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NEW JERSEY TITLE PRODUCER 2024 – QUESTIONS WITH SOLUTIONS
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NEW JERSEY TITLE PRODUCER 2024 – QUESTIONS WITH SOLUTIONS
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NEW JERSEY TITLE PRODUCER 2024 – QUESTIONSWITH SOLUTIONS
ALTA 1 Right Ans - Street Assessments
ALTA 2 Right Ans - Truth in lending
owners policy Right Ans - insures estates of ownership, remains constant
over the life of the property. Covers property line disputes.
A type of title insurance issued in the name of the property owner. Coverage
runs from the time of purchase for as long as the policyholder owns the
property.
mortgage lender policy (loan policy) Right Ans - lender policy insures
mortgage company interest (written for the loan amount) Broader coverage
than the owner policy. Should foreclosure occur it becomes owner policy-
lender takes possession of property.
leaseholder coverage Right Ans - NOT an owner policy. Lease for a
specified period of time. State requires that a leasehold interest be recorded.
When are covered risks included in title policies insured? Right Ans - as of
the date of the policy
Title Assurance Right Ans - All aspects of title are valid (surveys,
examination of records, registry of deeds)
Does a title insurance policy provide absolute assurance of title ?
What does title insurance protect against? Right Ans - No, title insurance
protects against the risk of financial harm due to some error or omission that
occurred in the past.
Examples of what title insurance insures.. Right Ans - only matters of title -
insures against risks, accurancy and sufficiency of abstract, title examination
and matters disclosed in a survey and site inspections of property.
Easements Right Ans - rights landowner has to use land of another, road or
pathway to access land , any right that is material to dominant estate.
,Easement Appurtenant Right Ans - Right or privilege improvement passing
with principal property. Not always part of property. Ex. a right of way
through the neighbors yard. Passes with title to the dominant estate. May be
encumbrance on the land, reduce the value of the land.
How are easements created? Right Ans - Dedication, deed or grant.
Not by oral agreement, are transferrable.
Easement by Necessity Right Ans - Access to property through adjoining
property. Essential for the use and enjoyment to a tract of land.
Easement by Prescription Right Ans - Acquired through open
uninterrupted and adverse use of another's real property. Adjoining owner
does not stop the use of his or her property, time lapses and the use becomes
an easement.
Easement in Gross (aka Easement of Condemnation) Right Ans - Under the
rights of eminent domain government established an easement on the
property when it is for the good of public. -does not pass with title, -right for a
private person to use another's land. Ex. billboard
License Right Ans - temporary right to use another person's land (Not an
Easement) Revocable at will of landowner.
Profit a Prendre Right Ans - Not an Easement.. right to go on the land of
another to remove minerals or similar purpose. (Not in writing generally non-
transferable.)
Unfair methods of competition & deceptive acts, violates cease & desist order
Right Ans - $5000 per violation
When are premium funds remitted to the insurer or other insurance
producer? Right Ans - within 5 business days after receipt of funds
Within how many days must title insurance settlement funds be disbursed?
Right Ans - Within 5 days after settlement
, An insurance producer is required to establish this to hold any premium for
more than 5 business days before remitting premiums to the insurer or
insurance producer, an insurance producer deposits collected premiums into
financial institution. Right Ans - Trust Account
When does an insurance producer issue a receipt? Right Ans - at the time
payment is tendered
how long does an insurance producer maintain a file for each client and
customer after termination of coverage. Right Ans - 5 years
Electronic Record keeping Right Ans - books and records may be
maintained if conditions are met. - all elements required to be maintained
under regulations in electronic system. -upon request of the dept.
electronically kept records can be reproduced in a hard copy. - electronic
backups are produced daily, @ least every 30 days, records maintained
electronically are reproduced & stored off site.
NJ statutes provide that any insurer authorized to transact business in the
state may appoint as its agent a person Right Ans - that holds a valid
insurance producer license issued in accordance with Producer Licensing Act
An insurance company responsible to advise the dept of relationship filing
notice within how many days after execution of contract or within how many
days after the 1st insurance application is submitted by the producer on a
form by the department or online appointment and termination system?
Right Ans - 15 days
What must an insurance company determine prior to a producer executing
any agency contract ? Right Ans - The producer is properly licensed with
authority for the kinds of insurance described in the contract.
Does submitting a license for cancellation or allowing a license to expire,
terminate or void disinplinary proceedings against licensee or prevent
penalty? Right Ans - No submitting your license for cancellation does not
expire, terminate or void any disciplinary proceedings or prevent penalty
against licensee.
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