NJ Title Insurance Exam with Correct and Verified Solution

NJ Title Insurance Exam with Correct and Verified Solution A deed recorded in Maryland conveys Greenacre to Frank for life and at his death to Jane, her personal representative and assigns the interest vested in Frank and Jane by this deed are commonly referred to as A. Fee simple B. Life estate remainder C. Free hold and non-freehold D. Vested life estate and contingent remainder - CORRECT ANSWER-B. Life estate remainder What is MAHT? A. Maryland Administration Household Training B. Maryland Agricultural Homestead Trust C. Maryland Affordable Housing Trust D. Due to improper zoning - CORRECT ANSWER-C. Maryland Affordable Housing Trust Which of the followings statements BEST defines an owner's title insurance policy? A. An agreement to provide compensation for failure to perform specific acts within a stated period. B. A contract to indemnify the owner of real property against loss resulting from covered matters. C. A form of insurance protection whereby the company agrees to insure the enforceability of the lien. D. An indemnity contract to settle disputes in the legal description of the real property. - CORRECT ANSWER-B. A contract to indemnify the owner of real property against loss resulting from covered matters. Which of the following deeds contain the LEAST title assurance? A. Warranty deed B. Covenant deed C. Indemnify deed D. Quitclaim deed - CORRECT ANSWER-D. Quitclaim deed A location drawing is NOT to be used to A. locate improvements within a lot B. locate property lines C. locate building set-back lines D. show driveways and roads - CORRECT ANSWER-B. locate property lines The term 'abstract title' is BEST defined as a