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Title Insurance > Quiz > Flashcards

Quiz Flashcards

1
Q

The State Action Doctrine was established under the case of

A

Parker V Brown

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2
Q

Title Insurance is a contract of

A

Indemnity

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3
Q

Title Insurance was first established in 1876 as a result of this Pennsylvania Supreme Court Case

A

Watson V Muirhead

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4
Q

Title Insurance was first regulated in NJ under this Act

A

1974 Title Act

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5
Q

Title Insurers, Agents and Producers must retain their title files for a period of

A

15 Years

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6
Q

A settlement funds received must be deposited into

A

A separate trust or Escrow account

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7
Q

Personal or Controlled Insurance cannot exceed, from a single source

A

25% of all business

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8
Q

Under the Title Act the commissioner can impose a penalty for each violation of

A

$1000

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9
Q

Which of the following Powers does the commissioner not have

A

Incarceration

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10
Q

Title Insurers are prohibited from

A

Incarceration

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11
Q

Title Insurers are prohibited from

A

Giving Legal Advice

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12
Q

What does NAIC stand for?

A

National Association of Insurance Commissioners

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13
Q

Which one of the following activities require licensing as a producer?

A

Negotiating an insurance contract

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14
Q

A Licensee’s NPN can be found in the NIPR. What is an NPN?

A

National Producer Number

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15
Q

NJ Insurance Producer licensing terms are

A

2 years

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16
Q

Which of the following is NOT required on a license application?

A

Email

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17
Q

How many hours of continuing education are required in each license period?

A

24 Hours

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18
Q

What is the Administrative Fine for not informing NJDOBI of a change of address within 30 days?

A

$250

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19
Q

What is the Administrative Fine for failure NJDOBI of the opening of a branch office within 30 days?

A

$500

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20
Q

What is the maximum penalty allowed under the producers act for each violation?

A

$10,000

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21
Q

What is the maximum amount of any thing of value that might be considered an inducement?

A

$25

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22
Q

Upon receipt of all required proofs, title policies must be issued within how many days?

A

30 Days

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23
Q

Civil Union Partners hold title as?

A

Tenants by the Entirety

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24
Q

A tendency by the entirety can be destroyed by all except?

A

Mortgage

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25
Q

A notice of settlement is effective for

A

60 Days

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26
Q

A Lis Pendens is effective for?

A

5 Years

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27
Q

Under the fair foreclosure act the statue of limitations for bringing an action to foreclosure after the maturity date of a mortgage is

A

6 Years

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28
Q

The borrower in a mortgage is also known as the

A

Mortgagor

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29
Q

empty

A

empty

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30
Q

civil Unions were established in NJ in what year?

A

2007

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31
Q

A deed conveying property that contains the covenant “so long as it is used as a church” is called

A

Fee simple Determinable

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32
Q

The system of reducing risk through the transfer and pooling of losses is called?

A

Insurance

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33
Q

Hazards contribute to perils which creates?

A

Risk

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34
Q

A policy of title insurance is a contract of

A

Indemnity

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35
Q

How long is the title policy effective?

A

For as long as the insured holds an interest in the property

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36
Q

The various acts or conditions which increase likelihood or severity of a loss are called?

A

Hazard

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37
Q

Title Insurance polices insure against loss due to which of the following?

Governmental Powers
Flooding
Fire
None of the Above

A

None of the above

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38
Q

When title is accquired simultaneously by a husband and wife they are considered?

Tenants in common
Joint tenants
Tenants by the entirety
none of the above

A

Tenants by the entirety

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39
Q

The rights of dower and curtesy were abolished in the state of new jersey in what year?

A

90 days after feb 28 1980

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40
Q 
An interest in land which is to be held only for the lifetime of an individual but does not pass to his heirs is called? 
Fee simple
estate of coparcenary
leasehold estate 
none of the above
A

none of the above

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41
Q

the system of land ownership wherein the land is owned by one entity and all others must lease land from same is called?

A

The feudal system

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42
Q 
a fee simple estate will:
pass to ones heirs
expire upon death
auto go to the spouse
none of the above
A

pass to ones heirs

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43
Q

when abstracts and examinations of title are preformed, the purpose is?

A

risk elimination

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44
Q

The BEST way in which land can be described is?

A

Filed map lot and block

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45
Q

If there is a discrepancy in a description, which of these factors will dictate over the others?

A

“call or Monument” in the historic description

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46
Q

A survey acceptable for title insurance must contain?

A

A raised seal

47
Q

a mortgage is a ?

A

deed of defeasance

48
Q

a bargin and sale deed with covenants vs grantors acts means?

A

the grantee is assured that the grantor has not adversely affected the premises during his ownership

49
Q

when the original doc is given to the clerk and is kept in the clerks office it is considered?

A

filed

50
Q

the principle of condo ownership was first introduced in NJ under the horizontal property regime act in what year?

A

1963

51
Q

The unit owners in a condo hold title as tenants in common to the?

A

Common elements

52
Q

a persons declaration respecting how his preperty will be disposed of after his death, which is written and executed entirely in his own hand is called?

A

Holographic will

53
Q

when property passes by right of descent to persons who take by the right of representation or “by the root” is called;

A

Per Stirpes

54
Q

The will of decent is brought here to be adjudged valid

A

The probate court

55
Q

The simultaneous death act states that one must survive the descendent by

A

120 hours

56
Q

the latin translation of Caveat is

A

Let him beware

57
Q

This deed offers the best protection to the purchaser of real property

A

warranty

58
Q

How many promises or warranties are there in the plain language form warranty deed

A

5

59
Q

which of the following revocation of the terms of a will:

the death of a testator
the death of a beneficiary
the lapse of a specific devise
subsequent marriage to the making of a will

A

subsequent marriage to the making of a will

60
Q 
a deed must have which of the following to be vaild?
an acknowledgement
two witnessess
a description
be recorded
A

a description

61
Q

the doctrine of giving the insurer whatever rights the insured possessed against responsible third parties is called?

A

act of subrogation

62
Q

insurable title is always

A

at the discretion of the insurer

63
Q

uncertainty or lack or predictability is the definition of

A

risk

64
Q

if a fire is considered a peril, than the oily pile of rags that caused the fire is known as a

A

hazard

65
Q

title insurance insures against loss due to defects in the title in

A

real property

66
Q

a deed given by which of the following would be considered void:

an infant
an incompetent
a drunk
an adjudicated incompetent

A

an adjudicated incompetent

67
Q

the right of an owner of landlocked property to pass over the adjoining lands would be considered?

A

easement of necessity

68
Q

the term used when real property passes to the state fro an individuals estate due to the lack of rightful heirs at law

A

escheat

69
Q

an estate in land whos existence depends upon the happening of some uncertain event is called?

A

estate on condition

70
Q

the term used for one who acts on behalf of another is?

A

fiduciary

71
Q

the reciprocal course of northeasterly is?

A

southwesterly

72
Q

a leasehold estate falls under which of the following categories:

estates by sufferance
fee simple
homestead estates
estates for years

A

estates for years

73
Q

the type of mortgage which is recored in conjunction with the deed of conveyance and is superior to all other liens is known as

A

purchase money mortgage

74
Q

which of the following may take an acknowledgment for a document affecting new jersey real estate, no matter where the document is executed.

A

attorney- at- law of new jersey

75
Q

a title insurance contract is one of adhesion, because it is prepared by the insurer and the insured

A

has no part in determining its content

76
Q

Title Insurance must be filed and then approved by

A

The commissioner of Insurance

77
Q

Since 2015 the Real Estate Settlement Procedures act has been regulated and enforced by

A

The CFPB

78
Q

The Primary Law which regulates the business of title insurance in New Jersey is

A

The Insurance Producers Licensing Act

79
Q

A Title producer in the conduct of business acts as a

A

fiduciary

80
Q

Under the title act title cannot be insured on which of the following basis

A

Casualty

81
Q

title policies must be retained for a minimum of how many years

A

15

82
Q

under the title act the insurance commissioner may impose a fine for each violation in the amount of

A

$1000

83
Q

under the producers act the insurance commissioner may impose a fine for the first violation for the amount of

A

$5000

84
Q

The fees for title insurance in NJ can be found in

A

NJ Land Title Insurance Rating Bureau Manual of Rates

85
Q

The original 1664 English deed for all of NJ vested title in

A

Berkeley & Carteret

86
Q

Which one of the following does NOT create an easement on a property:

Implication
Express Grant
License
Prescription

A

License

87
Q

Condo master deeds usually contain which of the following:

Licenses
Restrictive Covenants
Life Estates
Probate

A

Restrictive Covenants

88
Q

an addition or amendment to a last will and testament is known as

A

codicil

89
Q

The effective term of a UCC-1 when filed with the secretary of state or county clerk is

A

5 Years

90
Q

superior court judgements docketed in the superior court clerks civil judgement and order docket is an effective lien on all of the debtors property for how many years

A

20 Years

91
Q

a condo master deed must contain all of the following except for

the word “condo”
a legal description
photos of each unit
share of common elements

A

a legal description

92
Q

the creation of a joint tenancy requires 4 elements known as unities. Which below is not required?

Time
Possession
Title
Coverture

A

Coverture

93
Q

An LLC is created by filing a

A

cert. of formation

94
Q

For transfer inheritance tax purposes, a spouse is considered which type of beneficiary?

A

Class A

95
Q

The best description for use in a title policy/deed is

A

Metes & Bounds

96
Q

A Prescriptive easement can be established by open, notorious & continuous use for a period of how many years?

A

30 Years

97
Q

In New Jersey land now or formerly flowed by the tide is owned by?

A

The State of NJ

98
Q

Title Insurers rely upon affidavits of title to remove what exception to the title?

A

Similar Name Judgements

99
Q

An easement that does not benefit a particular property is called

A

In Gross

100
Q

The CFB enacted a new rule which combined the HUD-1 form with the TILA form, what is the rule called?

A

TRID

101
Q

Knowledge about the state of title to realty that one could acquire through a reasonable search of records is known as

A

constructive notice

102
Q

What is not required in a metes and bounds description?

A

Elevation

103
Q

A document is not “recorded” until it is

A

Properly Indexed

104
Q

NJ Inheritance tax is a lien on a property for how many years?

A

15 Years

105
Q

Which of the following will revoke a Durable Power of Attorney?

Death
Divorce
Mental Incompetence
Time

A

Death

106
Q

a challenge to a will is made through the filing of a

A

caveat

107
Q

Insurable title is always

A

at the discretion of the insurer

108
Q

a Leasehold is considered

A

Less than freehold

109
Q

a franchise tax lien can arise for non payment of

A

Corporate business tax

110
Q

Federal Tax liens are valid for a period of

A

10 Years 30 Days

111
Q

which of the following occurs when a bankruptcy is filed?

dissolution
mortgage lien
secret sale
automatic stay

A

automatic stay

112
Q

streets can be dedicated for public use by all of the following except:

by file map
by express grant
by condemnation
by imputation

A

By Imputation

113
Q

which of the following benefits from an appurtenant easement?

servient estate
conditional estate
sanguine state
dominant estate

A

dominant estate

114
Q

continuation of a business of a producer who becomes disabled, dies or enters the military may receive a

A

180 day temporary license

Title Insurance (3 decks)

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