ASCORERS STUVIA
NJ TITLE PRODUCER TITLE FINAL EXAM QUESTIONS WITH
CORRECT ANSWERS A+ GRADED
"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 ANS: B)
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 ANS: B) 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
,ASCORERS STUVIA
D) Unequal shares of ownership ANS: D) 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 ANS: D) 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 ANS: B) 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 ANS: A) The realty transfer tax
When private property is abandoned the state may acquire title to that
property under the right of :
,ASCORERS STUVIA
A) Escheat
B) Eminent domain
C) Police power
D) Taxation ANS: A) 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 ANS: A) 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 ANS: B) 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 ANS: D) The signature of both parties
, ASCORERS STUVIA
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 ANS: A) 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
B) Taxes overpaid by the seller
C) Fuel oil remaining in the tank
D) Unpaid new mortgage ANS: A) The balance of an existing mortgage
to be assumed
In a condominium apartment project, the BEST term to describe a
swimming pool and laundry room for the use of unite owners is?
A) Common elements
B) Limited common elements
C) Fee simple elements
D) Leasehold elements ANS: A) Common elements
When homeowners itemize deductions in computing their annual
taxable income they may deduct:
A) Payments of principal on the home mortgage
NJ TITLE PRODUCER TITLE FINAL EXAM QUESTIONS WITH
CORRECT ANSWERS A+ GRADED
"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 ANS: B)
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 ANS: B) 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
,ASCORERS STUVIA
D) Unequal shares of ownership ANS: D) 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 ANS: D) 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 ANS: B) 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 ANS: A) The realty transfer tax
When private property is abandoned the state may acquire title to that
property under the right of :
,ASCORERS STUVIA
A) Escheat
B) Eminent domain
C) Police power
D) Taxation ANS: A) 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 ANS: A) 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 ANS: B) 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 ANS: D) The signature of both parties
, ASCORERS STUVIA
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 ANS: A) 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
B) Taxes overpaid by the seller
C) Fuel oil remaining in the tank
D) Unpaid new mortgage ANS: A) The balance of an existing mortgage
to be assumed
In a condominium apartment project, the BEST term to describe a
swimming pool and laundry room for the use of unite owners is?
A) Common elements
B) Limited common elements
C) Fee simple elements
D) Leasehold elements ANS: A) Common elements
When homeowners itemize deductions in computing their annual
taxable income they may deduct:
A) Payments of principal on the home mortgage
