NJ Title Insurance Exam with Correct and Verified Solution

NJ Title Insurance Exam with Correct and Verified Solution A deed recorded in Maryland conveys Greenacre to Frank for life and at his death to Jane, her personal representative and assigns the interest vested in Frank and Jane by this deed are commonly referred to as A. Fee simple B. Life estate remainder C. Free hold and non-freehold D. Vested life estate and contingent remainder - CORRECT ANSWER-B. Life estate remainder What is MAHT? A. Maryland Administration Household Training B. Maryland Agricultural Homestead Trust C. Maryland Affordable Housing Trust D. Due to improper zoning - CORRECT ANSWER-C. Maryland Affordable Housing Trust Which of the followings statements BEST defines an owner's title insurance policy? A. An agreement to provide compensation for failure to perform specific acts within a stated period. B. A contract to indemnify the owner of real property against loss resulting from covered matters. C. A form of insurance protection whereby the company agrees to insure the enforceability of the lien. D. An indemnity contract to settle disputes in the legal description of the real property. - CORRECT ANSWER-B. A contract to indemnify the owner of real property against loss resulting from covered matters. Which of the following deeds contain the LEAST title assurance? A. Warranty deed B. Covenant deed C. Indemnify deed D. Quitclaim deed - CORRECT ANSWER-D. Quitclaim deed A location drawing is NOT to be used to A. locate improvements within a lot B. locate property lines C. locate building set-back lines D. show driveways and roads - CORRECT ANSWER-B. locate property lines The term 'abstract title' is BEST defined as a A. Opinion of title B. Report of research of public records C. Guarantee of title D. A lien certificate - CORRECT ANSWER-B. Report of research of public records Schedule B section 1 of the title insurance commitment contains which of the following matters A. The legal description of the property B. Requirements affecting title to be satisfied by the title insurance producer prior to title insurance xxxx C. The name and address of the survivor who prepared the house location survey D. The name and address of the title insurance producer - CORRECT ANSWER-B. Requirements affecting title to be satisfied by the title insurance producer prior to title insurance xxxx A properly executed Maryland Statutory Power of Attorney affecting real estate A. Must be accepted by financial institutions and title companies in Maryland B. Requires the the attorney in fact be bonded a surety company C. Is not required to be recorded among land records D. Is valid to transfer ownership for a 1 year period from date of execution - CORRECT ANSWER-A. Must be accepted by financial institutions and title companies in Maryland Which of the following NEVER provides a warranty of title to the grantee? A. Special Warranty deed B. General Warranty deed C. Quitclaim deed D. Ground rent redemption deed - CORRECT ANSWER-C. Quitclaim deed When a person reserves the right to use the enjoyment of real property only until death, this interest is known as A. joint tenancy B. a lease C. tenancy in common D. a life estate - CORRECT ANSWER-D. a life estate The Proper jurisdiction to record a deed is A. The county where the grand tour resides B. The municipality where the grantee resides C. The jurisdiction where the land is located D. The jurisdiction where the deed is signed - CORRECT ANSWER-C. The jurisdiction where the land is located A deed of trust may be released by all of the following EXCEPT A. A certificate of satisfaction signed by the note holder or mortgagee B. Recording the note marked "paid and cancelled" by the holder along with an affidavit of satisfaction C. A certification of satisfaction signed by the post settlement processor D. A long form release signed by a trustee - CORRECT ANSWER-C. A certification of satisfaction signed by the post settlement processor Which of the following is NOT the responsibility of the notary republic when taken an acknowledgement on a deed mortgage or deed of trust A. Affix his/her official seal B. List the expiration date of his/her commission C. Sign his/her name on the witness line D. Obtain proper ID from all signers - CORRECT ANSWER-C. Sign his/her name on the witness line Which of the following forms modify the terms of the title insurance policy? A. An exhibit B. A codicil C. An endorsement D. An addendum - CORRECT ANSW