NJ TITLE INSURANCE
TESTED QUESTIONS AND COMPLETE SOLUTIONS
Question 1.
Title 11
ANSWER
The Department of the Treasury and Commissioner, as appropriate, shall implement and
enforce this title:
Question 2.
branch office
ANSWER
must be under the direct supervisor of a broker or broker salesperson and must have a
duplicate license
Question 3.
Evidence of Title
ANSWER
Proof that the seller is the owner and has good title in the property
1) Abstract of title and attorneys opinion
2) title insurance policy
3) torrens certificate
4) certificate of title
Question 4.
Note (bond)
ANSWER
The financing instrument signed by the borrower promising to pay
,Question 5.
Granting Clause
ANSWER
The grantors intention to convey the property
Clause in a deed that makes the transfer
Question 6.
Elements of a valid contract
ANSWER
1) competent parties
2) offer and acceptance
3) consideration
4) legality of object
Question 7.
Corporation
ANSWER
an artificial person or legal entity created under the laws of the states from which it receives its
charter.
- exists until its formally dissolved
Question 8.
Executed contract ; executory contract
ANSWER
Both parties have fulfilled their promises and performed the contract.
When something needs to be done by one or both parties
Question 9.
Tax Sale
ANSWER
Collection of overdue taxes through public auction of property
, Question 10.
The Fair Credit Reporting Act
ANSWER
requires that consumers be informed of what reports may be requested and permission has
been granted to run the reports
Question 11.
Affidavit of Title
ANSWER
A sworn statement in which the seller assured the title company and buyer that there are no
judgements, bankruptcies on the property
Question 12.
Universal Agent
ANSWER
has authority to represent the principal in all matters that can be delegated (enter into any
contracts)
Question 13.
Joint Venture
ANSWER
an organization of people or firms designed to carry out a single project ; limited period of
time has rights of survivorship
Question 14.
Client ; customer
ANSWER
In a real estate transaction the seller is the ________ and the buyer is the agent's _________
TESTED QUESTIONS AND COMPLETE SOLUTIONS
Question 1.
Title 11
ANSWER
The Department of the Treasury and Commissioner, as appropriate, shall implement and
enforce this title:
Question 2.
branch office
ANSWER
must be under the direct supervisor of a broker or broker salesperson and must have a
duplicate license
Question 3.
Evidence of Title
ANSWER
Proof that the seller is the owner and has good title in the property
1) Abstract of title and attorneys opinion
2) title insurance policy
3) torrens certificate
4) certificate of title
Question 4.
Note (bond)
ANSWER
The financing instrument signed by the borrower promising to pay
,Question 5.
Granting Clause
ANSWER
The grantors intention to convey the property
Clause in a deed that makes the transfer
Question 6.
Elements of a valid contract
ANSWER
1) competent parties
2) offer and acceptance
3) consideration
4) legality of object
Question 7.
Corporation
ANSWER
an artificial person or legal entity created under the laws of the states from which it receives its
charter.
- exists until its formally dissolved
Question 8.
Executed contract ; executory contract
ANSWER
Both parties have fulfilled their promises and performed the contract.
When something needs to be done by one or both parties
Question 9.
Tax Sale
ANSWER
Collection of overdue taxes through public auction of property
, Question 10.
The Fair Credit Reporting Act
ANSWER
requires that consumers be informed of what reports may be requested and permission has
been granted to run the reports
Question 11.
Affidavit of Title
ANSWER
A sworn statement in which the seller assured the title company and buyer that there are no
judgements, bankruptcies on the property
Question 12.
Universal Agent
ANSWER
has authority to represent the principal in all matters that can be delegated (enter into any
contracts)
Question 13.
Joint Venture
ANSWER
an organization of people or firms designed to carry out a single project ; limited period of
time has rights of survivorship
Question 14.
Client ; customer
ANSWER
In a real estate transaction the seller is the ________ and the buyer is the agent's _________
