What Do You Know About Maryland Insurance Administration? Trivia Questions Quiz

1. This clause defines/limits the ownership estate being granted to the grantee. This clause begins with "to have and to hold." Example: "To have and to hold for the life of the grantee" creates a life estate.

Deed restriction clause

Subordination clause

Habendum clause

Subrogation clause

2. A TIP (other than Maryland self-employed attorneys and law firms) must file a blanket surety bond or letter of credit in the amount of

200,000

100,000

150,000

250,000

3. Which method below is not considered a legal description in describing real estate?

Metes-and-Bounds

Rectangular Survey System

U.S. Postal Mailing Address

Plat-of-Survey Method

4. Which of the following are TIPs allowed to give realtors?

Referral commissions

Tickets to a broadway musical

Cash from each closing

Pens and stationary with TIPs contact information

5. How many hours of continuing education credits (including 3 hours are Ethics training) are required to renew a title producer's license?

30

20

16

25

6. If a joint tenant sells his/her interest, the tenancy becomes

Tenants in common

Community property

Remains joint tenancy

Tenants in severalty

7. A title insurance producer may sell:

Title hazard insurance

Title insurance and health insurance

Title insurance

Property insurance

8. A title insurance producer independent contractor (TPIC) performs the following steps at a closing EXCEPT

Check identification

Obtain signatures

Sign on the witness line

Affix a notary seal where needed

9. Which state statute does Maryland follow?

Race state

Notice state

Subordinate state

Race-notice state

10. Who pays transfer taxes in a First Time Maryland Homebuyer (FTMHB) transaction?

The buyer

The seller

The lender

Taxes are split between buyer and seller

11. The role of the Maryland Insurance Administration does not include:

Protecting Maryland consumers

Investigating consumer complaints

Reviewing and approving premium rates

Reviewing Notary commissions

12. A form that the circuit clerk office uses to expedite the accurate processing, recording, and indexing of land instruments

Liber and folio

Commitment

Deed of trust/mortgage

Intake sheet

13. An acre of land contains

15,000 square feet

33,000 square feet

43,560 square feet

50,000 square feet

14. The Commissioner may deny a license to an applicant, except for

Late renewal due to circumstances

Arrears with child support

Lack of trustworthiness

Attempt to obtain license by misrepresentation

15. Which of following best describes an easement?

Right to possess a property

Right to use your own property

Right to use the property next to your property

Disallowance of the use of a property

16. The federal law that requires financial institutions to obtain, verify, and record information that identifies each person who opens an account

IYOLA Identification Program (IIP)

MAHT Identification Program (MIP)

Customer Identification Program (CIP)

Closing Disclosure Program (CDP)

17. With a leasehold estate, the landlord keeps what type of right to "retake possession"?

Estate

Owner

Reversionary

Statute

18. The Real Estate Settlement Procedures Act (RESPA) is a consumer protection law designed to provide consumers with

Costs associated with their loan

Prohibited kickbacks

Prohibited referral fees

All of the above

19. Jane filed for bankruptcy Chapter 13 and voluntarily surrendered her home to the lender in exchange for terminating her loan. She gives the lender a

Referee's deed

Deed of trust

Gift deed

Deed in lieu of foreclosure

20. The title commitment is a document that reflects all of the title search done on property through a particular date called

Right of rescission

Effective date

The gap date

The closing date

21. Maryland withholding tax rate for non-resident individuals is % of the total payment

5.5%

3.5%

8.5%

7.5%

22. What part of the closing process does the information regarding existing liens on the property is obtained and a letter is sent to the current lender requesting pay-off amount?

Pre-closing

Closing

Post-closing

None of the above

23. An ALTA 5, a common residential title endorsement, that may appear on a Loan/Lender's policy refers to

Single Family Units

Multi-Family Units

Condominium Units

Planned Development Unit

24. Most leasehold owners can redeem "ground rent" by paying an amount equal to annual ground rent capitalized at a rate (Deed of Redemption)

10%

5%

6%

20%

25. Common money judgments are released by filing an

Order of Satisfaction or a Line of Satisfaction

Order of Dissatisfaction or Line of Satisfaction

Order of Decline in Satisfaction or Dissatisfaction

Order Satisfaction or a Decline in Satisfaction

26. An attorney who solicits, procures or negotiates title insurance contracts

Must appear before Maryland Appeals Court to practice

Is exempt from any title insurance producer continuing education

Must take the pre-licensing exam

Cannot practice law in Maryland

27. The Closing Protection Letter/Insured Closing Letter/CPL benefits

The beneficiary & the trustor

The seller & the homeowner

The lender & the homeowner

The trustee & the homeowner

28. Upon recording which type of deed merges the ground rent and reversionary fee holder's interest into one fee simple estate?

Deed of foreclosures

Trustee's deed

Administrator's deed

Deed of Redemption

29. Deeds are recorded in Land Records using one of the index systems listed:

Grantor-grantee index system

Tract index system

Tract-grantor index system

Tract-grantee index system

30. A judgment is a decree issued by the court at the conclusion of a lawsuit. A judgment lien is considered

Voluntary

Willfully

Involuntary

All purpose

31. A quitclaim deed

Warrants property through trusts

No guarantee that land being sold is free of encumbrances

Carries no warranty at all

Covenant against encumbrances listed in the deed

32. Jane has a first and second mortgage on her home. She refinances, which pays off the 1st mortgage. What was her 2nd mortgage becomes her 1st mortgage? However, the new mortgage (which pays off her 1st mortgage) wants to remain in 1st mortgage position. Who signs the subordination agreement?

1st mortgage lender

Subordinate mortgage lender

The borrower

None of the above

33. An ALTA 4, a common residential title endorsement, that may appear on a Loan/Lender's policy refers to

Single Family Units

Multi-Family Units

Condominium Units

Planned Development Unit

34. Who signs for bankruptcy in Chapter 7?

The owner

The trustee

The lender

The title company

35. This type of trust is created by the owner of the property during the owner's lifetime.

Cooperative

Intermediary trust

Living trust

Lifetime trust

36. A person who owns a residential property and makes ground rent payments owns a

Fee simple interest

Leasehold interest

Tenants in entirety interest

Fee simple defeasible interest

37. Ground rent is filed with the

Department of State

County recorder office

County court house

Dept. of Assessment and Taxation

38. If the water is "navigable", ownership generally extends to

The bottom of the water below the surface

The high water mark at the water edge

The middle of the water edge

The center of the water

39. What would be a nonresident individual applicable tax rate on the sale of a property?

82.5% of the mortgage payoff

75% of the mortgage payoff

82.5% of the purchase price

75% of the purchase price

40. Statute of limitations of judgments in favor of the United States of America

20 years

12 years

10 years

Forever

41. In reference to the prohibited practices, the following is not considered an illegal referral fee to a TIP

Fee

Kickback

Percentage

Commission

42. All title issues pertaining to the property being insured are listed on of the Title Commitment.

Schedule C

Duty to defend

Schedule A

Schedule B

43. Who controls trust money deposited into the Maryland Affordable Housing Trust (MAHT)?

The bank

The attorney

The underwriter

The title insurance producer (title insurer)

44. Statute of limitations for judgments in favor of the state of Maryland.

10 years

12 years

20 years

Indefinite

45. Which limitation is not legally enforceable on land use?

Covenants

Conditions

Restrictions

Amendments

46. Any charge, claim, or liability against the title.

Encumbrance

Lien

Restriction

Covenants

47. A judgment lien is a court order issued against the debtor and in favor of the plaintiff for a specific amount of money at the conclusion of a lawsuit. Once recorded in the county records, it becomes a

Specific lien

Convoluted lien

General lien

Confirmed lien

48. An Order of Satisfaction or a Line of Satisfaction is an acknowledgment that a judgment was paid and the "RELEASE" is filed with

Land records

Department of Assessment and Taxation

Federal government

Courthouse

49. This system is used in urban areas when land is subdivided into numbered lots, blocks, and tracts, and a recorded survey called a plat map is referenced.

Plat-of-survey method

Recorded plat method

Lot-block-tract method

All of the above

50. Statute of limitations for a federal tax lien

10 years

12 years

20 years

66 years

What Do You Know About Maryland Insurance Administration? Trivia Questions Quiz

1. This clause defines/limits the ownership estate being granted to the grantee. This clause begins with "to have and to hold." Example: "To have and to hold for the life of the grantee" creates a life estate.

2.

What first name or nickname would you like us to use?

2. A TIP (other than Maryland self-employed attorneys and law firms) must file a blanket surety bond or letter of credit in the amount of

3. Which method below is not considered a legal description in describing real estate?

4. Which of the following are TIPs allowed to give realtors?

5. How many hours of continuing education credits (including 3 hours are Ethics training) are required to renew a title producer's license?

6. If a joint tenant sells his/her interest, the tenancy becomes

7. A title insurance producer may sell:

8. A title insurance producer independent contractor (TPIC) performs the following steps at a closing EXCEPT

9. Which state statute does Maryland follow?

10. Who pays transfer taxes in a First Time Maryland Homebuyer (FTMHB) transaction?

11. The role of the Maryland Insurance Administration does not include:

12. A form that the circuit clerk office uses to expedite the accurate processing, recording, and indexing of land instruments

13. An acre of land contains

14. The Commissioner may deny a license to an applicant, except for

15. Which of following best describes an easement?

16. The federal law that requires financial institutions to obtain, verify, and record information that identifies each person who opens an account

17. With a leasehold estate, the landlord keeps what type of right to "retake possession"?

18. The Real Estate Settlement Procedures Act (RESPA) is a consumer protection law designed to provide consumers with

19. Jane filed for bankruptcy Chapter 13 and voluntarily surrendered her home to the lender in exchange for terminating her loan. She gives the lender a

20. The title commitment is a document that reflects all of the title search done on property through a particular date called

21. Maryland withholding tax rate for non-resident individuals is % of the total payment

22. What part of the closing process does the information regarding existing liens on the property is obtained and a letter is sent to the current lender requesting pay-off amount?

23. An ALTA 5, a common residential title endorsement, that may appear on a Loan/Lender's policy refers to

24. Most leasehold owners can redeem "ground rent" by paying an amount equal to annual ground rent capitalized at a rate (Deed of Redemption)

25. Common money judgments are released by filing an

26. An attorney who solicits, procures or negotiates title insurance contracts

27. The Closing Protection Letter/Insured Closing Letter/CPL benefits

28. Upon recording which type of deed merges the ground rent and reversionary fee holder's interest into one fee simple estate?

29. Deeds are recorded in Land Records using one of the index systems listed:

30. A judgment is a decree issued by the court at the conclusion of a lawsuit. A judgment lien is considered

31. A quitclaim deed

32. Jane has a first and second mortgage on her home. She refinances, which pays off the 1st mortgage. What was her 2nd mortgage becomes her 1st mortgage? However, the new mortgage (which pays off her 1st mortgage) wants to remain in 1st mortgage position. Who signs the subordination agreement?

33. An ALTA 4, a common residential title endorsement, that may appear on a Loan/Lender's policy refers to

34. Who signs for bankruptcy in Chapter 7?

35. This type of trust is created by the owner of the property during the owner's lifetime.

36. A person who owns a residential property and makes ground rent payments owns a

37. Ground rent is filed with the

38. If the water is "navigable", ownership generally extends to

39. What would be a nonresident individual applicable tax rate on the sale of a property?

40. Statute of limitations of judgments in favor of the United States of America

41. In reference to the prohibited practices, the following is not considered an illegal referral fee to a TIP

42. All title issues pertaining to the property being insured are listed on of the Title Commitment.

43. Who controls trust money deposited into the Maryland Affordable Housing Trust (MAHT)?

44. Statute of limitations for judgments in favor of the state of Maryland.

45. Which limitation is not legally enforceable on land use?

46. Any charge, claim, or liability against the title.

47. A judgment lien is a court order issued against the debtor and in favor of the plaintiff for a specific amount of money at the conclusion of a lawsuit. Once recorded in the county records, it becomes a

48. An Order of Satisfaction or a Line of Satisfaction is an acknowledgment that a judgment was paid and the "RELEASE" is filed with

49. This system is used in urban areas when land is subdivided into numbered lots, blocks, and tracts, and a recorded survey called a plat map is referenced.

50. Statute of limitations for a federal tax lien