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Insurance Licensing PA-Title-Insurance-Agent Exam Syllabus Topics:

SectionWeightObjectives
Title Exceptions and Procedures for Clearing Title21%- Property-related issues
  • 1. Water rights
    • 2. Attachments
      • 3. Condominiums
        • 4. Equitable interests
          • 5. Surveys
            • 6. Mineral rights
              - Liens and encumbrances
              • 1. Federal liens
                • 2. Judgments
                  • 3. Involuntary liens
                    • 4. Taxes and assessments
                      • 5. Voluntary liens
                        - General exceptions
                        Title Insurance Principles- Insurable interests
                        • 1. Fee simple estate
                          • 2. Easements
                            • 3. Life estate
                              • 4. Leasehold estate
                                - Title insurance policies
                                • 1. Commitments
                                  • 2. Owner's policy
                                    • 3. Enhanced policies
                                      • 4. Loan policy
                                        • 5. Leasehold policy
                                          - Risks covered by title insurance
                                          • 1. Errors in public records
                                            • 2. Errors by producer
                                              • 3. Hidden off-record risks
                                                - Policy structure
                                                • 1. Schedule A
                                                  • 2. Endorsements
                                                    • 3. Exclusions
                                                      • 4. Conditions and stipulations
                                                        • 5. Insuring provisions
                                                          • 6. Schedule B exceptions
                                                            - Title search techniques
                                                            • 1. Chain sheet
                                                              • 2. Computer index
                                                                • 3. Hard copy index
                                                                  General Insurance Concepts3%
                                                                  Insurance Regulation12%- State regulation
                                                                  • 1. Commissioner's general duties and powers
                                                                    - Licensing
                                                                    • 1. Maintenance and duration
                                                                      • 2. Disciplinary actions
                                                                        • 3. Cease and desist orders
                                                                          • 4. Appointment procedures
                                                                            • 5. Reporting of actions
                                                                              • 6. Title producer additional requirements
                                                                                • 7. Address change
                                                                                  • 8. Licensing process
                                                                                    • 9. Renewal
                                                                                      • 10. Revocation, suspension, nonrenewal or denial of license
                                                                                        • 11. General requirements
                                                                                          • 12. Continuing education
                                                                                            • 13. Assumed names
                                                                                              • 14. Expiration
                                                                                                • 15. Persons to be licensed
                                                                                                  - Company regulation
                                                                                                  • 1. Unfair claims settlement practices
                                                                                                    • 2. Rates regulation
                                                                                                      • 3. Solvency requirements
                                                                                                        - Title insurance law requirements
                                                                                                        • 1. Examination of title required
                                                                                                          - Unfair trade practices
                                                                                                          • 1. Defamation
                                                                                                            • 2. Twisting
                                                                                                              • 3. Rebates and inducements
                                                                                                                • 4. Boycott, coercion or intimidation
                                                                                                                  • 5. Unfair discrimination
                                                                                                                    • 6. False advertising
                                                                                                                      • 7. Misrepresentation
                                                                                                                        - Producer regulation
                                                                                                                        • 1. Record keeping
                                                                                                                          • 2. Unfair inducements and marketing practices
                                                                                                                            • 3. Prohibited acts
                                                                                                                              • 4. Charges for extra services
                                                                                                                                - Federal regulation
                                                                                                                                • 1. Fraud and false statements (18 USC 1033/1034)
                                                                                                                                  • 2. Fair Credit Reporting Act

                                                                                                                                    Insurance Licensing Pennsylvania Producers Examination for Title Insurance Series 16-10 Sample Questions:

                                                                                                                                    1. On what schedule of a title commitment would you find an easement that is proposed to be an exception from policy coverage?

                                                                                                                                    A) A
                                                                                                                                    B) B-I
                                                                                                                                    C) C
                                                                                                                                    D) B-II


                                                                                                                                    2. What requirements define which closing costs are allowable as charges to the borrower?

                                                                                                                                    A) FHA
                                                                                                                                    B) State
                                                                                                                                    C) RESPA
                                                                                                                                    D) ALTA


                                                                                                                                    3. The commissioner may refuse to issue a license if the applicant

                                                                                                                                    A) is not a resident of Pennsylvania.
                                                                                                                                    B) is 20-years of age.
                                                                                                                                    C) provided incorrect information on licensing application.
                                                                                                                                    D) has allowed an insurance license to lapse.


                                                                                                                                    4. Which of the following parties can file a claim under the provisions of a title policy?

                                                                                                                                    A) The taxing authority with jurisdiction over the insured property.
                                                                                                                                    B) The holder of an undisclosed interest in the insured property.
                                                                                                                                    C) The holder of a judgment against the insured.
                                                                                                                                    D) The insured named under the policy.


                                                                                                                                    5. A purchaser on a real estate contract has what interest in the subject property?

                                                                                                                                    A) purchaser's interest
                                                                                                                                    B) equitable interest
                                                                                                                                    C) fee simple interest
                                                                                                                                    D) vendee's interest


                                                                                                                                    Solutions:

                                                                                                                                    Question # 1
                                                                                                                                    Answer: D
                                                                                                                                    Question # 2
                                                                                                                                    Answer: A
                                                                                                                                    Question # 3
                                                                                                                                    Answer: C
                                                                                                                                    Question # 4
                                                                                                                                    Answer: D
                                                                                                                                    Question # 5
                                                                                                                                    Answer: B

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