NJ Title Insurance Study guides, Class notes & Summaries

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 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) ...

final test practice for new jersey real estate test (NJ Title Insurance) Who appoints the 8 members of the New Jersey Real Estate Commission? - CORRECT ANSWER-Governor Who makes the payments to a claimant from the Guaranty Fund? - CORRECT ANSWER-The state treasurer Agent Louis Lee is working with several people from his home town in Hong Kong. They sought him out because he speaks their native language. The Chans are anxious to purchase a house before the school year starts. Agent L...

NJ Title Insurance RE Practice Exam with Correct Questions and Answers 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 ...

NJ Title Insurance chapter 21 public records, titles, and closings Final Exam abstract of title - CORRECT ANSWER-A condensed history of a title. actual notice - CORRECT ANSWER-information one actually knows affidavit - CORRECT ANSWER-sworn statement arrears - CORRECT ANSWER-after the end of period for which the payment is due attorneys opinion of title e - CORRECT ANSWER-lawyers statement after studying an abstract caveat emptor - CORRECT ANSWER-let the buyer beware chain of title - C...

Chapter Nine: The New Jersey Title Insurance Act 2024 When a licensed rating organization changes its list of members and subscribers, it must notify the Commissioner: - CORRECT ANSWER-Promptly If the rates and charges for "personal or controlled insurance" from any one source is issued in any one calendar year received by a title insurance company or by a title insurance agent exceeds _______, or from all such sources exceeds ________ of the total rates and charges received by the...

NEW JERSEY TITLE PRODUCER 2024 Final Exam Q & A ALTA 1 - CORRECT ANSWER-Street Assessments ALTA 2 - CORRECT ANSWER-Truth in lending owners policy - CORRECT ANSWER-insures estates of ownership, remains constant over the life of the property. Covers property line disputes. A type of title insurance issued in the name of the property owner. Coverage runs from the time of purchase for as long as the policyholder owns the property. mortgage lender policy (loan policy) - CORRECT ANSWER-lende...

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...