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NJ Title Producer Title Final Questions With Complete Solutions
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NJ Title Producer Title Final Questions With Complete Solutions
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NJ Title Producer Title Final Questions With CompleteSolutions
"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
Correct Answer B) It is divided, with B retaining their original
interest and the balance going to A's estate.
A branch office may not he open or operated unless?
I. At least one licensed producer is permanently
assigned to that office
II. At least one licensed producer is present or
accessible during business hours, except except when
engaged in branch activities elsewhere
Ill. The office is accessible to the general public during normal
business
A) I only.
B) I & II.
C) II & III
D) 1 11 & 111 Correct Answer D) 1 11 & 111
A Certificate of Authority is issued to who?
A) The insured
B) The agent
C) The insurer
,D ) The producer Correct Answer C) The insurer
A clause in the deed or mortgage which would indicate the
interest transferred or mortgaged:
A) Covenant of seisin
B) Habendum
C) Granting clause
D) Acceleration clause Correct Answer B) Habendum
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 Correct Answer B) Must pas assessments
A CORRECT statement about the Federal National
Mortgage Association (FNMA) is that it:
A) Purchases certain mortgages originated by lending
institutions
B) Insures mortgages through insurance fees paid by
borrowers
C) Provides guarantees to lenders on certain mortgages
D) Is the nation's central bank designed to provide economic
stability Correct Answer A) Purchases certain mortgages
originated by lending institutions
A deed in which the grantor warrants that title was
unencumbered for as long as the grantor held it:
A) Bargain and sale deed
B) Bargain and sale deed. CVG
,C) Warranty deed
D) Sheriff's deed Correct Answer B) Bargain and sale deed.
CVG
A deed which entitles the owner to possession of a property for a
specific time period within each year, and which constitutes a
Tenancy in Common with other such owners involves?
A) Cooperative ownership
B) Condominium ownership
C) Interval ownership
D) Joint possession Correct Answer C) Interval ownership
A developer who leases real property from the owner with the
intent of constructing an office building has which of the
following interests in the property?
A) Leased fee
B) Leasehold
C) Sale and leaseback
D) Lease option Correct Answer B) Leasehold
A domestic mutual insurer is?
A) An insurer incorporated under the laws of NJ with capital
stock
B) An insurer incorporated under the laws of NJ with its capital
stock divided into shares and owned by its stockholders.
C) An insurer incorporated under the laws of NJ without
permanent capital stock, its governing body elected by
policyholders.
D) Insurance companies that are classified in different ways
depending upon the amount of stock held Correct Answer C)
, An insurer incorporated under the laws of NJ without permanent
capital stock, its governing body elected by policyholders.
A foreign title insurance company could be domiciled in:
A) Great Britain
B) New Jersey
C) Delaware
D) Canada Correct Answer C) Delaware
A lender is required under the Truth-in-Lending Act
(Regulation Z) to furnish an applicant for a real estate
loan with a copy of a/an:
A) Amortization
B) Disclosure statement
C) Deed
D) Financial Statement Correct Answer B) Disclosure
statement
A lender's title insurance policy will protect the:
A) Lender against default in loan payments
B) Borrower against default in loan payments
C) Lender against existing undiscovered title defects
D) Borrower against unrecorded liens Correct Answer C)
Lender against existing undiscovered title defects
A license producer is required to file notice of any changes of
address within?
A) 10 days
B) 20 days
C) 30 days
D) 60 days Correct Answer C) 30 days
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