Quiz Flashcards
(114 cards)
1
Q
The State Action Doctrine was established under the case of
A
Parker V Brown
2
Q
Title Insurance is a contract of
A
Indemnity
3
Q
Title Insurance was first established in 1876 as a result of this Pennsylvania Supreme Court Case
A
Watson V Muirhead
4
Q
Title Insurance was first regulated in NJ under this Act
A
1974 Title Act
5
Q
Title Insurers, Agents and Producers must retain their title files for a period of
A
15 Years
6
Q
A settlement funds received must be deposited into
A
A separate trust or Escrow account
7
Q
Personal or Controlled Insurance cannot exceed, from a single source
A
25% of all business
8
Q
Under the Title Act the commissioner can impose a penalty for each violation of
A
$1000
9
Q
Which of the following Powers does the commissioner not have
A
Incarceration
10
Q
Title Insurers are prohibited from
A
Incarceration
11
Q
Title Insurers are prohibited from
A
Giving Legal Advice
12
Q
What does NAIC stand for?
A
National Association of Insurance Commissioners
13
Q
Which one of the following activities require licensing as a producer?
A
Negotiating an insurance contract
14
Q
A Licensee’s NPN can be found in the NIPR. What is an NPN?
A
National Producer Number
15
Q
NJ Insurance Producer licensing terms are
A
2 years
16
Q
Which of the following is NOT required on a license application?
A
17
Q
How many hours of continuing education are required in each license period?
A
24 Hours
18
Q
What is the Administrative Fine for not informing NJDOBI of a change of address within 30 days?
A
$250
19
Q
What is the Administrative Fine for failure NJDOBI of the opening of a branch office within 30 days?
A
$500
20
Q
What is the maximum penalty allowed under the producers act for each violation?
A
$10,000
21
Q
What is the maximum amount of any thing of value that might be considered an inducement?
A
$25
22
Q
Upon receipt of all required proofs, title policies must be issued within how many days?
A
30 Days
23
Q
Civil Union Partners hold title as?
A
Tenants by the Entirety
24
Q
A tendency by the entirety can be destroyed by all except?
A
Mortgage
25
A notice of settlement is effective for
60 Days
26
A Lis Pendens is effective for?
5 Years
27
Under the fair foreclosure act the statue of limitations for bringing an action to foreclosure after the maturity date of a mortgage is
6 Years
28
The borrower in a mortgage is also known as the
Mortgagor
29
empty
empty
30
civil Unions were established in NJ in what year?
2007
31
A deed conveying property that contains the covenant "so long as it is used as a church" is called
Fee simple Determinable
32
The system of reducing risk through the transfer and pooling of losses is called?
Insurance
33
Hazards contribute to perils which creates?
Risk
34
A policy of title insurance is a contract of
Indemnity
35
How long is the title policy effective?
For as long as the insured holds an interest in the property
36
The various acts or conditions which increase likelihood or severity of a loss are called?
Hazard
37
Title Insurance polices insure against loss due to which of the following?
Governmental Powers
Flooding
Fire
None of the Above
None of the above
38
When title is accquired simultaneously by a husband and wife they are considered?
Tenants in common
Joint tenants
Tenants by the entirety
none of the above
Tenants by the entirety
39
The rights of dower and curtesy were abolished in the state of new jersey in what year?
90 days after feb 28 1980
40
```
An interest in land which is to be held only for the lifetime of an individual but does not pass to his heirs is called?
Fee simple
estate of coparcenary
leasehold estate
none of the above
```
none of the above
41
the system of land ownership wherein the land is owned by one entity and all others must lease land from same is called?
The feudal system
42
```
a fee simple estate will:
pass to ones heirs
expire upon death
auto go to the spouse
none of the above
```
pass to ones heirs
43
when abstracts and examinations of title are preformed, the purpose is?
risk elimination
44
The BEST way in which land can be described is?
Filed map lot and block
45
If there is a discrepancy in a description, which of these factors will dictate over the others?
"call or Monument" in the historic description
46
A survey acceptable for title insurance must contain?
A raised seal
47
a mortgage is a ?
deed of defeasance
48
a bargin and sale deed with covenants vs grantors acts means?
the grantee is assured that the grantor has not adversely affected the premises during his ownership
49
when the original doc is given to the clerk and is kept in the clerks office it is considered?
filed
50
the principle of condo ownership was first introduced in NJ under the horizontal property regime act in what year?
1963
51
The unit owners in a condo hold title as tenants in common to the?
Common elements
52
a persons declaration respecting how his preperty will be disposed of after his death, which is written and executed entirely in his own hand is called?
Holographic will
53
when property passes by right of descent to persons who take by the right of representation or "by the root" is called;
Per Stirpes
54
The will of decent is brought here to be adjudged valid
The probate court
55
The simultaneous death act states that one must survive the descendent by
120 hours
56
the latin translation of Caveat is
Let him beware
57
This deed offers the best protection to the purchaser of real property
warranty
58
How many promises or warranties are there in the plain language form warranty deed
5
59
which of the following revocation of the terms of a will:
the death of a testator
the death of a beneficiary
the lapse of a specific devise
subsequent marriage to the making of a will
subsequent marriage to the making of a will
60
```
a deed must have which of the following to be vaild?
an acknowledgement
two witnessess
a description
be recorded
```
a description
61
the doctrine of giving the insurer whatever rights the insured possessed against responsible third parties is called?
act of subrogation
62
insurable title is always
at the discretion of the insurer
63
uncertainty or lack or predictability is the definition of
risk
64
if a fire is considered a peril, than the oily pile of rags that caused the fire is known as a
hazard
65
title insurance insures against loss due to defects in the title in
real property
66
a deed given by which of the following would be considered void:
an infant
an incompetent
a drunk
an adjudicated incompetent
an adjudicated incompetent
67
the right of an owner of landlocked property to pass over the adjoining lands would be considered?
easement of necessity
68
the term used when real property passes to the state fro an individuals estate due to the lack of rightful heirs at law
escheat
69
an estate in land whos existence depends upon the happening of some uncertain event is called?
estate on condition
70
the term used for one who acts on behalf of another is?
fiduciary
71
the reciprocal course of northeasterly is?
southwesterly
72
a leasehold estate falls under which of the following categories:
estates by sufferance
fee simple
homestead estates
estates for years
estates for years
73
the type of mortgage which is recored in conjunction with the deed of conveyance and is superior to all other liens is known as
purchase money mortgage
74
which of the following may take an acknowledgment for a document affecting new jersey real estate, no matter where the document is executed.
attorney- at- law of new jersey
75
a title insurance contract is one of adhesion, because it is prepared by the insurer and the insured
has no part in determining its content
76
Title Insurance must be filed and then approved by
The commissioner of Insurance
77
Since 2015 the Real Estate Settlement Procedures act has been regulated and enforced by
The CFPB
78
The Primary Law which regulates the business of title insurance in New Jersey is
The Insurance Producers Licensing Act
79
A Title producer in the conduct of business acts as a
fiduciary
80
Under the title act title cannot be insured on which of the following basis
Casualty
81
title policies must be retained for a minimum of how many years
15
82
under the title act the insurance commissioner may impose a fine for each violation in the amount of
$1000
83
under the producers act the insurance commissioner may impose a fine for the first violation for the amount of
$5000
84
The fees for title insurance in NJ can be found in
NJ Land Title Insurance Rating Bureau Manual of Rates
85
The original 1664 English deed for all of NJ vested title in
Berkeley & Carteret
86
Which one of the following does NOT create an easement on a property:
Implication
Express Grant
License
Prescription
License
87
Condo master deeds usually contain which of the following:
Licenses
Restrictive Covenants
Life Estates
Probate
Restrictive Covenants
88
an addition or amendment to a last will and testament is known as
codicil
89
The effective term of a UCC-1 when filed with the secretary of state or county clerk is
5 Years
90
superior court judgements docketed in the superior court clerks civil judgement and order docket is an effective lien on all of the debtors property for how many years
20 Years
91
a condo master deed must contain all of the following except for
the word "condo"
a legal description
photos of each unit
share of common elements
a legal description
92
the creation of a joint tenancy requires 4 elements known as unities. Which below is not required?
Time
Possession
Title
Coverture
Coverture
93
An LLC is created by filing a
cert. of formation
94
For transfer inheritance tax purposes, a spouse is considered which type of beneficiary?
Class A
95
The best description for use in a title policy/deed is
Metes & Bounds
96
A Prescriptive easement can be established by open, notorious & continuous use for a period of how many years?
30 Years
97
In New Jersey land now or formerly flowed by the tide is owned by?
The State of NJ
98
Title Insurers rely upon affidavits of title to remove what exception to the title?
Similar Name Judgements
99
An easement that does not benefit a particular property is called
In Gross
100
The CFB enacted a new rule which combined the HUD-1 form with the TILA form, what is the rule called?
TRID
101
Knowledge about the state of title to realty that one could acquire through a reasonable search of records is known as
constructive notice
102
What is not required in a metes and bounds description?
Elevation
103
A document is not "recorded" until it is
Properly Indexed
104
NJ Inheritance tax is a lien on a property for how many years?
15 Years
105
Which of the following will revoke a Durable Power of Attorney?
Death
Divorce
Mental Incompetence
Time
Death
106
a challenge to a will is made through the filing of a
caveat
107
Insurable title is always
at the discretion of the insurer
108
a Leasehold is considered
Less than freehold
109
a franchise tax lien can arise for non payment of
Corporate business tax
110
Federal Tax liens are valid for a period of
10 Years 30 Days
111
which of the following occurs when a bankruptcy is filed?
dissolution
mortgage lien
secret sale
automatic stay
automatic stay
112
streets can be dedicated for public use by all of the following except:
by file map
by express grant
by condemnation
by imputation
By Imputation
113
which of the following benefits from an appurtenant easement?
servient estate
conditional estate
sanguine state
dominant estate
dominant estate
114
continuation of a business of a producer who becomes disabled, dies or enters the military may receive a
180 day temporary license
