NJ Title Insurance 2024 Real Verified Exam

NJ Title Insurance 2024 Real Verified Exam Abandonment - CORRECT ANSWER-when someone with legal possession of property leaves without intention of reclaiming rights abstract of title - CORRECT ANSWER-A summary of the title history including all encumbrances. Acceleration clause - CORRECT ANSWER-Mortgage clause demanding full payment upon default accretion - CORRECT ANSWER-New land added by the elements, such as a river delta Accrued Depreciation - CORRECT ANSWER-Total of all deterioration and obsolescence on a property Acknowledgment - CORRECT ANSWER-witnessing of an instrument by an officer of the court Actual Authority - CORRECT ANSWER-Authority directly by contract Adjustable Rate Mortgage (ARM) - CORRECT ANSWER-Interest rates fluctuate based on a predetermined measurement of the marketplace and time period ADHESION CONTRACT - CORRECT ANSWER-A non negotiable contract with terms dictated by one company ADMINISTRATOR - CORRECT ANSWER-Appointed by the court to execute the estate of an intestate ADMINISTRATOR'S DEED - CORRECT ANSWER-Transfers title of an intestate by the administrator AD VALOREMTAXES - CORRECT ANSWER-Based on property value as the general assessment tax ADVERSE POSSESSION - CORRECT ANSWER-Claim to title through continuous, open and hostile occupancy AFFIDAVIT OF TITLE - CORRECT ANSWER-A sworn statement of ownership by the seller at closing. immediately on default