NJ Title Producer Title Final Exam Questions All Solved Correct.
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Course
NJ Title Producer
Institution
NJ Title Producer
"A" and "B" bought a house as tenants in common. If "A" dies which of the following statements about ownership of the house is correct?
A) It automatically becomes tenancy in severalty.
B) It is divided, with B retaining their original interest and the balance going to A's estate.
C) B holds fee...
NJ Title Producer Title Final Exam
Questions All Solved Correct.
"A" and "B" bought a house as tenants in common. If "A" dies which of the following statements about
ownership of the house is correct?
A) It automatically becomes tenancy in severalty.
B) It is divided, with B retaining their original interest and the balance going to A's estate.
C) B holds fee simple ownership to A's share of the property
D) B holds a life estate ownership to A's share of the property - Answer B) It is divided, with B retaining
their original interest and the balance going to A's estate.
The difference between the value of a property and the total amount of liens against it is known as:
A) A down payment
B) Equity
C) Actual cash value
D)Collateral - Answer B) Equity
If a husband and wife take title to a property as tenants in common, they may also have elected to have:
A) Title in severalty
B) Separate life estates
C) The right of survivorship
D) Unequal shares of ownership - Answer D) Unequal shares of ownership
A person who openly, continuously and hostilely occupies another's land for a period set by a statute
may gain title by means of:
D) A complete mortgage pay back statement - Answer B) Estimated closing costs from a lender
The act of recovering title to property lost through foreclosure on a mortgage is called:
A) Redemption
B) Reclamation
C) Restitution
D) Reparation - Answer A) Redemption
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