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NJ Insurance Producers License Exam Questions and Complete Solutions Graded A+
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NJ Insurance Producers License Exam Questions and Complete Solutions Graded A+
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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
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