NJ PSI EXAMS BUNDLE

Dividends that are received by a life insurance policy holder can be taxed in what situation(s): I - When the dividend amount received exceeds the amount that the policy holder paid in premiums - Answer- The amount received that is over and above the amount paid into the policy via premiums is con...

What happens under a misstatement of age clause on a disability policy? - Answer- All amounts payable under this policy shall be what the premium originally would have purchased and been paid at the correct age. Whether admitted or nonadmitted, how does a "foreign" insurer differ from an "alie...

Which of the following is TRUE regarding nonadmitted insurers? 1. A felony is committed by the agent in the state of a nonadmitted insurer. 2. Acting as an agent for a nonadmitted insurer is considered a misdemeanor. 3. The agent shall pay $1,000 in addition to any fees involving the commis...

Under the misstatement of age or gender provision, what happens if it is determined at death that the insured's age or gender was misstated on a life insurance policy application? - Answer- Benefits are adjusted to an amount that the premium would have purchased at the correct age or gender. Whi...

The Mobile Home Endorsement of a Homeowners policy affords coverage to mobile homes under the? A. HO-1 (Basic Form) B. HO-2 (Broad Form) C. HO-3 (Special Form) D. HO-2 or HO-3 (Broad and Special) - Answer- D. HO-2 or HO-3 (Broad and Special) All of the following are eligible for coverage under ...

Employees are barred from suing employers in court to obtain compensation for injuries covered by workers' compensation because of which of the following doctrines? -Employer liability -Exclusive remedy -Workman liability -No fault insurance - Answer- Exclusive Remedy Which of the followin...

Water Rights - Answer- The terms "littoral," "riparian," and "appropriative" refer to A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson is - Answer- an agent to the broker and a subagent to the principal. Depreciation is calculated ...

Three identical homes in a neighborhood were listed at the same time in a market where demand was constant. According to the law of supply and demand, which would have sold for the lowest price? - Answer- The first sold. When compiling a competitive market analysis, a broker would look for compar...

what would prevent a seller from providing marketable title - Answer- Mechanics lien the seller has required that the buyer must use his title insurance company and that brokers reduce their portion of the real estate commission, increasing the sellers net proceeds - Answer- This is illegeal acco...

Government Powers (4 total) - Answer- Police power, taxation, eminent domain, and escheat Police power - Answer- state's authority to provide for the general welfare of the community through legislature and range of enabling acts/statutes that authorize agencies to organize, implement, and enfor...

African American family would like to courtthisrent a clubhouse but the owners says no because it's a members only is License by eliminating easement through discrimination? - Answer- No, because it is members only An example of the power of eminent domain? - Answer- Condemnation The seller h...

Broker - Answer- Individual licensed to charge the public for real estate services Broker-Salesperson - Answer- Fully qualified broker who remains under another broker's services Bureau of Subdivided Land Sales Control - Answer- State agency that approves and registers some out-of- state prop...

The law which requires that transfers of real property ownership be in writing is known as the... - Answer- statute of frauds In a VA loan, there must be... - Answer- an approved appraisal When a land contract is entered into... - Answer- the buyer acquires equitable title A 5 bedroom, 1 ba...

Which of the following would NOT be considered Real Property? 1. Mineral Rights 2. A Leasehold Estate 3. Fixtures 4. Air - Answer- 2. A Leasehold Estate The servient estate in an easement appurtenant is the property 1. owned by the landlord 2. on which the easement is placed 3. owned b...