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Flashcards in Florida Statutes Deck (15)
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To qualify for the title agent licensure, which of the following does NOT apply?
a. you must be 18 years old
b. you must be a us citizen
c. you must be currently employed within the title insurance industry
d. you must be a bona fide resident of Florida

C. You do not have to be currently employed withing the title insurance industry


The statutory definition of a "title insurance agent is a person who?
a. owns a title insurance agency
b. managed a title insurance agency
c. is appointed in writing by the department of financial services to own and operated a title insurance agency
d. Is appointed in writing by an title insurer to issue and countersign commitments and policies of title insurance on behalf of the insurer

d. Is appointed in writing by an title insurer to issue and countersign commitments and policies of title insurance on behalf of the insurer


A title insurance agency with one main office and two branch offices all of which conduct daily activities requiring title agent licensure should have a minimum of how many licensed title agents in full-time charge?
a. one overseeing all three offices
b. two, one overseeing the main office and the second overseeing the two branches
c. three, one per office
d. four or more

c. Three, one per office.
Can not do work on site without licensed agent.


When appointing a title insurance agency to the department, the title insurer must certify that the agency has all the following EXCEPT:
a. surety bond minimum $35k
b. fidelity bond minimum $50k
c. title insurance min $200k with max $10k per deductible
d. E&O Minimum $250k with $10 per deductible max

c. The agency has title insurance in the minimum amount of $200k with a maximum deductible of $10k


Once a title agent's appointment has expired or been terminated by the title insurer, if the agent is not re-appointed or newly appointed within ____ years, an application is required for qualification of a new title insurance agents' license?
a. 1
b. 3
c. 4
d. 5

4 years


For licenses which have been suspended, such period of suspension shall not exceed?
a. 1
b. 2
c. 4
d. 5

One year is the maximum suspension


For licenses that have been revoked, such period of revocation shall not exceed ____ from the date of revocation?
a. 1
b. 2
c. 3
d. 5

A revocation shall not exceed 2 years


The statutory definition of Closing does NOT include
- preparing the documents necessary to close the transaction
- conducting the title search
- conducting the closing
- handling disbursements of funds related to the closing

Conducting the title search


The statutory definition of Primary Title Services does NOT include
- determining the insurability in compliance with sound underwriting practices based upon evaluation of a reasonable title search
- determination and clearance of underwriting objections and requirements to eliminate risk
- preparation and issuance of a title insurance commitments and policies
- preparation and issuance of the deed and mortgage

preparation and issuance of the deed and mortgage


FS 627.782(1) states that, on RESPA-related transactions, _____ attributable to providing a primary title service shall be paid to or retained by any person who does not actually perform or is not liable for the performance of such service
- a reduction of premium
- no portion of the premium
- the insurer's portion of premium
- a modified portion of the premium

No portion of the premium


Preparing documents or conducting closings NOT incident to the issuance of title insurance
- is permitted, provided it done under the supervision of a licensed title agent
- is permitted, if it is indecent to getting paid
- is considered the unauthorized practice of the law
- is considered the authorized practice of law if performed under departmental supervision

Is considered the unauthorized practice of law


The statutory definition of the GAP exception is the period between the effective date of the commitment and the date
- of recording the vesting instrument
- of closing
- the file is warehoused
- the policy is issued

Of recording the vesting instrument


Evidence of the determination of insurability and reasonable title search must be maintained for ______ years after the commitment or policy is issued
- 2
- 5
- 7
- 10

Evidence from the title search shall be maintained for 7 years after the commitment is issued


The title insurer or its appointed agent/agency must maintain a record of the actual premium charged for issuance of title policies and endorsements for at least ____ years
- 2
- 5
- 7
- 10

A record of the premium charged shall be kept for a minimum of 7 years


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:
- at least 10 years of title search experience
- a fidelity bond fo $50k
- a surety bond of $35k
- errors and omissions insurance with a minimum coverage limits of $250k and a miximum deductable of $10k

- errors and ommissions insurance with a minimum coverage limits of $250k and a miximum deductable of $10k
(these people are called independent abstractors)