NJ Real Estate Study Guide Assessement Questions Fully Solved.
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Course
NJ Title Producer
Institution
NJ Title Producer
"IN REM" indicates Liens are against the - Answer Property rather than against the person.
"MAJOR LINES " - Answer life
health
property
casualty
personal lines property
surplus lines
title insurance
"MINOR LINES " - Answer bail bonds
credit
ticket
group mort. cancel....
NJ Real Estate Study Guide
Assessement Questions Fully Solved.
"IN REM" indicates Liens are against the - Answer Property rather than against the person.
"MAJOR LINES " - Answer life
health
property
casualty
personal lines property
surplus lines
title insurance
"MINOR LINES " - Answer bail bonds
credit
ticket
group mort. cancel.
mortgage guaranty
legal insurance
self-storage
"Notice Of Settlement" is good for - Answer 45 days
"Reinsurance treaty"/Treaties are usually - Answer negotiated for a period of a year or longer
3 attempts to place insurance is required for - Answer Surplus lines authority
a action by the mortgagee for default - Answer Deficiency judgment
,a action to server a four party joint tenancy - Answer a partition
a agency created solely through the action of both principal or agent is said - Answer to be an
ostensible agency
a branch office cannot be open or operated unless? - Answer one broker is present during business
hours except when engaged in Branch activities elsewhere
A Broker can charge a fee to Insured ,contingent that this compensation? - Answer Bears reasonable
relationship to the services to be performed, & put in writing
a broker or consultant can charge a fee therefore the agreement must? - Answer be signed by both the
producer and the insured/ Prospect
A Clause in a Deed or Mortgage which would indicate the interest Transferred or Mortgaged: - Answer
Habendum
a contract of sale considered to be voidable would - Answer contain condition that would cancel the
agreement
a contract signed under duress would not affect - Answer the legality of purpose of the contract
A CORRECT statement about Condominium & Cooperative Apartments Owners is that they both -
Answer May pay Assessments
a couple who has purchased and receives a deed stating that they have the rights of survivorship or most
likely - Answer joint tenants
a deed clause which would describe the degree of Interest being conveyed to grantee - Answer The
Habendum clause
,a deed in which the grantor warrants that the title was unencumbered for as long as the grantor has held
it - Answer bargain and sale deed CVG
a deed of trust is most likely to be held by - Answer a mortgagee in a trust
A Deed that is most likely to be transferred by descent is called - Answer a Administers deed
A Deed that transfers by descent is called a - Answer Administers Deed
A Deed which entitles the Owner to possession of a property for a specific time period within each year,
& which constitutes a Tenancy in Common with other such Owners involves? - Answer Interval
Ownership
A developer leases property from a owner with intent of constructing a building has a - Answer
Leasehold
A Devise is the transfer of real property by - Answer WILL
A Domestic insurer is an - Answer insurance company that is incorporated in THIS state
a domestic insurer is? - Answer a insurance company organized under the laws of the state
A domestic Mutual insurer is Incorporated in accordance with the laws of this state? - Answer Without
permanent Capital stock (shares)
A Easement Appurtenant is the right of Ingress (Enter) & Egress (Exit) over one property - Answer to
gain access to another
A fiduciary is a person who Acts for another in a legal position of - Answer Trust or Confidence
A Fixed Known Point be is known as a - Answer Bench Mark
, a foreign insurer in NJ is a company organized in? - Answer any other state in the United States
A Foreign insurer is a insurance company - Answer incorporated in another state
a foreign Title Insurance Company could be decimaled in - Answer Delaware
A Individual Must be licensed to: - Answer collect premiums
A insurance agent is considered - Answer they representative insurer/Broker
A insurance Broker is considered - Answer to be the representative of the insured/Customer
A insurance broker is someone who represent? - Answer An insured or prospective insured
A insurance Consultant is a person who for a fee, - Answer offers advice, counsel promises under policy
of insurance in nj
a insurer entering into a employment contract with a new producer must notify the Department -
Answer 15 days of contract
a insurer wishing to do business in nj must - Answer get certificate of authority
A Leasehold Loan policy insures a - Answer A Lender making a loan on a Leasehold interest/Priority of
Mortgage Claim
a licensed producer change of address must be filed within - Answer 30 days
A licensee shall notify the Department of Insurance how many days before a closing of a office - Answer
30 days
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