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| Section | Weight | Objectives |
|---|---|---|
| Title Insurance Principles | 25% | - Purpose and function of title insurance - Title commitments and policy forms - Title search and examination procedures - Exceptions and risk elimination |
| General Insurance Concepts | 15% | - Risk and indemnity - Basic insurance principles - Contract law fundamentals |
| Real Estate Transactions & Settlement | 10% | - Disbursement and record-keeping - Escrow and closing procedures - Policy issuance and delivery |
| Insurance Regulation | 25% | - Pennsylvania insurance statutes and regulations - Unfair trade practices and ethics - Licensing requirements and procedures |
| Real Property Law | 25% | - Property rights and interests - Conveyance and recording statutes - Liens, encumbrances, and easements |
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NEW QUESTION # 26
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: B
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 # 27
When a mortgagee's title insurance policy is issued and no owner's policy will be issued, a written waiver must be signed by the:
Answer: A
Explanation:
The written waiver must be signed by the mortgagor, meaning the owner-borrower/purchaser who is waiving the right to purchase owner's title insurance. Pennsylvania regulation requires the title insurer or title agent, when issuing a mortgagee's title policy in a purchase-money transaction and no owner's policy has been ordered, to advise the mortgagor in writing that the lender's policy does not protect the owner. If the mortgagor elects not to purchase owner's coverage, the company must obtain the mortgagor's written statement acknowledging receipt of the notice and waiving the right to buy owner's title insurance. The mortgagee receives the loan policy; the waiver protects the owner-purchaser disclosure process.
NEW QUESTION # 28
A manufactured home can be insured if
Answer: D
Explanation:
A manufactured home can be included in title insurance coverage when it has been converted from personal property to real property. The strongest answer is that the motor vehicle title has been deactivated, the home is affixed, and it is assessed as real property. Merely having a vehicle title is the opposite of real-property treatment. Simply being located on the land or having a foundation is not enough if title remains personal property. A mortgage description alone does not convert the manufactured home into insurable real property.
Pennsylvania law allows cancellation of a certificate of title for a mobile home permanently mounted on a foundation and affixed to real property, and PennDOT's form specifically applies to manufactured homes permanently affixed to land.
NEW QUESTION # 29
The sale of a property was subject to the buyer's being able to assume an existing loan on the property. Upon examination, the note was found to contain a clause that prohibited the assumption of the loan. The clause was
Answer: C
Explanation:
A due-on-sale clause allows the lender to call the loan due when the property is sold or transferred, preventing the buyer from simply assuming the seller's existing loan without lender approval. That directly matches the question's wording: the buyer wanted to assume the existing loan, but the note contained a clause prohibiting that assumption. An assumption clause would allow or describe assumption, not prohibit it. A prepayment clause concerns paying the loan before maturity. A subordination clause changes lien priority between interests; it has nothing to do with whether a buyer may assume the loan. This belongs under Real Estate Transactions because the Pennsylvania title exam tests notes, mortgages, loan closings, recording, and settlement procedures.
NEW QUESTION # 30
When a land owner uses his land as security for a loan, the encumbrance created is called
Answer: A
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 # 31
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