NJ Title Insurance Producer Final Exam |Questions with Verified Answers

NJ Title Insurance Producer Final Exam |Questions with Verified Answers "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 - Correct 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 - Correct 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