NJ Title Insurance UPDATED Actual Exam Questions and CORRECT Answers
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Course
NJ Title Insurance
Institution
NJ Title Insurance
NJ Title Insurance UPDATED Actual Exam
Questions and CORRECT Answers
Abandonment - CORRECT ANSWER- When a party in legal possession of property
leaves without the intention of reclaiming rights.
Abstract of Title - CORRECT ANSWER- A brief history of the instruments appearing in
the county r...
NJ Title Insurance UPDATED Actual Exam
Questions and CORRECT Answers
Abandonment - CORRECT ANSWER- ✔✔When a party in legal possession of property
leaves without the intention of reclaiming rights.
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
Acceleration Clause - CORRECT ANSWER- ✔✔Mortgage Clause demanding full payment
upon Default.
Accretion - CORRECT ANSWER- ✔✔an increase of land caused by the gradual depositing
of solid material
Adhesion Contract - CORRECT ANSWER- ✔✔A non negotiable contract with terms
dictated by one party.
Aleatory Contract - CORRECT ANSWER- ✔✔A contract based upon Future uncertain
conditions.
Administrators Deed - CORRECT ANSWER- ✔✔Transfers Title of an intestate by the
administrator.
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)
Air Rights - CORRECT ANSWER- ✔✔Rights to space above a property
,Belonging to owner of land below
Feudal System - CORRECT ANSWER- ✔✔Government owns all property and individuals
get rights.
Fiduciary - CORRECT ANSWER- ✔✔A person or organization that acts on behalf of
another person to manage assets
Foreclosure - CORRECT ANSWER- ✔✔To seize and sell property pledged for a debt
A forced sale of property to satisfy a lien.
Alluvion - CORRECT ANSWER- ✔✔Solid material deposited by a body of water
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
Avulsion - CORRECT ANSWER- ✔✔Sudden change of course of a stream
Joint Tenancy - CORRECT ANSWER- ✔✔two or more people own property ; nonmarried
persons with right of survivorship
ALTA - CORRECT ANSWER- ✔✔American Land Title Association
Usury - CORRECT ANSWER- ✔✔Charging more than (unusually high) the legal limit on
interest.
,Appraisal - CORRECT ANSWER- ✔✔A defensible estimate of value by an expert under
given market conditions.
Life Estate - CORRECT ANSWER- ✔✔Granting of a lifetime interest in the property
without the right to transfer title.
Complete ownership until someone's death
Ingress And Egress - CORRECT ANSWER- ✔✔The means to gain entrance into or to an exit
from a property
Housing and Urban Development (HUD) - CORRECT ANSWER- ✔✔A government agency
which oversees National Housing Programs and enforce the Federal Fair Housing Act
Real Estate Settlement Procedures Act (RESPA) - CORRECT ANSWER- ✔✔To ensure that
the buyer and seller in a residential real estate transaction have knowledge of all settlement
costs ; prohibits kickbacks
Metes and Bounds - CORRECT ANSWER- ✔✔Description makes use of the boundaries and
measurements of the land in question
Master Deed - CORRECT ANSWER- ✔✔Summary of all Deeds in a condominium project,
as well as describing the interest in common elements.
Datum - CORRECT ANSWER- ✔✔a point, line, or surface from which elevations are
measured or indicated
Bequest - CORRECT ANSWER- ✔✔Gift of personal property by Will.
, General Partnership - CORRECT ANSWER- ✔✔A business relationship where all the
partners participate in some extent in the operation and management of the business and may
be held personally liability for business losses and obligations
Constructive Eviction - CORRECT ANSWER- ✔✔"Self eviction" by the tenant because the
property cannot be used for the purpose for which it was rented.
Pur Autre Vie - CORRECT ANSWER- ✔✔For The Life Of Another ; A life estate measured
by the life of someone other than the tenant
Bilateral Contracts - CORRECT ANSWER- ✔✔Both parties promise to do something ; one
promise is given in exchange for another
- real estate contracts
Bundle of Rights - CORRECT ANSWER- ✔✔Buying the rights previously held by the seller
1) the right of possession
2) the right to use the property in any legal manner
3) the right of enjoyment
4) the right of exclusion
5) the right of disposition
Judgement - CORRECT ANSWER- ✔✔A court decision regarding the respective claims of
the parties to an action
After recorded, this usually becomes a general lien on the property of the defendant
Spot Zoning - CORRECT ANSWER- ✔✔A use Variance for a specific property.
Set Back - CORRECT ANSWER- ✔✔The distance set by zoning ordinances from adjoining
property lines limiting the placement of a building / space between houses
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