Florida Title Rule Flashcards
Name 8 prohibited endorsements
- Doing business endorsement
- Non imputation endorsement
- Access
- Location
- Expanded insured endorsement
- Street assessment endorsement
- Zoning endorsement
- Usury
What is the fee on a residential endorsement?
$25
What is the allowed endorsement fee for a commercial transaction?
$100
What are the 2 exception endorsements and their fee allowed?
- Florida Endorsement Form 9
- Navigational Servitude
10% if TOTAL policies. OP + LP= TOTAL X 10%
Name 12 permitted endorsements
- Florida Endorsement Form 9
- Navigational Servitude
- Shared appreciation
- Additional interest
- Option
- Change of partners
- Contiguity
- Survey
- Construction Loan Update
- Foreign currency
- Assignment of Mortgage
- Balloon Mortgage
Name 10 endorsements with NO SPECIFIC APPROVAL
- Correcting mistakes
- Future insurance
- Deleting exceptions which no longer affect title
- Endorsements insuring future advances
- Changed in effective dates (loan policies only)
- Gap coverage endorsement
- Insinuate against the attempted enforcement of known claims for ascertainable sums of money in reliance on security commensurate with such risk.
- Deletion of general exceptions
- Endorsements modifying the standard owners and mortgage policy to convert to a leasehold policy
- Tie-in spreader (Intra Florida properties only)
How long does an insurer need to keep their monthly escrow reconciliation?
5 years
How long does a title insurance agent to keep their escrow ledger?
2 years
The purpose of the notice to purchase-mortgage is to ……
Tell them the loan policy does not protect them as an owner
Rate the minimum title premium for a $10,000 owners policy-
$100.00
What is the minimum risk premium that may be charged for an owner’s policy?
$100.00
An owners policy must be issued for full insurance value of:
The premises
What is the minimum risk premium that may be charged for a mortgage title policy?
$100.00
What is the minimum risk premium that may be charge for a simultaneous mortgage title policy?
$25
A mortgage title insurance policy may not be issued for less than the:
Full principal debt
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?
25%
What is the reissue risk premium for a $25,000 owners title policy?
$100.00
The minimum risk rate for a simultaneous issue loan policy shall be:
$25
On a simultaneous transaction, the risk premium on the amount of the loan policy in excess of the owners policy shall be figured at:
Regular original title insurance rated for mortgage policies
The minimum retention of title premium by title insurers is:
30%
The required retention of title premium funds must be remitted to the insurer by the agent at least:
Monthly
Until the required retention of funds are remitted to the insurer by the agent, such funds are considered:
Collected funds
Which is NOT a category of Endorsements and affirmative type coverage provided for an69O-186.005(7)(a)?
Regulated Endorsements and/or affirmative type coverages
What endorsement may NOT be issued without approval from the Department (OIR)?
Florida Form 9
The risk rate premium for a Florida Form 9 Endorsement shall be:
10% of title policy premium
