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| Section | Weight | Objectives |
|---|---|---|
| General Insurance Concepts | 15% | - Basic insurance principles - Risk and indemnity - Contract law fundamentals |
| Real Estate Transactions & Settlement | 10% | - Escrow and closing procedures - Disbursement and record-keeping - Policy issuance and delivery |
| Real Property Law | 25% | - Conveyance and recording statutes - Property rights and interests - Liens, encumbrances, and easements |
| Insurance Regulation | 25% | - Unfair trade practices and ethics - Pennsylvania insurance statutes and regulations - Licensing requirements and procedures |
| Title Insurance Principles | 25% | - Title search and examination procedures - Purpose and function of title insurance - Title commitments and policy forms - Exceptions and risk elimination |
1. A deed was properly completed and executed. Title to the property passed when the deed was
A) accepted by the grantee.
B) signed.
C) acknowledged.
D) recorded.
2. An ALTA survey of the land could disclose all of the following EXCEPT
A) a pond located on the land.
B) the improvements on the land.
C) a property line lawsuit.
D) a violation of the setback line.
3. Which of the following is NOT the responsibility of the Notary Public when taking an acknowledgment on a Deed, Mortgage or Deed of Trust?
A) affix his or her official stamp
B) obtain proper identification from all signers
C) list the expiration date of his or her commission
D) sign his or her name on the witness line
4. 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?
A) Nothing is required.
B) Record in the county where the property is located a certified copy of John's death certificate.
C) Probate the estate of John.
D) Record a certified copy of a probate court order of John's estate distributing the home to Kate.
5. Which of the following is considered a voluntary lien?
A) Mortgage lien.
B) Real estate tax lien.
C) Construction lien.
D) State tax lien.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: C | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: A |
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