Exam (elaborations)
NJ Insurance Producers License Exam Questions and Complete Solutions Graded A+
- Course
- Institution
NJ Insurance Producers License Exam Questions and Complete Solutions Graded A+
[Show more]
Content preview
NJ InsuranceProducers License
Exam Questions
and Complete
Solutions Graded
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 summary of the title history including all encumbrances
Acceleration Clause - Answer: Mortgage clause DEMANDING FULL payment upon default
Accretion - Answer: New land added by the elements
Accrued Depreciation - Answer: Total of all deterioration and obsolescence on a property
Acknowledgement - Answer: Witnessing of an instrument by an officer of the court
Actual Authority - Answer: Authority directly by contract
Adjustable Rate Mortgage (ARM) - Answer: Interest rates fluctuate based on a predetermined
measurement of the marketplace and time period
Adhesion Contract - Answer: NON-NEGOTIABLE contract with terms dictated by one party
Administrator - Answer: Appointed by the court to execute the estate of an intestate
Administrator's Deed - Answer: Transfers title of an intestate of the administrator
Ad Valorem Taxes - Answer: Based on property Value as the general assessment tax
Adverse Possession - Answer: Claim to title through continuous OPEN AND HOSTILE OCCUPANCY
Affidavit of Title - Answer: Sworn statement of ownership by the seller at closing immediately on default
, Agency - Answer: Principal and Agent Agreement, allowing the agent to represent the principals interest
in dealing with 3rd parties
Agreement of Sale - Answer: Contract for the sale of real estate
Air Rights - Answer: Rights to space above a property
Aleatory Contract - Answer: UNCERTAIN CONDITIONS (contract based on)
Alien Title Company - Answer: company formed under laws of a another nation
Alienation Clause - Answer: DUE ON SALE CLAUSE in mortgage, demands full payment upon title
transfer
Allodial System - Answer: System of ownership allowing proprietary interests in real property to be held
by PRIVATE parties.
Alluvion - Answer: Shiting sediment in a river or waterway
ALTA - Answer: American Land Title Association
Amendatory Clause - Answer: MANDATORY ESCAPE clause in VA and FHA contracts.
American's with Disabilities Act - Answer: Federal Law prohibiting discrimination against the disabled in
the use of public property, businesses and employment
Amortization - Answer: Gradual reduction of a mortgage debt so that it is completely Abandonment
When a party in legal possession of property leaves without the intention of reclaiming rights
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller YourExamplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
