- Study guides, Class notes & Summaries

Dwelling Policy - ANSWER-Only insures property DP-1 - ANSWER-Basic Form DP-2 - ANSWER-Broad Form DP-3 - ANSWER-Special Form Dwelling Coverage A - ANSWER-Dwelling- Covers dwelling, structures attached to dwelling, and materials/supplies for the dwelling. Dwelling Coverage B - ANSWER-Other Structures- Insures buildings on premise but separate from the dwelling. Dwelling Coverage C - ANSWER-Personal Property- Covers the insured's personal property and must be requested. If rental...

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8 pages

Written in 2022/2023

Grade A+

papersbyjol

In New Jersey, and insurer must provide at least______ advance notice for cancellation of property coverages for nonpayment of premium - Answer- 10 days The employment of another producer by a producer is subject to all of the following requirements, except a. the employer shall examine the credentials of the kinds of business described in the contract. b. the employer shall be responsible for the insurance related conduct of the employee c. the employee producer will conduct business und...

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14 pages

Written in 2022/2023

Grade A+

Greaterheights

New Test Real Estate Exam #2[2023]. any states determine the order of water rights according to which users of the water hold a Mrecorded beneficial use permit. This allocation of water rights is determined by: A. accretion. B. riparian theory. C. littoral theory. D. the doctrine of prior appropriation. - ANSWER D. All terms relate to water rights, with "riparian" -- the right to use water adjacent to one's property -- being the most common in sections of the U.S. where water is ab...

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37 pages

Written in 2022/2023

Grade A+

ROSEGRADES

NJ Real estate Exam Prep Solutions 2023 An Appraisal made by a Certified appraiser is REQUIRED? - ANSWER WHEN THE BUYER IS USING A FHA LOAN TO PURCHASE Greatest advantage of using FHA financing when buyer plans to occupy? - ANSWER THE REQUIRED DOWN PAYMENT MAY BE LOWER THAN CONVENTIONAL LOANS What should buyer put in purchase offer to make sure they would NOT have to purchase, if they CANNOT obtain financing? - ANSWER Contingency Conditions does NOT create stigmatized property that may...

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8 pages

Written in 2022/2023

Grade A+

ROSEGRADES

NJ Real Estate Exam [SOLVED] 2023Broker - ANSWER One who buys and sells for another for a fee. Broker-Salesperson - ANSWER A qualified broker who practices real estate in the position of salesperson in another broker's office bureau of subsidized land sales control - ANSWER regulations covering out of state properties sold in NJ continuing education - ANSWER 12 hours required every two years, two of which must be on ethics NJ Real Estate Commission - ANSWER Department of Banking and...

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20 pages

Written in 2022/2023

Grade A+

ROSEGRADES

NJ real estate exam questions 2023A. radon B. lead-based paint C. neighborhood composition D. seller's property disclosure - ANSWER B. lead-based paint An individual Is hired by the homeowners' association of KLM Condominiums. The individual is not required to be a real estate licensee in New Jersey UNLESS the individual o engages in which of the following activities? A. Collecting the monthly association membership fees B. Negotiating a contract with a security service C. Retaining ...

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17 pages

Written in 2022/2023

Grade A+

ROSEGRADES

NJ Property license 1Test Well Solved 2023What are the methods of managing risk? - ANSWER Avoidance, transfer, sharing, retention, reduction What is the fee a person pays an insurance company to receive coverage? - ANSWER Premium Self -insuring is typically used for what type of insurance? - ANSWER Workers compensation A tornado that destroys a property would be an example of what? - ANSWER Peril A state-issued document empowering an insurance company to become an admitted insurer is...

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4 pages

Written in 2022/2023

Grade A+

ROSEGRADES

NJ Property Producer Exam Well Explained 2023 Dwelling Policy - ANSWER Only insures property DP-1 - ANSWER Basic Form DP-2 - ANSWER Broad Form DP-3 - ANSWER Special Form Dwelling Coverage A - ANSWER Dwelling- Covers dwelling, structures attached to dwelling, and materials/supplies for the dwelling. Dwelling Coverage B - ANSWER Other Structures- Insures buildings on premise but separate from the dwelling. Dwelling Coverage C - ANSWER Personal Property- Covers the insured's per...

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8 pages

Written in 2022/2023

Grade A+

ROSEGRADES

Insuring Agreement - Correct Answer-company's obligation to pay, includes the perils and coverage for specific or named peril policies Exclusions - Correct Answer-what the policy will not pay for Definitions - Correct Answer-names of the persons insured in addition to the named insured are listed here, along with any other (blank) of terms in the policy Additional Coverage - Correct Answer-coverages under a policy that are provided by the insurer at no extra cost Casualty Policies - Corr...

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14 pages

Written in 2022/2023

Grade A+

professoraxel

NJ Real Estate Exam 2023 Latest!!

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18 pages

Written in 2022/2023

Grade A+

EvaTee

NJ Property license 1 Already Graded A+

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3 pages

Written in 2022/2023

Grade A+

EvaTee

Why was the commercial Insurance Deregulation Act Created? - ANSWER To protect the public from the adverse effects of excessive, inadequate, & unfair discriminatory rates & marketing practices Which policies issued must follow the provisions of the Commercial Insurance Deregulation Act? - ANSWER Commercial policies When must rate amendments & policy forms be filed with the commissioner? - ANSWER 30 days before What losses are excluded from flood insurance? - ANSWER -Landslides -Sewer b...

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36 pages

Written in 2022/2023

Grade A+

shantelleG

PSI NJ Real Estate Exam, PSI Practice Test Solved And Graded To Pass!!

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12 pages

Written in 2022/2023

Grade A+

EvaTee

NJ Property/ Casualty Insurance Exam Set With Correct Answers 2023

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34 pages

Written in 2022/2023

Grade A+

EvaTee

NJ Property Producer Exam With Complete Solutions.

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7 pages

Written in 2022/2023

Grade A+

EvaTee

Abandonment the abdication of insured property into the hands of another, or into the possession of no one in particular accident an unfortunate incident that happens unexpectedly and unintentionally, typically resulting in damage or injury. ACV. actual cash value the required amount to pay damages for property loss, which is calculated based on the property's current replacement value minus depreciation additional coverage A provision in an insurance policy that allows...

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17 pages

Written in 2022/2023

Grade A+

YANCHY

What are the methods of managing risk? Avoidance, transfer, sharing, retention, reduction What is the fee a person pays an insurance company to receive coverage? Premium Self -insuring is typically used for what type of insurance? Workers compensation A tornado that destroys a property would be an example of what? Peril A state-issued document empowering an insurance company to become an admitted insurer is called what? Certificate of Authority Why are the...

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5 pages

Written in 2022/2023

Grade A+

YANCHY

Insuring Agreement company's obligation to pay, includes the perils and coverage for specific or named peril policies Exclusions what the policy will not pay for Definitions names of the persons insured in addition to the named insured are listed here, along with any other (blank) of terms in the policy Additional Coverage coverages under a policy that are provided by the insurer at no extra cost Casualty Policies defense costs over and above liability limits, p...

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18 pages

Written in 2022/2023

Grade A+

YANCHY

Why was the commercial Insurance Deregulation Act Created? To protect the public from the adverse effects of excessive, inadequate, & unfair discriminatory rates & marketing practices Which policies issued must follow the provisions of the Commercial Insurance Deregulation Act? Commercial policies When must rate amendments & policy forms be filed with the commissioner? 30 days before What losses are excluded from flood insurance? -Landslides -Sewer backup -Windblown Ra...

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50 pages

Written in 2022/2023

Grade A+

YANCHY

Risk the chance or uncertainty of loss Risk used within the insurance industry to refer to the subject of the insurance policy Possibility of loss the concept of risk involves ___________________ Insurance a formal social device used to accomplish the transfer of risk from an insured to the insurer Insurance policy a legal contract in which the premium paid represents a small certain cost exchanged so that the insurer will cover the possibility of a large financi...

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6 pages

Written in 2022/2023

Grade A+

YANCHY