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Section 1 (1-70)

Total questions: 70

Worksheet time: 35mins

Name
Class
Date
1.

A business entity seeking an insurance license must provide the Commissioner with the name of their

a)

Attorney

b)

Accountant

c)

Point of contact that is a licensed as a title producer

d)

Business reference

2.

The homestead credit limits the amount of assessment increase on which a homeowner will pay property taxes on property used as the owner's principal residence to what percentage?

a)

A. 5%

b)

B. 10%

c)

C. 15%

d)

D. 20%

3.

First Focus Title offers customers a 10% reduction on their title policy for their business. This unfair trade package is known as

a)

Twisting

b)

Rebating

c)

Misrepresentation

d)

Coercion

4.

In Maryland, first-time home buyers are exempt from paying transfer taxes; therefore

a)

No taxes are collected on the transfer

b)

The seller pays .25%

c)

The seller pays 1%

d)

The seller pays .5%

5.

Which of the following is true regarding real estate transactions in MD by non-resident sellers?

a)

A. Non-resident individuals pay SDAT 8.0% of the total payment for the transaction

b)

B. Non-resident corporations pay SDAT 8.25% of the total payment for the transaction

c)

C. Both of the above

d)

D. Neither of the above

6.

Exceptions to the anti-rebating statute allows for which of the following marketing activities:

a)

Offering or giving away educational materials

b)

Offering or giving away promotional materials

c)

Offering or giving away articles of merchandise that cost no more than $50

d)

All of the above are exceptions to the anti-rebating statute regardless of whether a policy is purchased

7.

Who may exercise control over escrow funds maintained in a title agency escrow account?

a)

Licensed real estate agent

b)

Licensed loan officer

c)

Licensed attorney

d)

Licensed title producer

8.

A title insurance producer can be

a)

A licensed individual who provides closing and settlement services

b)

Title insurance insurer

c)

A person who solicits title

d)

All of the above

9.

Types of illegal rebating and acts prohibited by RESPA include

a)

A title company offering you something of value for business

b)

A title company offering something of value for steering business to their company

c)

A rebate on the title premium

d)

All of the above

10.

If a lender fails to disburse funds at time of settlement

a)

the lender may not charge interest to the borrower for the first 30 days after closing

b)

the lender may not charge interest to the borrower for the first 60 days after closing

c)

the lender may not charge interest to the borrower for the first 90 days after closing

d)

There is no consequence

11.

A title insurer has a right to examine the records of a title producer

a)

At any reasonable time

b)

Only if a complaint has been made

c)

Only when theft has been alleged

d)

Never

12.

Underwriters are required to conduct audits of their title agents/companies or examine the books of their title agents/companies

a)

At least once every year

b)

At least every two years

c)

At least every three years

d)

At least every 5 years

13.

If a deed is not dated on page 1, the date of the deed will be

a)

The earliest date appearing in the deed

b)

The first acknowledgment date

c)

The last acknowledgment date

d)

The deed will not be valid

14.

Pursuant to a Fair Credit Reporting Act, anyone who uses a credit report to deny an application for insurance or to take an adverse action against a consumer must do which of the following:

a)

Tell the consumer

b)

Give the name, address and phone number of the agency that provided the information

c)

Both A and B

d)

No action is required

15.

The statutory notice of availability of title insurance must be maintained by the title company for

a)

A. 2 years

b)

B. 3 years

c)

C. 5 years

d)

D. 10 years

16.

Rates for title insurance are regulated by

a)

State Insurance Agencies

b)

Federal government

c)

Local government

d)

Underwriters

17.

At the last land title association meeting, Jack, the owner of an insurance company, told members that Diane's insurance business was failing, although it is not. This is an example of:

a)

A. Twisting

b)

B. Discrimination

c)

C. Defamation

d)

D. Rebating

18.

Businesses that are controlled by a common corporation and offer settlement services are called

a)

An ABA

b)

An affiliated business

c)

An affiliated business arrangement

d)

All of the above

19.

A title producer must comply with the Commissioner's request

a)

To examine records

b)

To provide documents

c)

To respond to complaints

d)

All of the above

20.

A producer's register should be updated

a)

Every 10 days

b)

Every 15 days

c)

Every 20 days

d)

Every 30 days

21.

Pursuant to Maryland's Wet Settlement Act, in a purchase transaction, funds must be disbursed

a)

  • The week before settlement

b)

  • The day before settlement

c)

  • The day of settlement

d)

Three days after settlement

22.

A simultaneous issue rate is given when

a)

A buyer purchases at owner's policy

b)

A buyer purchases a lender policy

c)

A buyer purchases an owner's and lender's policy

d)

none of the above

23.

The maximum penalty for someone in the insurance business who has been prosecuted and convicted by the attorney general for knowingly engaging in fraud is

a)

10 years in prison and a 10,000 fine

b)

10 years in prison and 50,000 fine

c)

5 years in prison and a 10,000 fine

d)

5 years in prison and a 50,000 fine

24.

Which of the following statements is correct about the Insurance Commissioner?

a)

He or she is appointed by the Governor

b)

He or she can demand an
examination of records

c)

  1. he or she can approve, deny or revoke a license

d)

All of the above

25.

When a title company establishes an escrow account, the account must be labeled as

a)

  • A title company account

b)

  • A trust account

c)

  • An IOLTA account

d)

An operating account

26.

Unless specified in the deed of trust, the most that can be charged for a release in Maryland is

a)

$15

b)

  • $20

c)

  • $25

d)

  • $30

27.

Non-MD residents who sell property in MD are charged a percentage based on what?

a)

  • Mortgage payoffs

b)

  • Total payment

c)

50% of purchase price

d)

25% of purchase price

28.

Which of the following statements is with regards is rebating?

a)

Rebating is the act of giving back to the insured money or some other form of consideration for the purpose of inducing the person to purhcase insurnace

b)

Rebating is illegal under Maryland insurance laws and laws relating to unfair practices

c)

Rebating is a form of unfair discrimination

d)

All of the above

29.

Unclaimed checks must be handed pursuant to

a)

The insurance contract

b)

Insurance Law

c)

Maryland's escheatment Law

d)

The insurance application

30.

Maryland is a RATE file and use state. This means

a)

The insurer must wait to get permission to use the file rate

b)

The insurer can file a rate and use it if the commissioner doesn't object within 30 days

c)

Rates are established bu rating organization

d)

Rates are established by the commisioner

31.

A fiduciary or agency relationship exists between

a)

Underwriters and title producers

b)

Title insurance producers and independent contractors

c)

Title insurance producers and lenders

d)

All of the above

32.

Which of the following is required before a title insurance agency/title insurer can be issued a certificate of authority

a)

They must be organized as a stock company or a mutual insurance company

b)

If a stock company, they must have and maintain 750,000 paid in capital stock

c)

Must receive an appointment from the commissioner

d)

Both A and B

33.

The relationship between a title insurance producer and a title insurance producer independent independent contractor(TIPIC) can be best decsribed as

a)

Joint venture

b)

Controlled businuess Association

c)

Employer and employee

d)

Principal and agent

34.

Express authority can be best described as

a)

Written or oral

b)

Reasonably assumed by a third party

c)

Reasonably necessary to carry on the business of insurance

d)

None of the above

35.

The Maryland affordable housing trust

a)

is managed by the Department of housing and Community development

b)

Requires title companies to deposit funds into their MAHT account when interest on deposits will be less than 50 dollars

c)

Is a type of escrow account and permits commingling

d)

all of the above

36.

A title insurance producer's license must be renewed

a)

Yearly

b)

Every other year

c)

Every five years

d)

No renewal is needed

37.

Instead of your typical title escrow acct, an attorney can establish

a)

MAHT ACCT

b)

IOLTA ACCT

c)

A SWEEP ACCT

d)

AN OPERATING ACCT

38.

In Maryland, title insurance rates

a)

Are competitive

b)

Must be filed with the insurnace commissioner

c)

Must be approved by the insurance commissioner

d)

All of the above

39.

A title agent can do business with a title producer as long as

a)

The title insurance producer becomes licensed within 1o days of doing businuess

b)

The title insurance producer becomes licensed within 15 days of doing businuess

c)

The title producer becomes licensed within 30 days of doing business

d)

The title producer is licensed

40.

The most common discount for a title policy reissue rate is

a)

15%

b)

25%

c)

30%

d)

40%

41.

A title producer who willingly or knowingly misappropriates trust money (10-121)

a)

is guilty of a felony

b)

is not criminally guilty of breaking the law

c)

is guilty of a misdemeanor and one conviction is subject to a fine not exceeding $50,000 or imprisonment not exceeding 1 year or born

d)

is guilty of a felony and subject to a $500 fine

42.

A person who bears a special relationship of trust and responsibility in an agency relationship

a)

fiduciary

b)

agent

c)

trustee

d)

all of the above

43.

How often must a producer send out a privacy notice to customers?

a)

At time of the application

b)

Never

c)

annually

d)

every other year

44.

Producers are required to notify the insurance department within____ days of any change of address

a)

10

b)

30

c)

60

d)

90

45.

A foreign insurer

a)

An insurance company that is formed and domiciled outside of the state of MD but in another state in the U.S.

b)

An insurance company that is formed and domiciliated in a country outside the United States

c)

An insurance company that is owned by its stockholders who live in a country outside the united states

d)

An insurance company that is not authorized and is not licensed to transact business in the state

46.

The purpose of the statutory notice regarding title insurance is to project?

a)

Owners who are consumers of title insurance products

b)

Lenders who are consumers of the title insurance products

c)

Title insurers

d)

Title producers

47.

Another name for an impound account

a)

escrow acct

b)

a tax acct

c)

insurance acct

d)

none of the above

48.

The consumer is informed of the right to purchase at owner's title insurance policy and its cost on what type of document?

a)

Privacy notice

b)

Statutory notice to the buyer

c)

Owner/seller affidavit

d)

HUD-1 settlement statement

49.

A title agent is required to receive the following number of continuing education hours to prior to renewal

a)

16 hours

b)

10 hrs

c)

6 hrs

d)

20 hrs

50.

The type of misrepresentation occurs when a person makes an incomplete comparisons about the terms and conditions of a policy for the purpose of inducing a policyholder to forfeit, surrender, retain,exchange, convert, or allow a policy to lapse is known as

a)

coercion

b)

Twisting

c)

Debating

d)

Inducement

51.

a producer's register should be updated

a)

every 10 days

b)

every 15 days

c)

every 20 days

d)

every 30 days

52.

A title producer must comply with the commissioner's request

a)

to examine records

b)

To provide documents

c)

To respond to complaints

d)

All of the above

53.

Businesses that are controlled by a common corporation and offer settlement services are called

a)

An ABA

b)

An affiliated businuess

c)

An affiliated business arrangement

d)

All of the above

54.

At the last land title association meeting, Jack, the owner of an insurance company, told numbers that Diane's insurance company, told members that Diane's insurance business was failing, although it is not this is an example of

a)

Twisting

b)

discrimination

c)

defamation

d)

rebating

55.

Rates for the title insurance are regulated by

a)

State insurance agencies

b)

Federal govt

c)

Local govt

d)

Underwriters

56.

The statutory notice of availability of the title insurance must be maintained by the title company for

a)

2 yrs

b)

3 yrs

c)

5 yrs

d)

10 yrs

57.

Pursuant to a Fair Creidt Reporting Act, anyone who uses a credit report to deny an application for insurance or to take an adverse action against a consumer must do which of the following:

a)

Tell the consumer

b)

  1. Give the name, address and phone number of the agency that provided the information

c)

  1. Both A and B

d)

No action is required

58.

If a deed is not dated on page 1, the date of the deed will be

a)

  1. The earliest date appearing in the dead

b)

  1. The first acknowledgment date

c)

  1. The last acknowledgment date

d)

The deed will not be valid

59.

Underwriters are required to conduct audits of their title agents/companies or examine the books of their title agents/companies

a)

At least once every year

b)

At least every two years

c)

At least every three years

d)

At least every 5 years

60.

A title insurer has a right to examiner the records of a title producer

a)

At any reasonable time

b)

Only if a complaint has been

made

c)

Only when theft has been alleged

d)

Never

61.

If a lender fails to disburse funds at time of

settlement

a)

  1. the lender may not charge interest to the borrower for the first 30 days after closing

b)

  1. the lender may not charge interest to the borrower for the first 60 days after closing

c)

the lender may not charge interest to the borrower for the first 90 days after closing

d)

There is no consequence

62.

Types of illegal rebating and acts prohibited by

RESPA include

a)

A title company offering you something of value for business

b)

  1. A title company offering something of value for steering business to their company

c)

A rebate on the title premium

d)

All of the above

63.

A title insurance producer can be

a)

  • A licensed individual who provides closing and settlement services

b)

Title insurance insurer

c)

A person who solicits title

d)

All of the above

64.

Who may exercise control over escrow funds maintained in a title agency escrow account?

a)

  • Licensed real estate agent

b)

  • Licensed loan officer

c)

Licensed attorney

d)

Licensed title producer

65.

Exceptions to the anti-rebating statute allows for which of the following marketing activities:

a)

  1. Offering or giving away educational materials

b)

  1. Offering or giving away promotional materials

c)

Offering or giving away articles of merchandise that cost no more than $50

d)

All of the above are exceptions to the anti-rebating statute regardless of whether a policy is purchased

66.

Which of the following is true regarding real estate transactions in MD by non-resident sellers.

a)

Non-resident individuals pay

SDAT 8.0% of the total payment for the transaction

b)

Non-resident corporations pay
SDAT 8.25% of the total payment for the transaction

c)

Both of the above

d)

Neither of the above

67.

In Maryland, first-time home buyers are exempt from paying transfer taxes; therefore

a)

No taxes are collected on the

transfer

b)

The seller pays.25%

c)

The seller pays .5%

d)

The seller makes 1%

68.

First Focus Title offers customers a 10% reduction on their title policy for their business.

This unfair trade package is known as

a)

Twisting

b)

Rebating

c)

Misrepresentation

d)

Coercion

69.

The homestead credit limits the amount of assessment increase on which a homeowner will pay property taxes on property used as the owner's principal residence to what percentage

a)

5%

b)

10%

c)

15%

d)

20%

70.

A business entity seeking an insurance license, must provide the Commissioner with the name of their

a)

Attorney

b)

Accountant

c)

  1. Point of contact that is a licensed as a title producer

d)

Business reference

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