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| Section | Objectives |
|---|---|
| Insurance Industry Overview | - Fundamentals of Insurance Principles
|
| Real Estate and Settlement Procedures | - Closing Process
|
| Title Insurance Principles | - Title Search and Examination
|
| Ethics and Professional Conduct | - Fiduciary Responsibilities
|
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NEW QUESTION # 42
Which one of the following estates may NOT be insured under a title insurance policy?
Answer: C
Explanation:
A license is not an estate in land and is generally not insured as a title estate. It is a personal permission to use property and is usually revocable, unlike an easement or leasehold interest. Easements, life estates, and leasehold estates can be insured because they are recognized real property interests. Title insurance insures ownership or other recognized interests in real property against covered title defects, liens, encumbrances, or unmarketability. A license lacks the estate quality necessary for ordinary title insurance coverage. The Pennsylvania title examination outline specifically lists fee simple estate, leasehold estate, life estate, and easements as interests that can be insured, but it does not list a license as an insurable estate.
NEW QUESTION # 43
Which of the following is the broadest form of ownership allowed by law?
Answer: D
Explanation:
Fee simple is the broadest and most complete form of real property ownership. A fee simple owner generally holds the full bundle of ownership rights, subject only to governmental powers, valid private restrictions, liens, easements, and other lawful encumbrances. A leasehold is a possessory interest for a term, not full ownership. A life estate lasts only for the measuring life and terminates at death. An easement is a limited right to use or benefit from another's land, not full ownership of the land itself. This distinction is central to title insurance because the policy must identify the estate or interest being insured. The Pennsylvania title outline lists fee simple estate, leasehold estate, life estate, and easements as insurable interests.
NEW QUESTION # 44
When insuring a mortgage where there are intervening liens that prevent the lender from holding first lien priority, such other liens may be
Answer: A
Explanation:
Intervening liens that would prevent the lender from having first lien priority can be addressed by subordination. A subordination agreement makes an otherwise prior or intervening lienholder agree that its lien will rank behind the insured mortgage. That clears the priority problem for loan-policy underwriting.
"Waived to the lien" and "restricted to the lien" are not the correct title-clearing terms. Subrogation is different: it allows one party to step into another party's priority position after paying a debt or claim; it is not the normal document used when an existing lienholder agrees to become junior. The Pennsylvania title outline expressly includes voluntary and involuntary liens, releases, assignments, subordinations, and title-clearing procedures.
NEW QUESTION # 45
Title is held by John and Kate, as joint tenants with right of survivorship. If John dies, which is the simplest manner of establishing record evidence of the marketable title in Kate?
Answer: C
Explanation:
Because John and Kate held title as joint tenants with right of survivorship, John's interest passes to Kate by operation of law at John's death. The simplest way to show this in the land records is to record a certified copy of John's death certificate in the county where the property is located. Probate is not needed to transfer John's survivorship interest to Kate because the property does not pass through John's estate for this purpose.
"Nothing is required" is unsafe from a title standpoint because the record still needs evidence explaining why John's interest is no longer outstanding. This issue fits the Pennsylvania outline's treatment of joint tenancy, decedents' estates, probate concerns, and affidavits/record evidence used to clear title.
NEW QUESTION # 46
Title is vested in Bill and Monica. The deed says nothing as to how they are to hold title or as to their marital status. They are NOT married to each other. The presumption is that
Answer: C
Explanation:
When title is conveyed to two unmarried people and the deed does not specify another form of ownership, the presumption is tenancy in common. Tenancy by the entirety is available only to married spouses, so it cannot apply to Bill and Monica. Joint tenancy with right of survivorship generally requires clear survivorship language and is not presumed from silence. The conveyance is not void merely because the deed fails to state the tenancy form. In Pennsylvania, a conveyance to two or more persons is presumed to create a tenancy in common unless the deed clearly provides otherwise. This matches the exam outline's real-property focus on joint ownership, tenants in common, joint tenancy, and tenancy by the entirety.
NEW QUESTION # 47
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