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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 commitments and policy forms - Purpose and function of title insurance - Title search and examination procedures - Exceptions and risk elimination |
| Real Property Law | 25% | - Property rights and interests - Conveyance and recording statutes - Liens, encumbrances, and easements |
| Real Estate Transactions & Settlement | 10% | - Policy issuance and delivery - Escrow and closing procedures - Disbursement and record-keeping |
| General Insurance Concepts | 15% | - Basic insurance principles - Contract law fundamentals - Risk and indemnity |
1. An insurance licensee must do all of the following in order to renew an insurance license EXCEPT
A) hold active insurer appointment(s).
B) submit to the department a completed renewal form.
C) pay the required renewal fee.
D) complete the continuing education requirements, if applicable.
2. 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) Record in the county where the property is located a certified copy of John's death certificate.
B) Record a certified copy of a probate court order of John's estate distributing the home to Kate.
C) Probate the estate of John.
D) Nothing is required.
3. A purchaser on a real estate contract has what interest in the subject property?
A) equitable interest
B) fee simple interest
C) purchaser's interest
D) vendee's interest
4. Obtaining and recording releases of mortgages and reconveyances of trust deeds satisfied at closing is considered part of what process?
A) post-closing
B) disbursement
C) pre-closing
D) marketing
5. All of the following are considered valid monuments for the purpose of legally describing real property EXCEPT a
A) fence line.
B) highway.
C) iron pin.
D) corner of a recorded subdivision lot.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: A | Question # 3 Answer: A | Question # 4 Answer: A | Question # 5 Answer: D |
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