller solely against losses not to exceed the amount of settlement funds because of the acts set fourth in 381.058 RMSo |
| AFFILIATED BUSINESS ARRANGEMENTS | the title insurer shall review the title insurance agent's affiliate business arrangements for conflicts of interests & regulatory compliance |
| TYPES OF POLICIES | - Owner's - Loan - Construction Loan - Leasehold |
| OWNER'S POLICY | a policy of title insurance an owner of real estate against loss occasioned by defects in, liens against the unmarketability of the owner's title |
| ALTA | American Land Title Association - a trade association of the title insurance industry, which has adopted certain insurance policy forms to standardize coverage on a national basis. |
| LOAN POLICY | also called "mortgage policy" a title insurance policy insuring a mortgagee, or beneficiary under a deed of trust, against loss caused by invalidity or unenforceability of a lien, or loss of priority of the mortgage or deed of trust |
| CONSTRUCTION LOAN | "self build loan" a short-term loan used to finance the building of a home or another real estate project. Builder or home buyer takes out a construction loan to cover the costs of the project before obtaining long-term funding |
| LEASEHOLD | the right to possession and use of land for a fixed period of time. The lease is the agreement that creates the right |
| COMMITMENT & POLICY PROVISIONS | - Insuring Clause - Terms, Conditions, Stipulations - Exclusions - Subrogation |
| REAL ESTATE OWNERSHIP | - Joint Tenancy - Tenancy in Common - Fee Simple Deed or Estate - Life Estate - Leasehold - Tenancy by Entirely |
| JOINT TENANCY | an estate where two or more persons hold real estate jointly for life, the survivors to take the full ownership of the property |
| TENANCY IN COMMON | an estate or interest in land held by two or more persons, each having equal rights of possession and enjoyment, but without any right of succession by survivorship between the owners |
| FEE SIMPLE DEED OR ESTATE | the absolute ownership of a parcel of land. The highest degree of ownership that a person can have in real estate, which gives the owner unqualified ownership and full power of disposition. "Fee" |
| LIFE ESTATE | a grant of reservation of the right to use, occupancy and ownership for the life of an individual |
| TENANCY BY ENTIRELY | ownership by married persons where each owns the entire estate, with the survivor taking the whole upon the other's day |
| EASEMENT | an interest in land to use all or part of the land owned by another for a specific purpose. an easement may, for example, entitle its holder to install and maintain sewer or utility lines |
| RIGHT-OF-WAY | the right which one has to pass across the lands of another / easement |
| LIENS | - voluntary - involuntary - mechanics - internal revenue - judgement - child support |
| LIEN | a monetary charge imposed on a property, usually arising from some debt or obligation |
| VOLUNTARY LIEN | a claim that one person has over the property of another as a security for the payment of a debt |
| INVOLUNTARY LIEN | imposed against the property without consent of the owner (taxes, special assessments, federal income tax) |
| MEHCANINCS LIEN | a lien on real estate created by operation of law, that secures the payment of debts due to persons who preform labor or services or furnish materials incident to the construction of buildings and improvements on the real estate |
| INTERAL REVENUE LIENS | a federal tax lien that the government legally claim against your property when you neglect or fail to pay a tax debt |
| JUDGEMENT LIENS | the determination of a court regarding the rights of parties in an action. A judgement of debt on a property owner can create a lien on all of the owner's land within a certain jurisdiction |
| CHILD SUPPORT LIEN | enforceable against all real property and personal property of the obligor if they have failed to make a child support payment in an amount equal to support payable for 1 month and the child support has been assigned to the cabinet |
| LEGAL DESCRIPTIONS | - platted - unplatted - section - township - range - metes & bounds - lot - block |
| PLATTED | also called "plat map" a map dividing a parcel of land into lots, as in a subdivision. a plat book contains the plat maps of a given area |
| UNPLATTED | not legally described by a plat, land division map, certified survey, or condominium plat |
| SECTION | a parcel of land compromising one square mile or 640 acres |
| TOWNSHIP | a division of territory six miles square, containing, 36 sections or 36 square miles |
| RANGE | a part of the government survey, being a strip of land six miles in width, and numbered east or west of the principal meridian |
| METES & BOUNDS | a land description in which boundaries are described by courses, directions, distances, and monuments |
| LOT | any portion or parcel of real property. usually refers to a portion of a subdivision |
| BLOCK | a group of contiguous lots bounded by streets |
| WARRANTY DEED | a legal instrument used to transfer interest in real property in which the grantor guarantees no defects in title as far back as the origin of the property |
| QUIT CLAIM DEED | a deed that does not imply that the grantor holds title, but that surrenders and gives to the grantee any possible interests or rights that the grantor may have in the property |
| DEED OF TRUST | "mortgage" a conditioned pledge of property to a creditor as security for the payment of debt |
| FORECLOSURE | a legal proceeding in which real estate secured by a mortgage or deed of trust is sold to satisfy the underlying debt |
| PROBATE | the process of settling and administering estates, guardianships, curatorship, and names changes |
| CASHIER'S CHECK | a check, however, labeled, drawn on the financial institution, which is signed only by an officer or employee of such institution, is a direct obligation & is provided to a customer for remittance |
| CERTIFIED FUNDS | US currency, funds conveyed by a cashier's check, certified check, teller's check, as defined in Federal Reserve Regulations, or wire transfers, including written advice from bank that collected funds have been given to settlement's account |
| DIRECTIOR | the director the department of insurance, financial institutions, & professional registration, unless the settlement agent's primary regulator is another department |
| FINANCIAL INSTITUITON | a person or entity doing business under the laws of this state of the US relating to banks, trust companies, savings, & loan associations, credit unions, commercial & consumer finance companies, industrial loan companies, insurance companies |
| FILLING REQUIREMENTS | every title insurer licensed in MO shall file with the direct as required, a completed title insurance rate reporting form for the risk rates in proposes to use in each county of this state & each city not within a county of this state |
| TITLE PREMIUMS | premium tax/premium income - for purposes of the premium tax imposed by the premium income received by a title insurer shall mean the amount within the definition of premium |
| TITLE COMMITMENTS | a preliminary report, commitment, or binder issued prior to the issuance of a title insurance policy containing the terms, conditions, exceptions, and other matters incorporated by reference under which the title insurer is willing to issue its policy |
| TITLE INSURANCE COMMITMENT | is not an abstract of title |
| SETTLEMENT DISCLOSURE | a title insurer, title agency, or title agent participating in a settlement or closing of a residential real estate transaction shall provide clear, conspicuous, and distinct disclosure of premium and charges |
| SEARCH & EXAMINATION | insurer's duties, polices - examination of title, determination of insurability - showing of liens against title - records kept, duration - expectations to requirements |
| ANNUAL ON-SITE REVIEW | title agencies are required to report the agency's ownership interests in other persons or businesses and material transactions between the parties. reports must be filed by March 31 every year (Form T-5A) |
| DISCLOSURE OF AFFILIATED BUSINESS | form T-4, approved by the US Housing & Urban Development on 11/15/1996 |
| EXAMINATION OF RECORDS | the director of insurance shall be authorized to examine into the affairs of any association & make such rules and regulations as may be necessary for the execution of the functions vested in him |
| CEASE AND DESIST ORDERS | the director may issue a cease & desist order whenever it appears competent & substantial evidence that any person is acting in violation of any law of this state or any rule or regulation promulgated by the director relating to the business of insurance |
| HEARINGS & PENALITIES | upon being issued an C&D order, that person is entitled to a public hearing before the director if a request for a hearing is made in writing to the director within 15 days from the day of the service of the order to show why the C&D shouldn't be issued |
Created by:
Jennnaa98