Title insurance nj exam - Study guides, Class notes & Summaries

NJ Title Insurance Producer Final Exam Set with Q&A "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) ...

Title Insurance- NJ Exam Congress insisted that it was the right of the federal government to regulate the insurance industry but stated in the McCarran Act that the federal government would not regulate insurance as long as the state did an adequate job of regulating the industry. Public Law 15 - McCarran-Ferguson Act (1945) legislative, judicial, and executive branches Insurance is regulated by each state through these three basic branches of government disapproved within 60 days of sub...

Study Guide for NJ Title Insurance Exam (questions and answers) An insurance agent is defined as an individual who transacts business on behalf of a _______ - CORRECT ANSWER-a client Knowingly making false statements which are derogatory against and meant solely to injure another - CORRECT ANSWER-defamation Type of authority that is either stated orally or in writing and allows an agent to act on behalf of the insurance company - CORRECT ANSWER-express authority Type of authority hold...

NJ Title Insurance Reloaded Final Actual Exam In 1869 in Paul vs Virginia case the the US Supreme Court ruled that insurance? - CORRECT ANSWER-Was not interstate Commerce. In 1944, in the South-Eastern Underwritters Association (SEUA) case, the U.S. Supreme Court ruled that insurance? - CORRECT ANSWER-Was interstate commerce and was subject to Federal regulation. The McCarran-Ferguson Act of 1945 states that individual states are subject to the authority of the? - CORRECT ANSWER-Feder...

NJ Title Exam Questions and Answers An insurance agent is defined as an individual who transacts business on behalf of a _______ a client Knowingly making false statements which are derogatory against and meant solely to injure another defamation Type of authority that is either stated orally or in writing and allows an agent to act on behalf of the insurance company express authority Type of authority holds an agent has when any reasonable person assumes the agent has apparent a...

NJ Title Insurance UPDATED Actual Exam Questions and CORRECT Answers Abandonment - CORRECT ANSWER- When a party in legal possession of property leaves without the intention of reclaiming rights. Abstract of Title - CORRECT ANSWER- A brief history of the instruments appearing in the county record that affect title to the parcel in question. Condensed history of all documents affecting a parcel of real estate

NJ Title Insurance 2024 Real Verified Exam Abandonment - CORRECT ANSWER-when someone with legal possession of property leaves without intention of reclaiming rights abstract of title - CORRECT ANSWER-A summary of the title history including all encumbrances. Acceleration clause - CORRECT ANSWER-Mortgage clause demanding full payment upon default accretion - CORRECT ANSWER-New land added by the elements, such as a river delta Accrued Depreciation - CORRECT ANSWER-Total of all deterio...

NJ Title Insurance Producer Final Exam Set with Q&A "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) ...

NJ Title Insurance Exam Questions and Complete Solutions Graded A+