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| Section | Weight | Objectives |
|---|---|---|
| Insurance Regulation | 25% | - Licensing requirements and procedures - Unfair trade practices and ethics - Pennsylvania insurance statutes and regulations |
| Title Insurance Principles | 25% | - Purpose and function of title insurance - Title search and examination procedures - Exceptions and risk elimination - Title commitments and policy forms |
| Real Estate Transactions & Settlement | 10% | - Disbursement and record-keeping - Policy issuance and delivery - Escrow and closing procedures |
| General Insurance Concepts | 15% | - Contract law fundamentals - Basic insurance principles - Risk and indemnity |
| Real Property Law | 25% | - Liens, encumbrances, and easements - Conveyance and recording statutes - Property rights and interests |
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NEW QUESTION # 17
To satisfy a mortgage of record, which of the following must be filed?
Answer: B
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 # 18
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: D
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 # 19
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 # 20
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
Explanation:
The quoted statement is a requirement because it describes something that must be done before the title insurer will issue the final policy. Recording a warranty deed from the vested owner into the proposed insured is a closing and recording requirement, not an exception. A standard exception limits or excludes coverage; it does not tell the parties what must be completed to create insurable title. A post-policy event occurs after policy issuance and is not what the commitment is addressing. The ALTA commitment structure treats Schedule B, Part I as "Requirements," and includes properly authorized, executed, delivered, and recorded conveyance or mortgage documents as requirements. This matches the Pennsylvania exam outline's focus on commitments and title policy structure.
NEW QUESTION # 21
Which of the following can be licensed as a title insurance agent?
Answer: C
Explanation:
A legal entity can be licensed or certified as a title insurance agent or agency. Pennsylvania title insurance law recognizes agencies that conduct title insurance business on behalf of a title insurer, and the statute defines an agency as an individual person, partnership, corporation, or other legal entity. An approved attorney, officer, or employee may perform certain functions depending on authority and licensing status, but those labels alone do not answer the licensing classification question as cleanly as "legal entity." This question is from Insurance Regulation because it tests persons or entities to be licensed, title producer requirements, agency obligations, and licensing structure. Pennsylvania law also ties title agency licensing to bond, fiduciary, account, recordkeeping, and insurer-contract duties.
NEW QUESTION # 22
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