NJ TITLE PRODUCER TITLE FINAL EXAM WITH GUARANTEED ACCURATE ANSWERS |VERIFIED
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NJ TITLE
"A" and "B" bought a house as tenants in common. If "A" dies which of the following statements about ownership of the house is correct?
A) It automatically becomes tenancy in severalty.
B) It is divided, with B retaining their original interest and the balance going to A's estate.
C) B holds fee...
NJ TITLE PRODUCER TITLE FINAL
EXAM
NJ TITLE PRODUCER TITLE FINAL EXAM WITH GUARANTEED ACCURATE ANSWERS
|VERIFIED
"A" and "B" bought a house as tenants in common. If "A" dies which of
the following statements about ownership of the house is correct?
A) It automatically becomes tenancy in severalty.
B) It is divided, with B retaining their original interest and the balance
going to A's estate.
C) B holds fee simple ownership to A's share of the property
D) B holds a life estate ownership to A's share of the property -
ACCURATE ANSWERS✔✔ B) It is divided, with B retaining their
original interest and the balance going to A's estate.
The difference between the value of a property and the total amount of
liens against it is known as:
,A) A down payment
B) Equity
C) Actual cash value
D)Collateral - ACCURATE ANSWERS✔✔ B) Equity
If a husband and wife take title to a property as tenants in common, they
may also have elected to have:
A) Title in severalty
B) Separate life estates
C) The right of survivorship
D) Unequal shares of ownership - ACCURATE ANSWERS✔✔ D)
Unequal shares of ownership
A person who openly, continuously and hostilely occupies another's land
for a period set by a statute may gain title by means of:
A) Voluntary alienation
B) Accretion
C) Prescription
D) Adverse possession - ACCURATE ANSWERS✔✔ D) Adverse
possession
Truth-In-Lending Act requires the lender to furnish an applicant for a
real estate loan with a copy of an:
A) Amorization schedule
B) Disclosure statement
,C) Deed
D) Financial statement - ACCURATE ANSWERS✔✔ B) Disclosure
statement
The seller is responsible for which of the following costs at closing:
A) The realty transfer tax
B) The title search
C) The Deed recording fee
D) Title insurance - ACCURATE ANSWERS✔✔ A) The realty transfer
tax
When private property is abandoned the state may acquire title to that
property under the right of :
A) Escheat
B) Eminent domain
C) Police power
D) Taxation - ACCURATE ANSWERS✔✔ A) Escheat
The term hypothecation most closely means:
A) Conditional security for debt
B) Conditional ownership of property
C) A right of first refusal
D) Conditional mortgage commitment - ACCURATE ANSWERS✔✔
A) Conditional security for debt
, A CORRECT statement about condominium and cooperative apartment
owners is that they both:
A) Receive an annual real estate tax bill
B) Must pas assessments
C) Own shares of stock
D) Own real property - ACCURATE ANSWERS✔✔ B) Must pas
assessments
Which of the following is not necessary to a valid contract:
A) Consideration
B) Contractual ability
C) Legal purpose
D) The signature of both parties - ACCURATE ANSWERS✔✔ D) The
signature of both parties
Which is NOT true of a tax lien sale?
A) Title passes with the sale
B) The lien holder is the lowest interest bidder
C) The municipality may hold the lien
D) The property owner has two years to pay the lien - ACCURATE
ANSWERS✔✔ A) Title passes with the sale
Which would be a credit to the purchaser at settlement?
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