Michigan State Title Insurance Practice Exam

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• The ownership of realty implies a collection of rights known collectively as what?
• What instrument needs to be paid for their recording before the instruments transferring land interests are recorded?
• What is the ownership situation called when property is held without the need for probate upon death?
• Which of the following best describes a title in real estate?
• What is a breach of fiduciary duty most commonly associated with?
• What is defined as an agreement or promise between two parties, often seen in legal contexts?
• What type of estate does a leasehold represent?
• Who owns the middle of a non-navigable stream?
• According to title insurance policy conditions, how must payments for loss be handled?
• What term refers to two or more people owning property at the same time?
• What is the significance of a certified death certificate in title insurance?
• How many years does an owner need an unbroken chain of title to obtain marketable record title to real property?
• Which of the following best describes a cloud on title?
• In the event of a claim being paid, who has the right of subrogation according to the policy?
• What is the purpose of a Notice of Lis Pendens?
• What term describes rights regarding the use of land adjacent to waterways?
• Which type of easement benefits a specific piece of land or property?
• Which document is typically not required to finalize a conveyance?
• Which policy insures the quality and priority of the lien of an insured mortgage?
• Which type of ownership can involve multiple individuals owning property together?
• In title insurance, what is the purpose of including conditions in a deed?
• What is an example of a voluntary lien?
• What is typically a characteristic of a Nonfreehold Interest?
• What is a formal statement by a person executing an instrument to a notary confirming it was done as their free act and deed?
• What does a Quit Claim Deed convey?
• Which form of ownership can include multiple owners but may lead to probate?
• What happens to a deceased owner's share in a Joint Tenancy?
• Where are exceptions generally listed on a title policy?
• What is a provision in a deed that may affect a person's right to use or enjoy land?
• What amends or alters the terms of a title insurance commitment?
• How many years does the Michigan Marketable Title Act cover?
• How long does a construction lien last after being recorded?
• What do insurers seek through the subrogation process?
• What kind of insurance addresses the risks associated with real property ownership?
• What does the Michigan Marketable Title Act primarily address?
• What describes the series of transactions affecting the title to a specific parcel of land?
• An easement in gross is described as:
• What is the term for matters that are "excepted" from coverage in a title insurance policy?
• A title company offering a 10% reduction in premium for first policy purchases is engaging in what unfair trade practice?
• Which agreement must specify a Drop Dead date and final disposition?
• How does one establish the chain of title for a property?
• Who should an agent forward a claim to?
• What type of lien is voluntarily granted by one party to another?
• In a mortgage transaction, who is known as the mortgagee?
• What term refers to specific causes of loss that are not covered by a title insurance policy?
• Which bankruptcy chapter pertains to the liquidation or rehabilitation of an estate?
• What must be maintained for a license to avoid revocation?
• What is the consequence for failing to comply with a cease and desist order?
• What does a violation of RESPA pertain to in title insurance practices?
• Where are matters specifically excepted from coverage listed in a title insurance policy?
• What type of policy is designed to indemnify for losses covered by specified risks and not excluded?
• Who has the authority to change state insurance laws?
• What is the name of the current system used for surveying?
• What is one of the primary roles of title insurance?
• Mortgages are enforced through which of the following legal processes?
• Which term describes a legal instrument that prohibits or limits certain uses of land?
• What type of co-ownership includes the right of survivorship?
• What is a primary feature of leasehold property?
• What role does a notary play in the execution of a deed?
• In a mortgage agreement, what does 'first lien position' indicate?
• What term is used to describe a legal description recorded for a specific lot or subdivision?
• Joint life estate with remainder to survivor functions similarly to what form of ownership?
• In a leasehold interest, what does the owner of the leasehold not possess?
• What type of interest does a tenancy by entirety grant to spouses?
• What type of property is defined as including land, crops, and affixed buildings?
• What is the length of a chain used in surveying?
• A title policy may not be issued to which of the following?
• Which of the following represents a potential limitation that may be imposed on property use?
• Which of the following documents is incapable of creating an easement?
• Which type of policy insures that the mortgage debt will be paid by the borrowers?
• What type of ownership is created by a conveyance to husband and wife?
• In real estate, what is title evidence of?
• An appurtenant easement is best described as:
• Which act was NOT created to provide cheaper title insurance?
• Rights of the government to appropriate land for a highway is not covered in which policy type?
• What does RESPA stand for?
• When does an easement typically expire?
• Where can the Insured's Duties under a title insurance policy typically be found?
• In a survey, if a home encroaches onto the neighbor’s lot by one foot, what should be included in the report?
• Which of the following affects title insurance policies?
• What is required for a personal representative in a supervised probate?
• What is the legal term for a policy that provides coverage for the owner of the title to a property?
• What is the process by which a deceased person's will is validated and their estate is administered?
• Which governmental entity is primarily involved in land title matters in Michigan?
• Which term describes a sale of land to satisfy a debt in the foreclosure process?
• What is a deed that is not intended for recording?
• What is the term for the right of owners to access their property?
• What does an endorsement in a title policy typically do?
• What is the primary characteristic of a Joint Tenancy?
• What legal presumption is created by documents properly recorded in the office of the recording entity?
• When a person dies with a will, how is their estate classified?
• What does an exclusion in an owner's policy imply?
• Which co-ownership form allows for unequal shares and does not provide a right of survivorship?
• Which party in a transaction is responsible for the state transfer tax?
• What is considered an improper inducement in the context of title insurance?
• What insurance-related standard must be maintained to prevent license revocation?
• What is the definition of foreclosure in real estate?
• What is the difference between title insurance and standard insurance?
• Approximately how many acres does a standard section contain?
• What is the maximum fine for violating a cease and desist order issued by the commissioner?
• In a mortgage transaction, who is referred to as the mortgagor?
• What term refers to a right or interest in land that lowers its value but does not prevent selling or transferring it?
• How are title insurance premiums typically paid?
• Which lines run East and West in the Rectangular System?
• What process involves identifying documents that form the chain of title?
• What is the title insurance company responsible for issuing a policy and paying claims called?
• What type of policy insures that the taxes will not increase?
• What term describes an improvement that extends onto the land of another individual?
• What type of notice is provided to all interested parties by recording a document?
• What is the greatest possible interest a person can possess in real estate known as?
• Individuals who own land that either includes or borders a body of water are known as what?
• Which type of death certificate is typically recorded?
• For a power of attorney to be effective, what condition must be met regarding the original grantor?
• What type of document must be acknowledged by a notary to show it was executed by free act and deed?
• In order for a new mortgage to hold the first lien position, what must be conducted?
• Which of the following best describes the nature of a Tenancy in Common?
• Which term describes a claim to title due to a previous lien or incorrect conveyance?
• How can a minor error in a legal description be corrected?
• What refers to title to real property that is free of reasonable doubt?
• Which document is necessary to correct an error in a deed?
• In title insurance, which element is considered a risk factor?
• When examining a survey, which aspect does not concern the title agent?
• What is the primary purpose of a title insurance policy?
• How many sections are found in a township?
• Which term is used to refer to the documented confirmation of transfer of land interests?
• What is the term for the documented rights that support property access rights?
• What term describes the notice provided by recording an instrument conveying interests in land?
• What type of deed does not provide any guarantees regarding the title?
• In the context of title insurance, what does CPL stand for?
• What is the name given to publicly available documents?
• Which document must be recorded to provide official proof of ownership?
• What is typically not covered by owner's title policy?
• What is the insurer's obligation under an Owner's policy of title insurance?
• What term is used for the loss of rights in property due to default under an obligation?
• Within how many days must an agent report a change in his or her mailing address to the Department of Insurance?
• Who executes a satisfaction of mortgage to release a mortgage of record?
• What is the term for joint tenancy ownership specifically for a husband and wife?
• What term describes a historical summary of all recorded instruments and proceedings affecting a property title?
• Which system uses legal descriptions that include township, range, and section numbers?
• What is the primary role of an escrow agreement in a real estate transaction?
• What document provides notice that the title to property is involved in litigation?
• What is the rate of the county transfer tax in Michigan?
• What is it called when an owner's title insurance policy is issued at the same time as a mortgagee title insurance policy?
• A properly executed satisfaction of mortgage must identify what?
• How should a signature block be prepared when the vesting is listed as Jane E. Smith but the purchase agreement is signed by Jane E. Jones?
• Which type of lien is identified as not being voluntary?
• What term refers to a traditional form of property ownership where individuals share undivided interest?
• What is it called when parties with a dispute submit to the judgment of an impartial third party?
• A personal representative is appointed by which legal document?
• What does “premium payments” refer to in title insurance?
• What is the term for a type of deed that transfers ownership with certain guarantees?
• What type of deed does not provide assurances that the grantor has any interest to convey?
• What does a legal description that includes lot numbers typically indicate?
• Who must be notified of a change of address in Michigan?
• What type of lien is typically created when a property owner does not pay taxes?
• What kind of relationship must be disclosed between a realtor and a title company?
• What is the distance between range lines in surveying?
• A deed to land with lake frontage conveys title to which part of the lake?
• How should a mortgage that has been totally assigned be satisfied?
• Which phrase best describes a construction lien?
• What is the term for a provision that imposes an obligation to perform an act before a title insurance policy is issued?
• In which section of the policy would you find information on encumbrances?
• A mortgagee’s interest in land is conveyed by what type of document?
• What is true regarding a judgment against one co-tenant in a tenancy in common?
• The joint tenancy form of ownership includes which feature upon a co-tenant's death?
• Which of the following would be considered a title defect?
• What type of interest exists only for the duration of a person's life?
• When a leasehold is established, what is typically not transferable to another party?
• A policy that protects against title defects is known as:
• What is a lien?
• An easement may not serve what type of land situation?
• Which arrangement allows property to pass to survivors at death without probate?
• Which of the following is NOT a type of deed that can convey real property rights?
• What real estate system uses feet, degrees, and a point of beginning?
• Which individual is NOT protected under the CPL?
• What is the process called where an insurer recovers the amount paid from a liable party after covering a loss?
• What is the legal term for when two or more people hold equal, non-divided shares in property, with automatic transfer upon death?
• What must the power of attorney sufficiently describe to be effective?
• Which type of policy does not insure that future real estate taxes will be promptly paid?
• What distinguishing feature does Tenancy by the Entirety offer?