Title Insurance Test Your Knowledge

1. There is/are __________ level(s) of title company insurance coverage available to purchasers of property that will be owner-occupied.

2. Which of the following coverages are provided by the standard policy?

Unrecorded easements

Mechanic's liens

Up to $25,000 to remove a part of a building built without a permit

Identity Theft: Someone else has rights to the property because of forgery

None of the above

3. The upcharge for additional coverage under an enhanced owner’s policy is approximately ___ % more than the cost of coverage under the standard policy.

10%

25%

50%

Double (100%)

4. The premium charged by two title agents using the same underwriter is:

Up to the two agents involved

Suggestive of collusion between the agents

Required to be the same by law

5. Reissue credits are:

A. No longer available in this market

B. Now fully incorporated within the premiums established by each underwriter

C. Made available by agents of selected underwriters

A & B above

6. A reissue credit refers to a discount the buyer receives on a new title insurance policy because title insurance was previously purchased by the seller for the subject property.

True

False

7. To qualify for a reissue credit, the buying side must obtain a copy of the seller's original title insurance and it must have been issued by the same underwriter as the underwriter for the new buyer.

True

False

8. For the buyer of a $250,000 home with 20% down, a client can save up to ____% (provided the reissue credit is available through the underwriter)

15%

25%

35%

45%

10. Which of the following can a title firm give you (agent or lender) without violating RESPA?

Title Insurance Test Your Knowledge

More Quizzes