New Jersey Title Agent Practice Exam

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• A loan title policy protects which party?
• The requirement that a policy owner must have a financial stake in the insured subject is called ______.
• Who typically purchases the mortgage policy of title insurance?
• Notice of appointment are ____ days.
• Which form of co-ownership of property includes survivorship rights among married couples?
• In an Affidavit of Title, the affiant certifies that he or she is in possession of the property. True or false?
• Recording a deed offers its greatest benefit to which party?
• Insurable Interest means ______.
• Which party in a reinsurance transaction is the insurer that transfers risk to the reinsurer?
• An owner's title insurance policy is typically issued for which amount?
• Which statement about an inducement is true?
• Knowingly making false statements which are derogatory against and meant solely to injure another is called ______.
• Which tenancy form involves concurrent ownership with survivorship rights?
• _____ determines whether or not an encroachment exists
• Rights of possession, control, disposition, and enjoyment which accompany ownership are known as what?
• Which status applies when a person dies without leaving a will?
• In insurance terminology, pure risks are those that are insurable.
• What document defines the authority of an insurance producer?
• Concealment is a means of hiding material facts.
• The notice period for a proposed rule change by the commissioner is what duration?
• Which term describes an interest in real property that gives a tenant a qualified right to possess and/or use the property for a limited time under a lease?
• Testate means ...
• In a reinsurance arrangement, which term describes the insurer that cedes risk to the reinsurer?
• Tenancy by the Entirety is terminated by which events?
• Which statement best describes fee simple ownership?
• In mortgage terminology, the party who borrows funds is called the
• Smoke detectors are governed by which act?
• Which term describes the insurer that cedes risk in a reinsurance transaction?
• A title owner's policy provides coverage for which of the following?
• A producer's license may be revoked if the commissioner finds that commission earned on 'controlled business' exceeds what percentage of total commissions?
• School certificate is valid for how long after successful completion of course?
• Which term is defined as an addition to a will?
• Who certifies that the title history within an Abstract of Title is complete and accurate?
• In real estate, what is assignment?
• Life Estate Pur Autre Vie is a life estate measured by?
• Which term represents the insurer in an insurer transaction?
• Tenants by the Entirety require which characteristics?
• Which form of co-ownership requires both spouses to hold the property and generally cannot be severed by one spouse?
• What term describes authority the principal intends the agent to have but does not specifically grant?
• Judgments institute liens on a property; what is the effect?
• In a reinsurance transaction, what term may be used to refer to the originating insurer?
• In reinsurance, which term denotes the insurer that passes risk to a reinsurer, synonymously with the originating insurer?
• Expressed Authority is defined as ...
• Which deed provides formal assurance as to quality of title?
• If a deed is recorded, does it guarantee title?
• In a title policy, which term refers to the elements not covered by the policy?
• DP-1 basic policy covers which peril?
• In mortgage terminology, who is the borrower?
• Where two brothers hold title to property, one with 1/3 and the other with 2/3 interest, title would most likely be held as
• Documents are recorded at county level.
• Who is the grantee in a real property conveyance?
• Temporary work authority is:
• Which authority arises when the principal's conduct leads a third party to reasonably believe the agent has authority?
• The waiting period after license revocation is measured in years; which option shows the correct duration?
• Which schedule identifies exemptions that carry over and how they may have been satisfied, such as gaps in time or missing signatures on old documents?
• Which act granted states the power to regulate insurance matters?
• In a DP-3 policy, which pairing is correct?
• Which type of authority can be inferred by the public's reasonable belief about an agent's powers, even if not explicitly granted?
• What is the penalty for failure by an employing producer, insurer, or other custodian to return a license?
• Which set of unities is required to form Joint Tenancy?
• Which policy protects the mortgagee's (lender's) interests?
• Which form of ownership is defined by each tenant having the same right to possess the property and the right to transfer his interest?
• What term is described as another name for a broker?
• Does Tenancy in Common include the right of survivorship?
• Life Estate is defined as?
• Which document provides a condensed history of a title to a parcel, including the original grant, subsequent conveyances, and encumbrances?
• The chance or uncertainty of loss is known as ______.
• Actual Notice is best described as which of the following?
• Which term describes a gift of land by an owner to a government body for public use?
• Which section of a title policy outlines the relationships between the insurer and the insured?
• When a producer takes over a deceased person's business, a temporary license lasts for how many days?
• What is a rebate?
• What term describes a person who is authorized to perform legally binding acts on a principal's behalf?
• An easement in gross is considered
• Which term describes ownership of real property by one person only?
• Licenses are property of which entity?
• Under misstatement of age provision, what happens if it is determined at death that the insured's age or gender was misstated?
• In a Special Warranty Deed, the covenants against encumbrances apply to which period?
• An acknowledgement is defined as ...
• Which form of ownership is recognized by some states as husband-and-wife ownership and passes to the survivor on death?
• What is the penalty for failure to notify the state of opening or closing a branch office?
• What term describes the authority any reasonable person would assume the agent has based on the agent's actions?
• A restriction that runs with the land and binds future owners is known as a
• A policy provision that reduces or eliminates coverage for certain risks is called an ______.
• An objective of a title search is to identify non-monetary encumbrances.
• The policy and application constitute the complete agreement between the policyowner and the insurer. This is known as which provision?
• In eminent domain proceedings, compensation usually follows a court action relating to which concept?
• Dedication is defined as ...
• Which penalty amount is the largest among those listed?
• In a reinsurance transaction, the term 'originating insurer' is sometimes used interchangeably with which term?
• To verify the policy details such as policy number and the property's legal description, which schedule would you review?
• How many continuing education credits are required to renew a producer's license?
• What is the penalty for failure to maintain on file agency contracts and employment contracts?
• The government power to take private property for public use is known as what?
• Possession of property is considered which type of notice?
• Insurable risks are pure risks.
• Which instrument evidences a borrower's personal obligation to repay a loan?
• When does a last will and testament take effect?
• Documents are recorded at the county level to provide public notice.
• Which form of ownership generally passes a co-tenant's share to heirs at death?
• Escheat occurs when property forfeits to the state in the absence of heirs. Which option reflects this concept?
• Renewal applications must be submitted to the department at least how many days before expiration?
• In reinsurance, the originating insurer is also commonly called the ceding insurer. Which term best describes this relationship?
• Which statement best describes unity of possession in concurrent estates?
• Temporary Work Certificates have a validity period of how long?
• Escheat refers to which of the following?
• The type of authority that is either stated orally or in writing and allows an agent to act on behalf of the insurance company is called ______ authority.
• Which statement describes the open and notorious requirement in adverse possession?
• In NJ, this is not used for legal descriptions.
• What is the penalty for failure to notify the state of a business name change?
• The type of authority that exists when any reasonable person would assume the agent has is ______ authority.
• Which term is a legal note preventing denial of a fact or restoring a right previously waived?
• Tax lien certificates can be held for a period of how many years?
• What term describes full and complete ownership of real property?
• The term for acquiring rights to an easement through open, adverse use over time is called
• Which form of notice is issued by public records and charges all people with knowledge of its contents?
• Which deed carries with it no warranties against liens or other encumbrances but implies that the grantor has the right to convey title?
• A loss for which there is no protection under insurance policy terms is an ______.
• Which notice is described as being sent via mail to residents when a new cell tower is erected?
• An applicant for an insurance producer's license must apply for the license within how long after passing the state exam?
• Which statement best describes a New Jersey insurance company chartered and domiciled in NJ?
• Which statement accurately describes the elements required to establish a claim of title by adverse possession?
• Which term describes the rights of possession, control, disposition, and enjoyment that accompany ownership?
• Which statement about ice damage under DP-3 is true?
• In New Jersey, an inducement is defined as
• Which statement best describes express authority?
• Which term refers to express information or fact; that which is known; direct knowledge?
• Encumbrances are
• Insurance can best be defined as sharing loss.
• Ownership of real property changes hands at what moment?
• Which statement best describes an easement appurtenant?
• Which DP form covers the dwelling under open perils and the personal property on a named peril basis?
• Who is the grantee in a deed?
• After revocation, how long before a new license may be applied for?
• Recording of documents provides constructive notice.
• Which easement is described as always benefiting a person or entity rather than a specific parcel of land?
• Which feature distinguishes Joint Tenancy from Tenancy in Common?
• Can a tenant in common transfer their interest without the consent of other co-owners?
• The conditions and ground rules for a policy specify ______.
• Licenses are property of which entity?
• Intestate means ...
• In the material, which statement best describes an easement in gross?
• Who is the grantor in a real estate conveyance?
• Tenancy in Common may have unequal shares between co-owners.
• Life Estate Pur Autre Vie means what?
• What four unities must be present to create a joint tenancy?
• Recording a deed does what for the purchaser?
• Which term describes a declaration in front of a notary that is not required to make a deed valid?
• Implied Authority flows from Expressed Authority.
• Which statement describes defamation and unfair trade practices?
• Which type of ownership describes real estate owned by only one person?
• Post-closing title defects are not protected by standard title insurance. Which statement best reflects this?
• Which term describes items not covered by a title insurance policy?
• Which deed may include warranties added at the grantor's discretion?
• Which form of authority is explicitly stated in writing?
• Which condition is NOT sufficient to create a tenancy by the entirety?
• Title insurance premiums are paid when?
• Which statement best defines constructive notice when records are involved?
• Title Insurance authority includes all policies of insurance that guarantee or indemnify owners of real property. Which pair of words completes the statement?
• If a license is revoked, the waiting period before reapplication is which of the following durations?
• Pure risk presents which of the following outcomes?
• Which of the following actions may the NJ Insurance Commissioner take?
• Dwelling Policy coverage includes which type of property?
• Title policies insure against forgery, unmarketability, and loss from lack of access to the insured property.
• True or False: A person whose license has been suspended or revoked may not be a partner, officer, or owner of a licensed business entity, nor may they be employed in any capacity by an insurance producer.
• ________ can impose criminal penalties against violators
• Which document transfers ownership from the seller to the buyer?
• A fictitious business name is acceptable provided:
• Indemnification means the insured is restored to his or her approximate financial position prior to the occurrence of the loss.
• An insurance company chartered and domiciled in New Jersey is described as:
• Which lien typically has priority over all others?
• Which term best describes a guardian?
• The temporary transfer of title to an insurance company for litigation purposes is called what?
• The waiting period before an owner may reapply after license revocation is how many years?
• What term describes authority the principal intentionally and expressly grants in writing or orally?
• Fine for unwittingly committing an unfair trade practice
• Life estate in reversion occurs when?
• Which act requires lenders to keep records for 2 years?
• An essential element of an insurable risk is that the loss must be geographic.
• What is the purpose of the grace period in an insurance policy?
• Which of the following is NOT a right of Tenants in Common?
• Agency Agreement defines authority of an insurance producer. Which statement best describes its purpose?
• Under a joint tenancy, what happens to the deceased co-owner's interest?
• Which act discloses to borrowers the true cost of obtaining credit?
• In a deed, who typically creates a deed restriction?
• Non-money encumbrances include easements and restrictive covenants.
• In a reinsurance transaction, which term is used to refer to the originating insurer?
• The owner of a life estate may devise her interests.
• A devise is a gift related to real property made by will. Which option best matches this definition?
• Which statement about title insurance coverage is correct?
• Who receives a Certificate of Authority in New Jersey?
• In a level term life policy, which element remains constant?
• Which deed transfers ownership with a warranty of title?
• DP-1 basic policy covers which perils?
• Number of days required to let Dept. know of office relocation
• Who does an owner’s title policy protect?
• The owner of a life estate may mortgage her interests.
• Maximum fine for committing an unfair trade practice
• In tenancy in common, what happens to each owner's interest at death?
• In a deed, the buyer is referred to as the what?
• Promissory notes create which type of obligation?
• Which document summarizes the original grant and all subsequent conveyances and encumbrances affecting a property?
• Is switching the policy from one insured to another an ownership right?
• Who is the grantor in a deed?
• To renew a producer's license, how many continuing education credits are required?
• Which form of ownership creates a shared ownership where each owner has an undivided interest that passes to heirs?
• Which peril is excluded on DP-3 coverage?
• Which of the following is not a type of authority described in the material?
• Temporary work authority is effective on:
• In life insurance, which option is not a valid nonforfeiture option?
• Which penalty amount is the highest among the penalties listed?
• In a mortgage transaction, who is the mortgagee?
• The policy must be delivered within 30 days to which party?
• What is the penalty for a bounced check?
• Regarding title insurance, when a producer receives a policy for delivery to an insured, the policy must be mailed or delivered within how many days?
• Involuntary Alienation is defined as
• Which term refers to knowingly making false statements aimed at harming another's reputation?
• Voluntary Alienation is best defined as
• An owner’s title policy protects which party?
• Which document is commonly considered the best evidence of title in a real estate transaction?
• The commissioner must give ______ notice of a proposed rule change.
• What is the maximum penalty for Fraud?
• The owner of a life estate may sell her interests.
• Which authority arises from the principal's intention for the agent to have, but not specifically granted?
• Which statement about the loan title policy is true?
• _____ creates a deed restriction. Who is typically responsible?
• Which term refers to the legal concept that prevents someone from denying a fact or a right after it has been waived?
• Which statement about constructive notice includes both recording and possession?
• Which schedule in the policy contains the policy number, amount, dates, company information, and the legal description of the property?
• An insurance company chartered in New Jersey is considered
• If someone's license expires, which statement is true?
• Under the rules, which statement about a license that has been suspended is true?
• What is the primary objective of a Title Search?
• How many days does an insurance company have to file with the Department a notice of appointment?
• In the first 60 days after a newly issued auto policy goes into force, the insurer may cancel only for which reason?
• Which of the following is NOT a nonforfeiture option available in a Whole Life Policy?
• Which deed relinquishes any interest in property without warranty?
• Which deed conveys the largest bundle of rights in real property?
• Acknowledgements in deeds are given by whom?
• Within how many days must an applicant apply for the license after passing the state exam?
• In mortgage priority, which statement correctly describes junior mortgages?
• Certificate of Authority is a document issued to ...
• Smoking is an example of a _____ hazard.
• Which term refers to the condensed history of a title to a parcel of real estate, including the original grant, subsequent conveyances, and encumbrances, and is certified as complete and accurate?
• Power of Attorney is a legal document authorizing someone to act on your behalf.
• Which term describes the chance of loss, gain, or breaking even?
• Joint Tenancy is formed when which unities exist?
• A temporary license allows a producer taking over a deceased person's business to operate for a period of how many days without requiring examination?
• If a joint tenant conveys their interest to a third party, the title is replaced by:
• Encroachment is intrusion onto property by improvement to an adjoining property. Which option correctly defines encroachment?
• Which form of real estate ownership is held by a single individual with sole title?
• Corporations cannot hold title to real property in New Jersey with another as a joint tenant because
• An Affidavit of Title must be acknowledged before which official?
• In a reinsurance arrangement, the insurer that receives risk from the ceding insurer is the?
• Exceeding which percentage of commissions from controlled business may lead to license revocation?
• Deed restrictions are best described as clauses that...
• A Special Warranty Deed differs from a general warranty deed in that which of the following is true?
• A square mile consists of 640 acres. Therefore, a square 1/2 mile is how many acres?
• Which best describes an Affidavit of Title?
• Which statement best defines Chain of Title?
• How long does a tax lien certificate holder hold the certificate?
• Which entity appoints the Commissioner?
• Which statement about a life estate is true?
• Which statement defines the knowledge law presumes about a fact irrespective of actual knowledge, often associated with recording?
• Title insurance coverage extends to hidden and unknown matters regardless of their record status. Which option best describes this coverage?
• What is required to establish an easement by prescription?
• Which statement best describes an easement in gross according to the material?
• An easement created when there is no other access to a parcel of land is called:
• Who appoints the Commissioner?
• Reinsurance is defined as:
• In agency law, who is the principal in a broker-principal relationship?
• The insuring agreement of a property insurance policy includes the ______.
• Which statement correctly describes the relationship between the grantor and grantee in a deed?
• Leasehold estates are for how long?
• The statement "The NJ Insurance Commissioner may create insurance laws" is:
• True or False: Title defects that arise after closing are protected by title insurance.
• Insurance Producer is defined as which of the following?
• An easement created by adverse use is said to have been created by:
• Which option is not an objective of a Title Search?
• Which description best defines an easement in gross?
• Which company was the first insurance company founded in Pennsylvania?
• What is the waiting period before reapplication after license revocation, in years?
• Which statute governs condominiums in New Jersey?
• Which document is defined as the condensed history of a title, including the original grant and subsequent conveyances and encumbrances, with a certification by the abstractor that the history is complete and accurate?
• Number of days a person suspected of violation is given prior to a hearing
• The owner of a life estate may lease her interests.
• The McCarren-Ferguson Act is also known as:
• Which section of a title policy discusses the conditions under which the policy operates?
• Which document defines the authority of an insurance producer?
• Which personal detail is typically identified in an Affidavit of Title?
• Which term describes the right to use another’s land for a specific purpose and that runs with the land when it benefits a dominant estate?
• An insurance agent is defined as an individual who transacts business on behalf of a _______.
• This tenancy has right of survivorship. Which term describes it?
• Which duration of notice is correct for a proposed rule change by the commissioner?
• Who inherits real estate under a will?
• License renewal applications must be submitted to the department in how many days before expiration?
• Which statement best describes the primary purpose of an Affidavit of Title in closing a real estate transaction?
• What is the penalty for failure to notify the State of addition or deletion of more than 10% of officers, directors, and partners?
• An Abstract of Title is defined as which of the following?
• What is the penalty for failure to maintain on file with the state an accurate home or business address?
• An objective of a title search is to identify monetary encumbrances on the property's title.
• Constructive notice is achieved through recording documents, not through actual knowledge.
• Which provision states that the policy and application constitute the complete contract between the policyowner and the insurer?
• Modified Whole Life Policies are characterized by ______.
• The Commissioner is appointed by which authority?
• Business names can be fictitious as long as:
• If a license expires, which of the following describes the licensee's status?
• In a reinsurance transaction, the term 'originating insurer' is sometimes used interchangeably with which of the following terms?
• Which of the following is not necessary for the validity of a deed?
• Which lien generally takes priority over all other liens on real property?
• Dwelling Policy conditions describe insurer's option to repair to pre-loss conditions. Which statement best reflects this?
• An Affidavit of Title certifies that, since the contract date, there are no judgments, bankruptcies, or divorces and that there are no unrecorded deeds or defects known to the affiant, and that the affiant is in possession of the property. Which statement best describes this item?
• Which statement describes pure risk?
• Which term describes an interest that gives a tenant the right to possess for a limited time?
• Grace periods protect policyholders from what?
• A square with side length 3/4 mile covers how many acres?
• Which act governs disclosures and procedures for real estate settlements?
• In real estate, what does the term 'title' refer to?
• The acronym ALTA stands for which organization?
• Which term describes the land that benefits from an easement appurtenant?
• In title processing, who gives acknowledgment?
• Who is responsible for delivering the policy within 30 days after receipt?
• Implied Authority is defined as ...
• In life estate in reversion, if the grantor is already dead, title passes to?
• In an insurance contract, the insured is represented by
• Best evidence of title is provided by which of the following?
• In a purchase money mortgage, which party provides the mortgage?
• Which of the following terms correctly describes the insurer that cedes risk in a reinsurance transaction?
• Which term describes a life estate measured by the life of another person?
• Which notice is usually published in a newspaper to terminate an agency?