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Insurance Licensing PA-Title-Insurance-Agent Exam Syllabus Topics:

Section	Weight	Objectives
Title Exceptions and Procedures for Clearing Title	21%	- Liens and encumbrances 1. Federal liens 2. Judgments 3. Involuntary liens 4. Taxes and assessments 5. Voluntary liens - Property-related issues 1. Water rights 2. Mineral rights 3. Attachments 4. Equitable interests 5. Condominiums 6. Surveys - General exceptions
Insurance Regulation	12%	- Title insurance law requirements 1. Examination of title required - Federal regulation 1. Fraud and false statements (18 USC 1033/1034) 2. Fair Credit Reporting Act - Unfair trade practices 1. Misrepresentation 2. False advertising 3. Rebates and inducements 4. Boycott, coercion or intimidation 5. Defamation 6. Unfair discrimination 7. Twisting - Producer regulation 1. Record keeping 2. Unfair inducements and marketing practices 3. Charges for extra services 4. Prohibited acts - Licensing 1. General requirements 2. Title producer additional requirements 3. Renewal 4. Disciplinary actions 5. Revocation, suspension, nonrenewal or denial of license 6. Expiration 7. Maintenance and duration 8. Appointment procedures 9. Reporting of actions 10. Licensing process 11. Address change 12. Cease and desist orders 13. Persons to be licensed 14. Continuing education 15. Assumed names - Company regulation 1. Rates regulation 2. Solvency requirements 3. Unfair claims settlement practices - State regulation 1. Commissioner's general duties and powers
General Insurance Concepts	3%
Title Insurance Principles		- Policy structure 1. Schedule A 2. Insuring provisions 3. Schedule B exceptions 4. Endorsements 5. Exclusions 6. Conditions and stipulations - Title search techniques 1. Computer index 2. Hard copy index 3. Chain sheet - Insurable interests 1. Fee simple estate 2. Easements 3. Life estate 4. Leasehold estate - Risks covered by title insurance 1. Errors in public records 2. Errors by producer 3. Hidden off-record risks - Title insurance policies 1. Enhanced policies 2. Commitments 3. Owner's policy 4. Loan policy 5. Leasehold policy

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Insurance Licensing Pennsylvania Producers Examination for Title Insurance Series 16-10 Sample Questions (Q63-Q68):

NEW QUESTION # 63
Which of the following is NOT among the requirements for recording a document affecting title to property in Pennsylvania?

A. The addresses of grantees must be provided on a special form appended to the document.
B. The stamp of the notary must be clear and legible and nothing may be written over it.
C. The executed title insurance policy must be sent to the state insurance department.
D. The signatures on the document must be acknowledged.

Answer: C

Explanation:
Sending the executed title insurance policy to the state insurance department is not a requirement for recording a document affecting title. Recording requirements concern the instrument being recorded, such as proper execution, acknowledgment, legible notary information, grantee or mortgagee address certifications, applicable transfer tax documents, and formatting requirements imposed by the recorder. The title insurance policy is an insurance contract issued to the insured; it is not part of the deed or mortgage recording package that must be sent to the Insurance Department for recording to occur. Pennsylvania recording practice requires recordable documents to meet execution and address requirements, and deeds are commonly accompanied by applicable transfer tax documents. The Pennsylvania title outline lists requirements to record and recording steps under Real Estate Transactions.

NEW QUESTION # 64
To satisfy a mortgage of record, which of the following must be filed?

A. a payoff statement
B. a certified copy of original mortgage
C. an original note
D. a mortgage satisfaction

Answer: D

Explanation:
A mortgage of record is cleared by recording a mortgage satisfaction, often called a satisfaction piece. A payoff statement shows the amount needed to pay the loan, but it does not release the lien from the land records. The original note evidences the debt and may be marked paid, but it is not the recorded release instrument. A certified copy of the original mortgage only proves the existence or contents of the recorded mortgage; it does not satisfy it. Pennsylvania's Mortgage Satisfaction Act states that mortgages are satisfied by satisfaction pieces or, in residential cases, settlement officer satisfactions, and that the recording officer indexes them against the mortgagee or last assignee.

NEW QUESTION # 65
When a land owner uses his land as security for a loan, the encumbrance created is called

A. an involuntary lien.
B. a promissory note.
C. a special security.
D. a mortgage.

Answer: D

Explanation:
When an owner uses land as security for a loan, the encumbrance created against the real property is a mortgage. The promissory note is the borrower's promise to repay the debt, but the mortgage is the instrument that creates the lien or security interest in the land. It is not an involuntary lien because the owner voluntarily pledges the property as collateral. "Special security" is not the proper title-insurance or real-property term for this encumbrance. This distinction is important in title examination because recorded mortgages must be identified, excepted, paid, released, subordinated, or otherwise addressed before insurable title can be issued.
The Pennsylvania outline covers encumbrances, mortgages, notes, releases, and loan closings.

NEW QUESTION # 66
A purchaser on a real estate contract has what interest in the subject property?

A. equitable interest
B. fee simple interest
C. purchaser's interest
D. vendee's interest

Answer: A

Explanation:
A purchaser under a real estate contract has an equitable interest in the property. Under the doctrine of equitable conversion, once a valid agreement of sale is executed, the buyer becomes the equitable or beneficial owner, while the seller generally retains legal title until closing and deed delivery. Fee simple interest does not pass to the purchaser until the transaction closes and legal title is conveyed. "Vendee's interest" is related terminology and can be used in title underwriting, but the legal character of the buyer's contract right is equitable interest. This matters in title insurance because equitable interests may appear as title exceptions and can affect marketability, priority, and insurable ownership. Pennsylvania real estate commentary recognizes the buyer's equitable interest after execution of an agreement of sale.

NEW QUESTION # 67
A waiver is defined as the

A. misrepresentation of a known right.
B. modification of a known right.
C. intentional and voluntary giving up of a known right.
D. acceptance of terms of the policy.

Answer: C

Explanation:
A waiver is the intentional and voluntary relinquishment of a known right. In insurance, waiver can occur when a party with the right to enforce a condition or requirement knowingly gives up that right through words, conduct, or inaction. It is not merely acceptance of policy terms, because acceptance relates to contract formation. It is not misrepresentation, which involves false or misleading statements. It is also not simply modification of a right, because waiver means giving the right up, not changing it. This is a core insurance- contract doctrine and appears in the Pennsylvania Title Insurance exam outline under General Insurance Concepts, specifically legal interpretations affecting contracts, waiver, and estoppel.

NEW QUESTION # 68
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