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Flashcards in Florida Title Rule Deck (20)
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1

The purpose of the notice to purchaser-mortgage is to

Tell them the loan policy does not protect the as an owner

2

Rate the title premium for a $10,000 owners title policy

$100 since the minimum

3

What is the minimum risk rate premium that may be charged for an owners policy

$100

4

An owners policy must be issued for the full insurable value of

The Premises

5

What is the minimum risk premium that may be charged for a mortgage title policy

$100 since it does not say "simultaneous"

6

A mortgage title insurance policy may NOT be issued for less than

the full principal debt

7

What is the maximum percentage above the full loan amount for which a mortgagee title policy may be issued "without" an Additional Interest or Shared Appreciation Endorsement

25% (would be 50% with an addl interest of shared appreciation)

8

What is the reissue risk premium for a $25,000 owner's title policy?

$100

9

The minimum risk rate premium for a simultaneous issue loan policy shall be

$25

10

On a simultaneous issue transaction, the risk premium on the amount of the loan policy in excess of the owner's policy shall be figured at

Regular original title insurance rates for the mortgage policies

11

The minimum retention of title premium by the title insurers is

30%

12

The required retention of title premium funds must be remitted to the insurer by the agent atleast

Monthly

13

Until the required retention of funds are remitted to the insurer by the agent, such funds are consdiered

Collected Funds

14

Which is NOT a category of endorsements and affirmatieve type coverage provided for in 69O-186.005(7)(a)

Regulated Endorsements and/or affirmative type coverages.

15

What Endorsements may NOT be issued without the approval from the Department (OIR)

Florida Form 9

16

The risk rate premium for a Florida form 9 Endorsement shall be

10% of the total policy premium

17

The risk rate premium for a Navigational Servitude Endorsement shall be

10% of the total policy premium

18

Title Insurance is limitied to

Coverage of real property

19

Individual escrow records for Each Transaction in which deposits and disbursements are made, must be maintained by the title insurance agent for what period of time

3 years (5 years for monthly records)

20

Monthly escrow account reconciliation records must be maintained for

5 years (3 years for each transaction)