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NJ Title Producer Terms & Concepts Exam Questions And Complete Answers.
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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...

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  • November 10, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • title ensures your bundle of rights

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  • NJ Title Producer
  • NJ Title Producer

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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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