Florida Statues

Question 1

The OIR has _______ days in which to approve or disapprove title insurance forms filing.

A. 60
B. 90
C. 120
D. 180

Answer 1

D. 180

Question 2

Which of the following does NOT apply to the product of title insurance?

A. Non-casualty product
B. Casualty product
C. Mono-line insurance
D. May include coinsurance or reinsurance

Answer 2

B. Casualty product

Question 3

A title insurance policy may not be issued from a search performed by any person other than a title insurance agent, or an employee of a title insurer or title insurance agency, unless that person has:

A. At least 10 years of title search experience
B. A fidelity bond of $50k
C. A surety bond of $35k
D. Errors and omissions insurance with minimum coverage limits of $250k and a maximum deductible not exceeding $10k

Answer 3

D. Errors and omissions insurance with minimum coverage limits of $250k and a maximum deductible not exceeding $10k

Question 4

For title agent licenses which have been suspended, such a period of suspension shall not exceed:

A. 2 years
B. 3 years
C. 4 years
D. 5 years

Answer 4

A. 2 years

Question 5

To qualify for licensure based on experience, a title agent must have at least _____ of experience in responsible title insurance duties, under the supervision of a licensed title insurance agent, title insurer, or attorney while working in the title insurance business as a substantially full-time, bona fide employee of a title insurance agency, title insurance agent, title insurer, or attorney who conducts real estate closing transactions and issues title insurance policies.”

A. 6 months
B. 12 months
C.18 months
D. 24 months

Answer 5

B. 12 months

Question 6

Title insurers required by the Department to conduct a special forms audit, must perform the audit within _____ days and report its findings to the Department within _____ days after the request has been made.

A. 10 and 30
B. 30 and 45
C. 30 and 60
D. 60 and 90

Answer 6

D. 60 and 90

Question 7

F.S. 626.8418(2) requires that title insurance agencies:

A. Must have a surety bond of $35,000 [or post securities with the Department with a market value of not less than $35,000] (This option is marked as correct with a checkmark)
B. Must have a surety bond of $50,000 [or post securities with the Department with a market value of not less than $50,000]
C. Must have errors and omissions insurance in the minimum amount of $35,000
D. Must have errors and omissions insurance in the minimum amount of $50,000

Answer 7

A. Must have a surety bond of $35,000 [or post securities with the Department with a market value of not less than $35,000] (This option is marked as correct with a checkmark)

Question 8

Title insurers and title agencies must submit annual data call information to OIR by _____ each year.

A. January 31st
B. March 1st
C. May 31st
D. September 1st

Answer 8

C. May 31st

Question 9

F.S. 626.749 regarding maintaining the place of business within the place of residence requires all of the following EXCEPT:

A. A separate room must be set aside and actually used by the agent for business
B. A location no more than 10 miles of the main title agency office (This option is marked as correct with a checkmark because it is NOT a requirement of the statute)
C. The room must be easily accessible to the public and used for this purpose
D. The existence of the office must be suitably advertised

Answer 9

B. A location no more than 10 miles of the main title agency office (This option is marked as correct with a checkmark because it is NOT a requirement of the statute)

Question 10

The appointment of a title insurance agent is subject to a renewed request filed by the title insurer every _____ after the original issue date of appointment.

A. 12 months
B. 24 months
C. 36 months
D. 48 months

Answer 10

B. 24 months

Question 11

The security deposit or surety bond must remain in effect throughout the term of the agency and until _____ after termination of all title insurance agency appointments held by the title insurance agency.

A. 6 months
B. 1 year
C. 18 months
D. 2 years

Answer 11

B. 1 year

Question 12

Upon notice by the Department to the licensee of a suspension, revocation, refusal to renew, failure to renew, or expiration of a license or appointment, or upon termination of the agency agreement between the appointee and insurer:

A. The license and appointment remain in effect for 60 days
B. The license and appointment remain in effect until the last title policy is issued
C. The license and appointment remain in effect until the physical license is returned to the Department
D. The license and appointment are no longer in force and effect

Answer 12

D. The license and appointment are no longer in force and effect

Question 13

Once the Department imposes an administrative penalty against a licensee or appointee, such fine must be paid within _____ days.

A. 30
B. 45
C. 60
D. 90

Answer 13

A. 30

Question 14

To qualify to sit for the title agent state exam, which of the following does NOT apply?

A. You must be at least 18 years old
B. You must be a U.S. citizen
C. You must be currently employed within the title insurance industry
D. You must be a bona fide resident of Florida

Answer 14

C. You must be currently employed within the title insurance industry

Question 15

A person may not knowingly quote, charge, accept, collect, or receive a premium for title insurance, except as provided in s. 626.9541(1)(h)3.b other than that:

A. Adopted by the Commission
B. Approved by the title insurer
C. Agreed to by the insured
D. Set by his or her employer

Answer 15

A. Adopted by the Commission

Question 16

A title agency that does NOT perform all, or substantially all, primary title services:

A. Is entitled to 70% of premium
B. Is not entitled to 70% of premium
C. Is entitled to whatever portion of premium the underwriter wants to provide
D. Is not entitled to 70% of premium, but may accept that amount, if offered by the underwriter, without fear of regulatory audit

Answer 16

B. Is not entitled to 70% of premium

Question 17

Title insurance agents must complete a minimum of _____ hours of continuing education credit every two years in title insurance and escrow management specific to this state and approved by the Department.

A. 3
B. 7
C. 10
D. 14

Answer 17

C. 10

Question 18

Title insurance is _____ insurance.

A. Mono-line
B. Dual-line
C. Multiple-line
D. Myriad-line

Answer 18

A. Mono-line

Question 19

The statutory definition of ‘Primary Title Services’ does NOT include:

A. Determining insurability based on sound underwriting practices based upon evaluation of a reasonable title search
B. Determination and clearance of underwriting objections and requirements to eliminate risk
C. Preparation of documents incident to the issuance of title insurance
D. Preparation and issuance of title insurance commitments and policies

Answer 19

C. Preparation of documents incident to the issuance of title insurance

Question 20

A title insurer is NOT liable for _____ by a licensed title agent or agency of funds held in trust by the agent or agency pursuant to F.S. 626.8473.

A. Defalcation
B. Conversion
C. Operating funds
D. Misappropriation

Answer 20

C. Operating funds

Question 21

When a title insurance commitment is issued at the request of the insured or the insured’s representative, on a residential transaction:

A. No premium is required to be charged at the time the commitment is issued
B. A portion of the premium must be charged at the time the commitment is issued
C. The full premium must be charged at the time the commitment is issued
D. The commitment should not be issued until the full premium is paid in advance

Answer 21

A. No premium is required to be charged at the time the commitment is issued

Question 22

The Department may, in its discretion, in lieu of or in addition to license suspension or revocation may assess an administrative penalty in an amount up to:

A. $100
B. $250
C. $500
D. $750

Answer 22

C. $500

Question 23

If an attorney owns a separate corporate title insurance agency:

A. The attorney must dissolve his or her law practice
B. The title agency is exempt from licensing and appointment
C. The title agency must be licensed and appointed as a title insurance agent (This is the correct answer, as indicated by the checkmark on the screen)
D. The attorney is prohibited from working directly for the title agency

Answer 23

C. The title agency must be licensed and appointed as a title insurance agent (This is the correct answer, as indicated by the checkmark on the screen)

Question 24

Each title insurer must perform a forms [policy] audit for each of its title insurance agents or agencies at least once every _____.

A. 6 months
B. 12 months
C. 24 months
D. 48 months

Answer 24

B. 12 months

Question 25

The statutory definition of a title insurance agency is one that employs title agents and other employees to perform all of the following EXCEPT: A. Compile title searches B. Determine insurability of title C. Issue and countersign title insurance commitments D. Issue and countersign title insurance policies and endorsements

Answer 25

A. Compile title searches

Question 26

The title insurer or its agent or agency must maintain a record of the actual premium charged for issuance of the policy and any endorsement in its files for at least _____ years, and must produce the record at its office upon demand of the Office. A. 2 B. 5 C. 7 D. 10

Answer 26

C. 7

Question 27

If the Department finds grounds for the suspension, revocation, or refusal to renew or continue a license or appointment, the Department may place the licensee or appointee on probation for a period not to exceed: A. 60 days B. 6 months C. 1 year D. 2 years

Answer 27

D. 2 years

Question 28

A title insurer must insure against possible existence of adverse matters or defects in title recorded during the GAP period: A. At time of disbursement of settlement/closing funds B. At time of issuance of the Title Commitment C. Within 90 days of policy issuance D. No later than policy renewal

Answer 28

A. At time of disbursement of settlement/closing funds

Question 29

Each place of business established by a title agent or agency, firm, corporation, or association must be in the active full-time charge of a licensed and appointed _____. A. Title agent B. Title insurer C. Attorney admitted to the Florida Bar D. Independent abstractor

Answer 29

A. Title agent

Question 30

Discretionary grounds for Departmental denial, suspension, revocation or refusal to renew or continue any title agent or agency license include all of the following EXCEPT: A. Any cause for which issuance of the license or appointment could have been refused had it then exited and been known to the Department B. Lack of Florida Notarial Commission C. Violation of any lawful order or rule of the Department D. Engaging in unfair methods of competition or in unfair or deceptive acts or practices in the conduct of business

Answer 30

B. Lack of Florida Notarial Commission