The ALTA Loan Policy Covered Risk No. 11(b) protects against loss of lien priority over the lien of any:
A. Mortgage which the record title holder assumed through the conveyance of title
B. Judgment creditor where the judgment lien was recorded after date of policy
C. Assessments for street improvements under construction or completed at date of policy
D. Condo or property owner assessments that attach subsequent to date of policy
C. Assessments for street improvements under construction or completed at date of policy
Under the ALTA Owner’s Policy, in the event the Company [Insurer] is unable to determine the amount of loss or damage, the Company may, at its option, require as a condition of payment that the Insured Claimant:
A. Withdraw the claim
B. Furnish a signed proof of loss
C. Assign the claim to the title agent
D. Pursue his or her rights against the seller/grantor
B. Furnish a signed proof of loss
Under the ALTA Loan Policy, the Insured must transfer, assign, and convey to the Company [Insurer] the indebtedness and the insured mortgage, together with any collateral security:
A. When the fee owner conveys title to a subsequent purchaser for value
B. When the fee owner assumes the existing mortgage of the seller/grantor
C. When the Company purchases the indebtedness
D. When the Company is subrogated to the rights of the fee owner
C. When the Company purchases the indebtedness
Under the ALTA Owner’s Policy, which of the following is NOT a Covered Risk?
A. The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid
B. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land
C. Preparation of deeds and mortgages incident to the issuance of title insurance
D. Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge
C. Preparation of deeds and mortgages incident to the issuance of title insurance
Under the ALTA Owner’s Policy, the Company [Insurer] is deemed to have fully performed its obligations and is not liable for any loss or damage caused to the Insured when the Company performs as required under the policy. Which of the following is NOT a matter required to be handled by the Insurer?
A. Establishing the title in favor of the insured
B. Removing the alleged defect, lien, or encumbrance
C. Curing the lack of a right of access to or from the land
D. Curing a claim based on a matter created, assumed or agreed to by the insured
D. Curing a claim based on a matter created, assumed or agreed to by the insured
Under the ALTA Owner’s Policy, Condition No. 2, “Continuation of Insurance” stipulates that coverage _____ in favor of any purchaser from the Insured of either (i) an estate or interest in the Land, or (ii) an obligation secured by a purchase money Mortgage given to the Insured.
A. Shall continue in force
B. Shall not continue in force
C. Is transferrable
D. Is automatically conveyed
B. Shall not continue in force
Under the ALTA Owner’s Policy, “Successors to an Insured” where the Insured is an Entity include those succeeding by all of the following EXCEPT:
A. Dissolution
B. Merger, consolidation or reorganization
C. Distribution
D. Death
D. Death
Which of the following is NOT a standard exception on an ALTA Title Commitment?
A. Rights or claims of parties in possession not shown by the public records
B. Encroachments, overlaps, boundary line disputes, and any other matters that would be disclosed by an accurate survey and inspection of the premises
C. Payment of title premium from insurer to agent/agency for services actually performed
D. Taxes or special assessments that are not shown as existing liens by the public records
C. Payment of title premium from insurer to agent/agency for services actually performed
Under the ALTA Title Commitment, a title insurer commits to issue title policies based on all of the following EXCEPT:
A. Payment of premiums and charges
B. In favor of the proposed insured named in Schedule A
C. In compliance with the errors and omissions insurance requirements
D. Subject to provisions of Schedules A and B and commitment Conditions
C. In compliance with the errors and omissions insurance requirements
The ALTA Owner’s Title Policy does NOT insure against a/an:
A. Recorded Notice of Eminent Domain
B. Unmarketable Title
C. Unrecorded Notice of Eminent Domain
D. No Right of Access to and From the Land
C. Unrecorded Notice of Eminent Domain
Under the ALTA Owner’s Policy, which of the following is NOT a Covered Risk?
A. No right of access to and from the Land
B. Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge.
C. The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid
D. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A
D. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A
Under the ALTA Owner’s Policy, “Continuation of Insurance” states that coverage of the policy continues in force as of the Date of Policy in favor of an Insured, but only so long as one or more of the following apply to the Insured. Which of the following is NOT included under “Continuation of Insurance”?
A. Retains an estate or interest in the land
B. Holds an obligation secured by a purchase money mortgage given by a purchaser from the Insured
C. Has liability by reason of warranties in any transfer or conveyance of the title
D. Has created, suffered, assumed or agreed to a matter adverse to the title
D. Has created, suffered, assumed or agreed to a matter adverse to the title
Under a ALTA Loan Policy, the extent of liability of the Company [Insurer] for loss or damage under this policy shall not exceed the least of the items shown below. What is NOT included in this section of the ALTA Loan Policy?
A. Amount of insurance
B. Amount of indebtedness
C. Difference between the value of the title as insured and the value of the title subject to the risk insured against by this policy
D. Amount of title insurance premium paid by the insured to the insurer at policy inception
D. Amount of title insurance premium paid by the insured to the insurer at policy inception
Matters listed on ALTA Loan Policy Schedule B-II are _____ the lien of the Insured Mortgage.
A. Superior to
B. Subordinate to
C. Subtracted from
D. Added to
B. Subordinate to
Under the ALTA Loan Policy, the definition of “Indebtedness” includes an insured mortgage that is:
A. Evidenced by electronic means authorized by law
B. Expressed by terms and conditions of the instrument
C. Ensuring of the covenants contained in a deed of trust
D. Enumerated by the warranties contained in an assumption deed
A. Evidenced by electronic means authorized by law
In case of a claim under the ALTA Loan Policy, the Company [Insurer] may:
A. Assume the mortgage on behalf of the fee owner
B. Purchase the indebtedness
C. Transfer the fee interest of the obligor to the assignee lender
D. Convey the fee estate to the insured claimant lender
B. Purchase the indebtedness
Under the ALTA Owner’s Policy, which of the following is NOT a Covered Risk?
A. Title being vested other than as stated in Schedule A
B. Any defect in or lien or encumbrance on the Title
C. Rights of eminent domain
D. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land
C. Rights of eminent domain
Under the ALTA Owner’s Policy, whenever the Company [Insurer] settles and pays a claim under the policy, it is _____ to the rights of the Insured Claimant in the title and all other rights and remedies in respect to the claim that the Insured Claimant has against any person or property, to the extent of the amount of any loss, costs, attorneys’ fees, and expenses paid by the Company.
A. Subordinated and indentured
B. Subrogated and entitled
C. Sustained and enriched
D. Situated and indemnified
B. Subrogated and entitled
Which of the following is NOT an ALTA Title Commitment requirement with which to comply prior to issuing final policies?
A. Instruments creating the estate or interest to be insured must be approved, executed and duly filed of record
B. Payment to or for the account of the grantors and/or mortgagors of full consideration for the estate or interest to be insured
C. Payment of the premiums, fees, and charges for the policy
D. Payment of the annual premium for errors and omissions coverage
D. Payment of the annual premium for errors and omissions coverage
An ALTA Title Commitment that has expired:
A. May not be extended
B. May be extended by endorsement
C. May be extended by addendum
D. May be extended by codicil
B. May be extended by endorsement
Under the ALTA Owner’s Policy, “Insured Claimant” is defined as:
A. The proposed insured named in a title commitment
B. The insured named in the title policy
C. The insured lender under an owner’s policy
D. The insured claiming loss or damage
D. The insured claiming loss or damage
Under the ALTA Owner’s Policy, “Title” is defined as the estate or interest described in:
A. Schedule A
B. Schedule B
C. Covered Risks
D. Exclusions from Coverage
A. Schedule A
Included in the definition of the “Insured” under the ALTA Loan Policy is any government agency or instrumentality that:
A. Institutes foreclosure against the fee owner
B. Is an insurer or guarantor of the indebtedness
C. Indentures repayment of the fee estate
D. Is an assignee of an intestate obligor
B. Is an insurer or guarantor of the indebtedness
Which of the following does NOT apply to the ALTA Title Commitment?
A. Establishes the premium split between the title insurer and title agency
B. Sets forth requirements that must be met to insure title
C. Lists exceptions to title that will carry over to final policy
D. Commits to insure title based on the information set forth in the commitment
A. Establishes the premium split between the title insurer and title agency
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Florida Title Insurance Practice Exam70
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Florida Title Rule37
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Florida Statues31
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RESPA29
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Gramm-Leach-Bliley Act19
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Industry Ethics4
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Title Insurance 10125
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Forms30
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Title Search & Examination30
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Source of Title30
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Liens and Encumbrances30
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Surveys and Legal Descriptions30
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Settlement Escrow31
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Cybersecurity5
