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NJ Title Producer Final Exam (2023 – 2024) Questions and Answers 100% Correct
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NJ Title Producer Final Exam (2023 – 2024) Questions and Answers 100% Correct
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NJ Title Producer Final Exam (2023 – 2024)Questions and Answers 100% Correct
"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 - B) It is divided, with B
retaining their original interest and the balance going to A's estate.
The difference between the value of a property and the total amount of liens against it is
known as:
A) A down payment
B) Equity
C) Actual cash value
D)Collateral - B) Equity
If a husband and wife take title to a property as tenants in common, they may also have
elected to have:
A) Title in severalty
B) Separate life estates
C) The right of survivorship
D) Unequal shares of ownership - D) Unequal shares of ownership
A person who openly, continuously and hostilely occupies another's land for a period set by
a statute may gain title by means of:
A) Voluntary alienation
B) Accretion
C) Prescription
D) Adverse possession - D) Adverse possession
Truth-In-Lending Act requires the lender to furnish an applicant for a real estate loan with
a copy of an:
A) Amorization schedule
B) Disclosure statement
C) Deed
D) Financial statement - B) Disclosure statement
The seller is responsible for which of the following costs at closing:
A) The realty transfer tax
B) The title search
C) The Deed recording fee
,D) Title insurance - A) The realty transfer tax
When private property is abandoned the state may acquire title to that property under the
right of :
A) Escheat
B) Eminent domain
C) Police power
D) Taxation - A) Escheat
The term hypothecation most closely means:
A) Conditional security for debt
B) Conditional ownership of property
C) A right of first refusal
D) Conditional mortgage commitment - A) Conditional security for debt
A CORRECT statement about condominium and cooperative apartment owners is that they
both:
A) Receive an annual real estate tax bill
B) Must pas assessments
C) Own shares of stock
D) Own real property - B) Must pas assessments
Which of the following is not necessary to a valid contract:
A) Consideration
B) Contractual ability
C) Legal purpose
D) The signature of both parties - D) The signature of both parties
Which is NOT true of a tax lien sale?
A) Title passes with the sale
B) The lien holder is the lowest interest bidder
C) The municipality may hold the lien
D) The property owner has two years to pay the lien - A) Title passes with the sale
Which would be a credit to the purchaser at settlement?
A) The balance of an existing mortgage to be assumed
B) Taxes overpaid by the seller
C) Fuel oil remaining in the tank
D) Unpaid new mortgage - A) The balance of an existing mortgage to be assumed
In a condominium apartment project, the BEST term to describe a swimming pool and
laundry room for the use of unite owners is?
A) Common elements
B) Limited common elements
C) Fee simple elements
D) Leasehold elements - A) Common elements
, When homeowners itemize deductions in computing their annual taxable income they may
deduct:
A) Payments of principal on the home mortgage
B) Interest paid on the home mortgage
C) Depreciation of the home
D) Cost of repair - B) Interest paid on the home mortgage
Dual Agency is best described as:
A) Two companies working together
B) Owing special duties to another person
C) Brokers taking both parties as principals
D) None of the above - C) Brokers taking both parties as principals
The use of a property that was lawful at the time of enactment but is now in violation of a
zoning regulation is an example of?
A) Non conforming use
B) Exclusionary zoning
C) Variance
D) Spot Zoning - A) Non conforming use
R.E.S.P.A (Real Estate Settlement Producers Act) requires:
A) Full disclosure of finance costs
B) Estimated closing costs from a lender
C) Revealing the true interest rate
D) A complete mortgage pay back statement - B) Estimated closing costs from a lender
The act of recovering title to property lost through foreclosure on a mortgage is called:
A) Redemption
B) Reclamation
C) Restitution
D) Reparation - A) Redemption
Tenancy in Common would indicate:
A) The right of survivorship
B) The right of Joint Possession
C) The right of devise
D) Equal shares of ownership - C) The right of devise
A clause in the deed or mortgage which would indicate the interest transferred or
mortgaged:
A) Covenant of seisin
B) Habendum
C) Granting clause
D) Acceleration clause - B) Habendum
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