Fees, Bonds and Commission Requirements Flashcards
6 cards from real Notary Public Exam practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Fees, Bonds and Commission Requirements flashcards as text
Who sets the maximum fee a notary may charge for a notarial act in most states?
Answer: State law or the commissioning authority
In most states, maximum notary fees are fixed by statute or by the Secretary of State's regulations. A notary may charge less than the maximum but never more.
What is the primary purpose of a notary surety bond?
Answer: To protect the public from financial loss caused by the notary's misconduct or negligence
A notary bond protects the public, not the notary. If a notary's error or misconduct causes someone a financial loss, the injured party can make a claim against the bond.
If a claim is paid out on a notary's surety bond, what typically happens next?
Answer: The surety company may seek reimbursement from the notary
A surety bond is not insurance for the notary. After paying a valid claim, the surety company has the right to recover the amount from the notary personally.
Which of the following best describes errors and omissions (E&O) insurance for a notary?
Answer: A voluntary policy that protects the notary against claims of unintentional mistakes
E&O insurance is optional in virtually all states and covers the notary's own liability for honest mistakes. It is distinct from the surety bond, which protects the public.
In most states, a notary public commission is valid for what length of time?
Answer: A fixed term, commonly four years, set by state law
Commissions are issued for a fixed term defined by state law. Four years is the most common term, though some states use other periods such as five, six, or ten years.
A notary charges a signer for travel to the signer's home in addition to the notarial fee. Which statement is generally accurate?
Answer: Travel fees are permitted in many states if reasonable and agreed to in advance, and are separate from the notarial fee
Many states allow a notary to charge a separate travel fee as long as the signer agrees beforehand and it is not represented as part of the notarial fee. Rules vary, so notaries must check their own state's law.