Florida Title Rule

Question 1

Name 8 prohibited endorsements

Answer 1

1. Doing business endorsement
2. Non imputation endorsement
3. Access
4. Location
5. Expanded insured endorsement
6. Street assessment endorsement
7. Zoning endorsement
8. Usury

Question 2

What is the fee on a residential endorsement?

Answer 2

$25

Question 3

What is the allowed endorsement fee for a commercial transaction?

Answer 3

$100

Question 4

What are the 2 exception endorsements and their fee allowed?

Answer 4

• Florida Endorsement Form 9
• Navigational Servitude

10% if TOTAL policies. OP + LP= TOTAL X 10%

Question 5

Name 12 permitted endorsements

Answer 5

1. Florida Endorsement Form 9
2. Navigational Servitude
3. Shared appreciation
4. Additional interest
5. Option
6. Change of partners
7. Contiguity
8. Survey
9. Construction Loan Update
10. Foreign currency
11. Assignment of Mortgage
12. Balloon Mortgage

Question 6

Name 10 endorsements with NO SPECIFIC APPROVAL

Answer 6

1. Correcting mistakes
2. Future insurance
3. Deleting exceptions which no longer affect title
4. Endorsements insuring future advances
5. Changed in effective dates (loan policies only)
6. Gap coverage endorsement
7. Insinuate against the attempted enforcement of known claims for ascertainable sums of money in reliance on security commensurate with such risk.
8. Deletion of general exceptions
9. Endorsements modifying the standard owners and mortgage policy to convert to a leasehold policy
10. Tie-in spreader (Intra Florida properties only)

Question 7

How long does an insurer need to keep their monthly escrow reconciliation?

Answer 7

5 years

Question 8

How long does a title insurance agent to keep their escrow ledger?

Answer 8

2 years

Question 9

The purpose of the notice to purchase-mortgage is to ……

Answer 9

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

Question 10

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

Answer 10

$100.00

Question 11

What is the minimum risk premium that may be charged for an owner’s policy?

Answer 11

$100.00

Question 12

An owners policy must be issued for full insurance value of:

Answer 12

The premises

Question 13

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

Answer 13

$100.00

Question 14

What is the minimum risk premium that may be charge for a simultaneous mortgage title policy?

Answer 14

$25

Question 15

A mortgage title insurance policy may not be issued for less than the:

Answer 15

Full principal debt

Question 16

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

Answer 16

25%

Question 17

What is the reissue risk premium for a $25,000 owners title policy?

Answer 17

$100.00

Question 18

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

Answer 18

$25

Question 19

On a simultaneous transaction, the risk premium on the amount of the loan policy in excess of the owners policy shall be figured at:

Answer 19

Regular original title insurance rated for mortgage policies

Question 20

The minimum retention of title premium by title insurers is:

Answer 20

30%

Question 21

The required retention of title premium funds must be remitted to the insurer by the agent at least:

Answer 21

Monthly

Question 22

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

Answer 22

Collected funds

Question 23

Which is NOT a category of Endorsements and affirmative type coverage provided for an69O-186.005(7)(a)?

Answer 23

Regulated Endorsements and/or affirmative type coverages

Question 24

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

Answer 24

Florida Form 9

Question 25

The risk rate premium for a Florida Form 9 Endorsement shall be:

Answer 25

10% of title policy premium