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

SectionWeightObjectives
Title Insurance Principles25%- Exceptions and risk elimination
- Title search and examination procedures
- Title commitments and policy forms
- Purpose and function of title insurance
Insurance Regulation25%- Licensing requirements and procedures
- Unfair trade practices and ethics
- Pennsylvania insurance statutes and regulations
Real Property Law25%- Liens, encumbrances, and easements
- Conveyance and recording statutes
- Property rights and interests
Real Estate Transactions & Settlement10%- Escrow and closing procedures
- Policy issuance and delivery
- Disbursement and record-keeping
General Insurance Concepts15%- Risk and indemnity
- Contract law fundamentals
- Basic insurance principles

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PA-Title-Insurance-Agent Practice Test Pdf & PA-Title-Insurance-Agent Exam Certification Cost

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Insurance Licensing Pennsylvania Producers Examination for Title Insurance Series 16-10 Sample Questions (Q20-Q25):

NEW QUESTION # 20
To satisfy a mortgage of record, which of the following must be filed?

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 # 21
A statement included on a title commitment such as "record warranty deed from the owner shown in Schedule A vesting title in the proposed insured" is an example of a

Answer: A


NEW QUESTION # 22
When a land owner uses his land as security for a loan, the encumbrance created is called

Answer: B

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 # 23
On what schedule of a title commitment would you find an easement that is proposed to be an exception from policy coverage?

Answer: C

Explanation:
An easement that will not be insured over is listed as an exception to coverage. In the ALTA title commitment structure, Schedule B, Part I contains requirements that must be satisfied before the policy is issued, while Schedule B, Part II contains exceptions from coverage. Schedule A identifies the proposed insured, land, estate or interest, policy amount, and related basic policy information. It does not list exceptions. Schedule B-I is wrong because it is for requirements such as recording documents or paying charges. Schedule C is not the standard commitment section for exceptions in this context. The Pennsylvania outline specifically tests title insurance forms, commitments, Schedule A, Schedule B exceptions, exclusions, and endorsements.


NEW QUESTION # 24
Coverage under a loan policy remains effective

Answer: D


NEW QUESTION # 25
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