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NJ Title Insurance Exam Questions and Complete Solutions Graded A+
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NJ Title Insurance Exam Questions and Complete Solutions Graded A+
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NJ Title InsuranceExam Questions
and Complete
Solutions Graded
A+
Denning [Date] [Course title]
,Abandonment - Answer: When a party in legal possession of property leaves without the intention of
reclaiming rights.
Abstract of Title - Answer: A brief history of the instruments appearing in the county record that affect
title to the parcel in question.
Condensed history of all documents affecting a parcel of real estate
Acceleration Clause - Answer: Mortgage Clause demanding full payment upon Default.
Accretion - Answer: an increase of land caused by the gradual depositing of solid material
Adhesion Contract - Answer: A non negotiable contract with terms dictated by one party.
Aleatory Contract - Answer: A contract based upon Future uncertain conditions.
Administrators Deed - Answer: Transfers Title of an intestate by the administrator.
Easement by Prescription - Answer: Someone has used another persons land for a certain period of
time as defined by state law
(20 years in NJ)
Air Rights - Answer: Rights to space above a property
Belonging to owner of land below
Feudal System - Answer: Government owns all property and individuals get rights.
Fiduciary - Answer: A person or organization that acts on behalf of another person to manage assets
, Foreclosure - Answer: To seize and sell property pledged for a debt
A forced sale of property to satisfy a lien.
Alluvion - Answer: Solid material deposited by a body of water
Freehold Estate - Answer: An interest in real property whose length cannot be determined in advance
Estates of indeterminable length - a person may OWN that estate for a lifetime or forever
ex: Fee simple ; fee determinable ; life estate
Avulsion - Answer: Sudden change of course of a stream
Joint Tenancy - Answer: two or more people own property ; nonmarried persons with right of
survivorship
ALTA - Answer: American Land Title Association
Usury - Answer: Charging more than (unusually high) the legal limit on interest.
Appraisal - Answer: A defensible estimate of value by an expert under given market conditions.
Life Estate - Answer: Granting of a lifetime interest in the property without the right to transfer title.
Complete ownership until someone's death
Ingress And Egress - Answer: The means to gain entrance into or to an exit from a property
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