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Insurance Licensing Pennsylvania Producers Examination for Title Insurance Series 16-10 Sample Questions:
1. 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 suspension
D) license revocation
2. Which of the following is considered an involuntary lien?
A) HELOC loan
B) a life estate reservation
C) deed restriction
D) federal tax lien
3. The MAIN purpose of insurance is to
A) alter risk.
B) retain risk.
C) transfer risk.
D) reduce risk.
4. The sale of a property was subject to the buyer's being able to assume an existing loan on the property. Upon examination, the note was found to contain a clause that prohibited the assumption of the loan. The clause was
A) an assumption clause.
B) a subordination clause.
C) a due-on-sale clause.
D) a prepayment clause.
5. A local bank holds a mortgage on a certain property. A national bank has purchased the loan from the local bank. The proper document to be recorded in the recorder's office to evidence the ownership of the mortgage by the national bank is referred to as
A) a satisfaction.
B) an assignment.
C) a subordination.
D) a reconveyance.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: C | Question # 5 Answer: B |
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