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| Section | Objectives |
|---|---|
| Title Insurance Principles | - Title Search and Examination
|
| Ethics and Professional Conduct | - Fiduciary Responsibilities
|
| Real Estate and Settlement Procedures | - Legal Concepts
|
| Insurance Industry Overview | - Regulatory Framework
|
>> Cert PA-Title-Insurance-Agent Guide <<
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NEW QUESTION # 38
According to the Fair Credit Reporting Act, an insurer needs to do all of the following, EXCEPT
Answer: B
Explanation:
The Fair Credit Reporting Act requires notice and disclosure duties when consumer reports or investigative consumer reports are used. An insurer must properly notify the applicant when an investigative report may be obtained and must provide required adverse-action notice if insurance is denied or affected based on report information. The applicant also has rights relating to the nature and scope of an investigative consumer report.
However, the FCRA does not require the insurer to personally discuss every credit-history inconsistency with the applicant. The consumer's dispute rights are generally exercised with the consumer reporting agency, not through an insurer's mandatory discussion process. The Pennsylvania Title Insurance outline expressly includes the Fair Credit Reporting Act under federal regulation in the Insurance Regulation section.
NEW QUESTION # 39
When insuring a mortgage where there are intervening liens that prevent the lender from holding first lien priority, such other liens may be
Answer: B
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 # 40
Which of the following types of deeds provides the purchaser of real estate the greatest protection?
Answer: A
Explanation:
A general warranty deed gives the purchaser the strongest deed protection because the grantor warrants title against defects, including claims arising before the grantor owned the property. That is broader than a quitclaim deed, which conveys only whatever interest the grantor may have and gives no warranty of title. A trustee's deed is usually limited by the trustee's authority and does not normally provide broad personal warranties. A deed in trust concerns the manner of holding or transferring title into trust, not the greatest warranty protection to a buyer. This question falls under Real Property because the Pennsylvania title outline tests conveyances, deeds, title to real property, marketable title, and acquisition and transfer of real property.
NEW QUESTION # 41
The Real Estate Settlement Procedure Act (RESPA), Section 8 violation that refers to a person giving or accepting a fee or "thing of value" for the referral of business is known as a
Answer: C
Explanation:
The correct RESPA Section 8 term is kickback. RESPA prohibits giving or accepting any fee, kickback, or thing of value under an agreement or understanding that settlement-service business will be referred.
"Required use" is a separate RESPA concept involving conditioning access to a service or property on use of a particular settlement-service provider. Conversion is wrongful control over another's property or funds, not the RESPA referral-fee violation. Bundled services describes grouped services but is not the statutory violation described here. In title and settlement practice, referral payments are heavily regulated because they can distort consumer choice and settlement costs. The Pennsylvania title outline includes RESPA under settlement and closing procedures.
NEW QUESTION # 42
The MAIN purpose of insurance is to
Answer: B
Explanation:
The main purpose of insurance is to transfer risk. The insured transfers the financial consequences of a covered loss to the insurer in exchange for premium. Insurance does not eliminate the underlying risk or guarantee that a title defect, lien, or loss will never occur. It also does not primarily "alter" risk. Risk reduction may occur through underwriting, searches, surveys, and loss-prevention procedures, but that is not the central contractual purpose of insurance. Retention is the opposite concept: the person keeps the risk instead of transferring it. In title insurance, the buyer or lender transfers covered title-loss risk to the title insurer. The Pennsylvania title outline includes risk, loss, exposure, and methods of handling risk, including transfer and retention.
NEW QUESTION # 43
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