NJ Title Producer Terms & Concepts Exam Questions And Complete Answers.
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NJ Title Producer
Institution
NJ Title Producer
Feudal - Answer Royalty
Alloidial - Answer Commoner
Title ensures your "Bundle of Rights" - Answer "PoCoEnD"
- Possession
- Control
- Enjoyment
- Disposition, Devise (to convey real property in a will)
Government Reserved Rights - Answer "PETE"; Police Power, Eminent Domain...
NJ Title Producer Terms & Concepts
Exam Questions And Complete
Answers.
Feudal - Answer Royalty
Alloidial - Answer Commoner
Title ensures your "Bundle of Rights" - Answer "PoCoEnD"
- Possession
- Control
- Enjoyment
- Disposition, Devise (to convey real property in a will)
Government Reserved Rights - Answer "PETE"; Police Power, Eminent Domain, Taxation, Escheat
Police Power - Answer Right of govt. to enact and enforce laws that restrict use of property without
compensation to the owner for general public welfare....Ex. Zoning Laws
Eminent Domain - Answer Right of government to take private property when needed for some
worthwhile public use
Condemnation - Answer Legal proceeding to take property. Owner is paid fair market value
Taxation (as a reserved right of govt.) - Answer Shared cost of running government
Escheat - Answer Reversion of property to government when owner dies and leaves no heirs to inherit
property
, Mineral rights or Sub-surface rights - Answer Beneath the surface
Estate - Answer Legal or possessory right
Tenancy - Answer Same as ESTATE
Freehold Estate - Answer Indefinite period & Not less than a lifetime
Fee Simple Absolute (or simply Fee Simple - Answer IS A FREEHOLD ESTATE Highest & Largest; most
rights; Ownership is not conditional; Property descends to heirs
Fee simple determinable; Conditional fee estate; Defeasible fee - Answer IS A FREEHOLD ESTATE Estate
remains in existence only till the happening of specified event; If condition changes, property reverts to
original grantor
Life estate - Answer IS A FREEHOLD ESTATE - ownership for the duration of someone's life; Cannot be
willed; Duration may be for life tenant's life or a third party
Life estate pur autre vie - Answer Life estate based on 'someone else's life' Estate terminates upon
death; Upon death of the life tenant or designate third person, property is passed to the
REMAINDERMAN
Estate in reversion - Answer IS A FREEHOLD ESTATE - When the property reverts to the original grantor
NON-Freehold Estate (LEASEHOLD) - Answer Estates for a defined, limited period of time, Owner has
rights but does not own legal title
Estate for years - Answer LEASEHOLD - Definite period of time such as a lease; beginning and ending
date
Estate from period to period - Periodic estate - Answer LEASEHOLD - Period to period, No specific
termination, Automatically renewing, Continues till one party gives notice
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