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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Real Property Law | 25% | - Property rights and interests - Conveyance and recording statutes - Liens, encumbrances, and easements |
| Topic 2: Insurance Regulation | 25% | - Licensing requirements and procedures - Pennsylvania insurance statutes and regulations - Unfair trade practices and ethics |
| Topic 3: Title Insurance Principles | 25% | - Purpose and function of title insurance - Title commitments and policy forms - Title search and examination procedures - Exceptions and risk elimination |
| Topic 4: General Insurance Concepts | 15% | - Contract law fundamentals - Basic insurance principles - Risk and indemnity |
| Topic 5: Real Estate Transactions & Settlement | 10% | - Disbursement and record-keeping - Policy issuance and delivery - Escrow and closing procedures |
1. 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 a certified copy of a probate court order of John's estate distributing the home to Kate.
B) Probate the estate of John.
C) Record in the county where the property is located a certified copy of John's death certificate.
D) Nothing is required.
2. A licensee has violated a Pennsylvania insurance law. The commissioner CANNOT impose what penalty after the hearing?
A) a jail sentence
B) a fine
C) license revocation
D) license suspension
3. Which section of a title insurance policy lists the rights of the insurer?
A) exclusions from coverage
B) declarations
C) insuring agreement
D) conditions
4. 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
A) required use.
B) bundled services.
C) conversion.
D) kickback.
5. Which property type includes all lands, man-made improvements, anything growing on the lands, as well as interests, or "rights," including future occupancy, reversion, and the use of surface and air space?
A) Intangible
B) Tangible
C) Personal
D) Real
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: D | Question # 4 Answer: D | Question # 5 Answer: D |
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