NJ TITLE PRODUCER TITLE FINAL
2024/2025 WITH ACCURATE ANSWERS
,NJ TITLE PRODUCER TITLE FINAL
2024/2025 WITH ACCURATE ANSWERS
When the commissioner has reason to believe that a person is engaged in unfair competition or
deceptive practices, a hearing may be held after giving the person advance notice of at least?
A) 10 days.
B) 20 days.
C) 30 days.
D) 60 days. - CORRECT ANSWERSA) 10 days
After a hearing if the commissioner determines that a
person has been engaged in a prohibited trade or practice,the commissioner may impose a fine of up
to?
A ) $5,000 for each violation
B) $10,000 for each violation
C) $15,000 for each violation
D) $20,000 for each violation - CORRECT ANSWERSA
"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 ANSWERSB) 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 - CORRECT ANSWERSB) 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 - CORRECT ANSWERSD) 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 - CORRECT ANSWERSD) 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 - CORRECT ANSWERSB) 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 - CORRECT ANSWERSA) 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 - CORRECT ANSWERSA) 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 - CORRECT ANSWERSA) 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 - CORRECT ANSWERSB) 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 - CORRECT ANSWERSD) 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 - CORRECT ANSWERSA) 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
2024/2025 WITH ACCURATE ANSWERS
,NJ TITLE PRODUCER TITLE FINAL
2024/2025 WITH ACCURATE ANSWERS
When the commissioner has reason to believe that a person is engaged in unfair competition or
deceptive practices, a hearing may be held after giving the person advance notice of at least?
A) 10 days.
B) 20 days.
C) 30 days.
D) 60 days. - CORRECT ANSWERSA) 10 days
After a hearing if the commissioner determines that a
person has been engaged in a prohibited trade or practice,the commissioner may impose a fine of up
to?
A ) $5,000 for each violation
B) $10,000 for each violation
C) $15,000 for each violation
D) $20,000 for each violation - CORRECT ANSWERSA
"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 ANSWERSB) 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 - CORRECT ANSWERSB) 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 - CORRECT ANSWERSD) 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 - CORRECT ANSWERSD) 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 - CORRECT ANSWERSB) 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 - CORRECT ANSWERSA) 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 - CORRECT ANSWERSA) 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 - CORRECT ANSWERSA) 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 - CORRECT ANSWERSB) 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 - CORRECT ANSWERSD) 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 - CORRECT ANSWERSA) 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
