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| Section | Weight | Objectives |
|---|---|---|
| Insurance Regulation | 25% | - Unfair trade practices and ethics - Licensing requirements and procedures - Pennsylvania insurance statutes and regulations |
| Title Insurance Principles | 25% | - Title search and examination procedures - Purpose and function of title insurance - Exceptions and risk elimination - Title commitments and policy forms |
| 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 |
| Real Estate Transactions & Settlement | 10% | - Disbursement and record-keeping - Policy issuance and delivery - Escrow and closing procedures |
1. Which of the following items is least likely to be recorded?
A) mechanic's lien
B) mortgage lien
C) satisfaction of mortgage
D) bill of sale
2. When insuring a mortgage where there are intervening liens that prevent the lender from holding first lien priority, such other liens may be
A) waived to the lien of the subject mortgage.
B) restricted to the lien of the subject mortgage.
C) subrogated to the lien of the insured mortgage.
D) subordinated to the lien of the subject mortgage.
3. All of the following are subject to false advertising regulations EXCEPT
A) letters.
B) gifts.
C) statements.
D) circulars.
4. All of the following are considered valid monuments for the purpose of legally describing real property EXCEPT a
A) iron pin.
B) fence line.
C) highway.
D) corner of a recorded subdivision lot.
5. An agent who collects money from an insured and holds it for payment to the insurer is
A) commingling funds.
B) acting in a fiduciary capacity.
C) wrongfully withholding funds.
D) providing coverage.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: D | Question # 3 Answer: B | Question # 4 Answer: D | Question # 5 Answer: B |
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