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title licensing Flashcards

1
Q

The act of deeding or transferring title to another

A

Convey

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2
Q

The law directing the descent of property acquired without consideration from a spouse by a decedent subsequently dying without issue

A

Half and Half Statute

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3
Q

A condensed history or summary of all transactions affecting a particular tract of land

A

Abstract of Title

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4
Q

A preclusion preventing one from asserting a fact as a result of his own previous acts

A

Estoppel

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5
Q

Where two or more persons hold real estate jointly for life, the survivors to take the interest of the one who dies

A

Joint Tenancy

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6
Q

One who might inherit or succeed to an interest in lands under the rules of law applicable where an individual dies without leaving a will

A

Heir

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7
Q

That part of a deed which defines the extent of ownership being granted

A

Habendum Clause

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8
Q

An interest in real property, the duration of which is not fixed by a specified or certain period of time

A

Freehold Estate

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9
Q

The price, cause or motive inducing the parties to a contract to enter into said contract

A

Consideration

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10
Q

A reversion of property to the state in those cases where an individual dies without heirs or devisees and without a will

A

Escheat

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11
Q

An encumbered or defective title

A

Clouded Title

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12
Q

The sale of land, either public or private, by a fiduciary under supervision of the court

A

Landsale

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13
Q

The imperfected interest which the law gives a wife/husband in the lands of her/his husband/wife, that may ripen into possession and use

A

Inchoate Dower

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14
Q

The court action by which an interest in land is extinguished in favor of another interest

A

Foreclosure

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15
Q

A term applied to the past series of transactions and documents affecting the title to a particular parcel of land

A

Chain of Title

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16
Q

The transfer of lands from one to another

A

Alienation (double check this one in the book)

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17
Q

The charge upon the lands of a debtor resulting from the decree of a court property entered in the judgement docket.

A

Judgement Lien

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18
Q

An agreement providing for the installment sale of realty with title to pass when payment is complete

A

Land contract

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19
Q

One acting in a capacity of trust, for the benefit of the trust;

A

Fiduciary

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20
Q

The act of witnessing the execution of an instrument

A

Attestation

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21
Q

The estate or condition of failing to leave a will at death

A

Intestate

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22
Q

The unwritten law, binding by reason of continual , traditional usage

A

Common Law

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23
Q

The doctrine by which one may become the owner of land by occupying it adversely for more than 21 years

A

Adverse Possession

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24
Q

Those laws which prescribe intestate succession

A

Descent and Distribution

inheritance where there is no will

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25
Q

The right of ownership of everything above the physical surface of the land

A

Air Rights

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26
Q

One who holds a Power of Attorney allowing him to execute legal documents such as deeds, mortgages, etc, on behalf of the grantor

A

Attorney in Fact

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27
Q

The exemption of certain real estate occupied by a debtor as a home forced sale for payment of debts

A

Homestead

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28
Q

Anything so annexed to land or used with it that it will pass with the conveyance of the land

A

Appurtenance

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29
Q

A possible, but not assured estate conditioned upon the occurrence of certain events

A

Contingent Estate

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30
Q

A right or interest in land which is not a legal estate but is recognized by a court of equity

A

Equitable Title

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31
Q

Those additions to raw lands tending to increase value, such as buildings, streets, sewers, etc

A

Improvements

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32
Q

A fixture, such as a house, wall or fence, which intrudes upon another’s property

A

Encroachment

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33
Q

An Estate of land for a period of time

A

Leasehold

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34
Q

A lien, liability, or charge upon a parcel of land

A

Encumbrance

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35
Q

Legal Seizure of property to force payment of debt

A

Attachment

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36
Q

A procedure whereby a disinterested third party handles legal documents and funds on behalf of a seller and buyer

A

Escrow

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37
Q

A sworn statement in writing

A

Affidavit

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38
Q

Taking private property for public use through court proceedings

A

Condemnation

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39
Q

One who makes an assignment, such as of a mortgage or contract

A

Assignor

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40
Q

A title which is not encumbered nor burdened with defects

A

Clear Title

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41
Q

A written document by which the ownership of land is transferred from one person to another

A

Deed

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42
Q

The inchoate right to life estate in the lands of one’s spouse, which vests (if not released) at the death of such spouse

A

Dower

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43
Q

The process of measuring land to determine its size, location and physical description

A

Survey

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44
Q

A document prepared for filing with the county recorder and secretary of State indicating that property or fixtures is encumbered by debt

A

Financing Statement

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45
Q

The right to enter and leave a tract of land from a public way

A

Access

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46
Q

The right to leave a tract of land

A

Egress

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47
Q

A person holding property in a trust

A

Trustee

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48
Q

A written document properly witnessed, providing for the distribution of property owned by the maker thereof

A

Will

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49
Q

A person appointed by a probate court to settle the affairs of an individual dying without a will

A

Administrator

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50
Q

The estate or condition of leaving a will at death

A

Testate

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51
Q

The right to enter a tract of land

A

Ingress

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52
Q

A loan in which the buyer assumes the obligations of an already existing mortgage on a property

A

Assumed Mortgage

53
Q

An estate or interest in land held by persons each having equal rights to possession and enjoyment but without right of survivorship

A

Tenancy in Common

54
Q

Law that states all conveyances, leases, transfers of estates, and interests in real property must be in writing and signed by the party granting the interest in the property

A

Statute of Frauds

55
Q

Any person in possession of real property with the owner’s permission

A

Tenant

56
Q

The greatest interest in a parcel of land that is possible to own

A

Fee Simple Estate

57
Q

A report issued by a title insurance company, or its agent, showing the conditions of the title and committing the insurance on compliance

A

Commitment to insure

58
Q

The right to ownership of everything beneath the physical surface

A

Subsurface rights

59
Q

The disposition of land by will. A term used for land alone and never for personal property

A

Devise

60
Q

An indemnity contract which guarantees title as revealed by public records

A

Title Guaranty

61
Q

One who takes lands upon a lease

A

Lessee

62
Q

An estate designed to pass successfully to heirs of the body of the grantee

A

Fee tail Estate

63
Q

A gap or space unintentionally left between, when attempting to describe adjacent parcels of land

A

Hiatus

64
Q

A form of grant under which two or more grantees obtain interests for life with the remainder to the survivor

A

Survivorship

65
Q

A right running with the land to use other lands for a specific purpose

A

Easement

66
Q

The evidence or right which a person has to the ownership and possession of land

A

Title

67
Q

A person or legal entity who transfers an interest in land to another by deed, grant or other written instrument

A

Grantor

68
Q

An area of land

A

Tract

69
Q

The records search when looking for the names of grantees

A

Reverse Index

70
Q

Insurance against loss of damage resulting from defects or failure of title to a particular parcel of real property

A

Title Insurance

71
Q

An easement with no dominant estate to benefit

A

Easement in Gross

72
Q

The organization of official records affecting real property into a system which allows quick and efficient recovery of title information

A

Title Plant

73
Q

Authority issued by the superintendent to a person to act as an insurance agent

A

License

74
Q

Any form of insurance offered in connection with an extension of credit that is limited to partially or wholly extinguishing that credit obligation

A

Limited line credit insurance

75
Q

The application of principles of insurance risk and risk management to real estate titles

A

Title insurance

76
Q

An agreement from one insurance company to indemnify another insurance company against loss to the insured on a policy

A

Reinsurance

77
Q

An agent has the actual authority to bind its principal, the UW, in the issuance of all title forms, policies and guaranties of agency contract and UW guidelines

A

Express authority

78
Q

By signing a policy and delivering it to the insured, the agent binds the ___________ to the terms of that policy

A

Underwriter

79
Q

An agent has _________authority to act for its UW in the correction of minor errors or procedures not clearly stated in the guidelines but is in the best interest

A

Implied

80
Q

When an agent allegedly has authority and makes decisions,the UW could be binded to a third party because of the agents actions appearing to have authority

A

Apparent authority

81
Q

A promise supported by adequate consideration for the breach of which the law gives a remedy or of which the law recognizes as a duty

A

Contract

82
Q

Elements of a legal contract: 4 items

A
  1. Competent parties
  2. Legal purpose
  3. Offer and acceptance
  4. Consideration
83
Q

A person that sells, solicits or negotiates one or more forms of limited line credit individuals through various types of policies

A

Limited line credit insurance agent

84
Q

Lines of authority set forth in divisions of the revised code for purposes of complying with the revised code

A

Limited lines Insurance

85
Q

What type of license does not require pre licensing, exam, or CE?

A

Limited Lines License

Ex:Marketing rep

86
Q

What type of license requires appointment by a licensed title insurance agent

A

Limited lines license

87
Q

If a licensed agent changes addresses, how long do you have to file a change of address with the superintendent

A

30 days

88
Q

If the superindant of insurance determines certain violations by a licensed agent has occurred, they can assess a civil penalty fee not to exceed how much?

A

$25,000

89
Q

When a new title company is formed, the articles of incorporation must be forwarded to ________________ who shall submit them to _______________ for examination

A

Secretary of State, Attorney General

90
Q

What two ways can a new title company name be rejected?

A
  1. similar to one already in use

2. misleads the public

91
Q

Every title company incorporated in this state after December 12, 1967, shall have a minimum ___________ and ___________ as required by the Revised Code.

A

capital and surplus

92
Q

No title insurance company shall be incorporated until the superintendent has certified that a sum has been escrowed with a bank or trust company to meet a minimum of $_________paid in capital and $____________ contributed to surplus

A

$30,000 and $45,000

93
Q

After a new title insurance company has deposited their mimimum capital and surplus and proved they had insurance management experience, the insurance company will need to issue a final deposit of $____________ paid in capital and $____________ contributed to surplus before commencing the business.

A

$100,000 and $180,000

94
Q

A title insurance company must establish a second escrow account for the benefit of stockholders with a bank or trust company and shall deposit all proceeds of any offer of its securities necessary a minimum of $_____________ and $______________

A

$120,000 and $180,000

95
Q

How many days does an insurance company have to report to the superintendent when an agency contract is executed or terminated?

A

30 days

96
Q

In what way is an agency supposed to report an appointment or termination to the superintendent?

A

electronically

97
Q

If an insurer appoints or terminates 25 or fewer agents annually, how can they submit to the superintendent?

A

they may make non-electronic submissions

98
Q

If an insurer appoints or terminates more than 25 agents annually but are unable to process electronically, how can they submit to the superintendent?

A

They must provide adequate documentation explaining its inability to comply

99
Q

How often does a title insurance company need to report the names of agents to the superintendent representing their company?

A

annually

100
Q

What does IOTA stand for

A

Interest on trust account

101
Q

All interest earned on a title company’s trust account must be transmitted where?

A

Treasurer of state in the legal aid fund

102
Q

Can the interest earned in a title company’s trust account be paid to the title company?

A

No, it must go to the treasurer of state in a legal aid fund. (Page 47 #3 sec C)

103
Q

Any settlement, closing, or security deposit account owned or maintained by the title agent

A

Escrow account

104
Q

a promise supported by adequate consideration for the breach of which the law gives a remedy or the performance of which the law recognizes as a duty

A

Contract

105
Q

An expression of agreement to the terms of an offer (one element of a legal contract)

A

Acceptance

106
Q

Statements made to the best of the applicants knowledge on an application for insurance

A

Representations

107
Q

Statements made an application for insurance that are false

A

misrepresentation

108
Q

Withholding of material info known to a party but not disclosed by that party

A

concealment

109
Q

Actual concealment of a material fact with an intention to mislead the other party

A

Fraud

110
Q

Attached or affixed to the land, including rights to what is above and below the surface of the land and cannot be moved

A

real property

111
Q

Everything other than real property and can be moved

A

personal property

112
Q

Are mobile homes considered personal or real property

A

personal property (if it later becomes attached to a foundation, it can become real property)

113
Q

What are the 5 types of real property?

A

Residential, commercial, industrial, agriculture and special purpose

114
Q

What type of real property pertains to single family, duplex and some multi family homes?

A

Residential property

115
Q

What type of real property pertains to land where business or commerce takes place?

A

Commercial property

116
Q

What type of real property pertains to land that has factories, warehouses and power plants?

A

Industrial property

117
Q

What type of real property pertains to land with farms, ranches and orchards?

A

Agricultural Property

118
Q

What type of real property pertains to churces, cemeteries, schools, public roads, parks and government uses?

A

Special Purpose property

119
Q

What kind of title is actual ownership of the property

A

Legal Title

120
Q

What kind of title pertains to someone who holds legal title for the benefit for others?

A

Equitable Title

121
Q

Conveyance terminates upon the occurrence of a stated event

A

Qualified Fee

122
Q

An estate that automatically terminates upon the happening of a stated event

A

Fee Simple Determinable

123
Q

An estate that may terminate upon the happening of a stated event

A

Fee Simple on condition Subsequent

124
Q

The future estate of a third party (not the grantor) to become effective upon the occurrence of a certain event.

A

Remainder Estate

125
Q

The absorption of one estate into another when both estates are held by the same person

A

Merger of Estates

126
Q

When ownership rights are conveyed to insure the buyer will have the peaceable enjoyment and control of the land

A

Marketable title

127
Q

Which deed is used when the grantor warrants that the property is free from all encumbrances.

A

General Warranty Deed

128
Q

Which deed is used when the grantor warrants that the property is free from an encumbrance made or caused by him personally

A

Limited Warranty Deed

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