NEW JERSEY TITLE INSURANCE EXAM,
NJ TITLE INSURANCE TEST BANK, TITLE
INSURANCE LICENSING NJ, NJ EXAM
QUESTIONS AND ANSWERS, TITLE
PRODUCER NJ, TITLE INSURANCE
CERTIFICATION, NJ TITLE LICENSING
STUDY GUIDE
Question : Abandonment
CORRECT ANSWER: When a party in legal possession of
property leaves without the intention of reclaiming rights.
Question : Abstract of Title
CORRECT ANSWER: A brief history of the instruments
appearing in the county record that affect title to the parcel in question.Condensed history of all documents affecting a parcel of real estate
Question : Acceleration Clause
CORRECT ANSWER: Mortgage Clause demanding full
payment upon Default.
Question : Accretion
CORRECT ANSWER: an increase of land caused by the
gradual depositing of solid material
Question : Adhesion Contract
CORRECT ANSWER: A non negotiable contract with
terms dictated by one party.
Question : Aleatory Contract
CORRECT ANSWER: A contract based upon Future
uncertain conditions.
Question : Administrators Deed
CORRECT ANSWE R: Transfers Title of an intestate by the
administrator.
Question : Easement by Prescription
CORRECT ANSWER: Someone has used another persons
land for a certain period of time as defined by state law
(20 years in NJ)
Question : Air Rights
CORRECT ANSWER : Rights to space above a property
Belonging to owner of land below
Question : Feudal System
CORRECT ANSWER: Government owns all property and
individuals get rights.
Question : Fiduciary
CORRECT ANSWER: A person or organization that acts
on behalf of another person to manage assets
Question : Foreclosure
CORRECT ANSWER: To seize and sell property pledged
for a debt A forced sale of property to satisfy a lien.
Question : Alluvion
CORRECT ANSWER: Solid material deposited by a body
of water
Question : Freehold Estate
CORRECT ANSWER: An interest in real property whose
length cannot be determined in advance Estates of indeterminable length - a person may OWN that estate for a lifetime or forever
ex: Fee simple ; fee determinable ; life estate
Question : Avulsion
CORRECT ANSWER: Sudden change of course of a
stream
Question : Joint Tenancy
CORRECT ANSWER: two or more people own property ;
nonmarried persons with right of survivorship
Question : ALTA
CORRECT ANSWER: American Land Title Association
Question : Usury
CORRECT ANSWER: Charging more than (unusually
high) the legal limit on interest.
Question : Appraisal
CORRECT ANSWER: A defensible estimate of value by
an expert under given market conditions.
Question : Life Estate
CORRECT ANSWER: Granting of a lifetime interest in the
property without the right to transfer title.Complete ownership until someone's death
Question : Ingress And Egress
CORRECT ANSWER: The means to gain entrance into or
to an exit from a property
