Nj title insurance exam Study guides, Class notes & Summaries

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...

Exam Guide for NJ Title Insurance Licensing Study Material All of the following are characteristic of an ALTA loan EXCEPT: A. Exceptions B. Exclusions C. Contingencies D. Conditions - CORRECT ANSWER-C. Contingencies The policy limit noted in a title insurance policy applies to: A. Each defect B. Each claim C. Per year D. Cumulative claims - CORRECT ANSWER-D. Cumulative claims Zoning ordinances are establish by: A. Home builders B. Local Government C. Lender D. All the above - C...

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...

Seller A entered into an option contract with Buyer B. The contract allowed for a price of $200,000 which Seller A honor for a 12 month period exclusively for Buyer B. This would be an example of a - CORRECT ANSWER-a unilateral contract in which only seller A has made a promise to perform. The purchased price for a new home was $230,000. The buyer put down 20%, and the balance was a mortgage for 80%of the purchase price. The appraised value at the time of closing was $220,000. What wi...

Seller A entered into an option contract with Buyer B. The contract allowed for a price of $200,000 which Seller A honor for a 12 month period exclusively for Buyer B. This would be an example of a - CORRECT ANSWER-a unilateral contract in which only seller A has made a promise to perform. The purchased price for a new home was $230,000. The buyer put down 20%, and the balance was a mortgage for 80%of the purchase price. The appraised value at the time of closing was $220,000. What wi...

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 Real Estate Exam 2 Questions with complete solution 2023/2024Broker - correct answer One who buys and sells for another for a fee. Broker-Salesperson - correct answer A qualified broker who practices real estate in the position of salesperson in another broker's office bureau of subsidized land sales control - correct answer regulations covering out of state properties sold in NJ continuing education - correct answer 12 hours required every two years, two of which must be on ethics ...

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...