NJ TITLE INSURANCE FINAL EXAM TEST COMPLETE EXAM QUESTIONS
WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
When a party in legal possession of property leaves without the intention of reclaiming rights. -
correct answer Abandonment
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 - correct answer Abstract
of Title
Mortgage Clause demanding full payment upon Default. - correct answer Acceleration Clause
an increase of land caused by the gradual depositing of solid material - correct answer
Accretion
A non negotiable contract with terms dictated by one party. - correct answer Adhesion
Contract
A contract based upon Future uncertain conditions. - correct answer Aleatory Contract
Transfers Title of an intestate by the administrator. - correct answer Administrators Deed
Someone has used another persons land for a certain period of time as defined by state law
(20 years in NJ) - correct answer Easement by Prescription
Rights to space above a property
Belonging to owner of land below - correct answer Air Rights
Government owns all property and individuals get rights. - correct answer Feudal System
A person or organization that acts on behalf of another person to manage assets - correct
answer Fiduciary
To seize and sell property pledged for a debt
A forced sale of property to satisfy a lien. - correct answer Foreclosure
,Solid material deposited by a body of water - correct answer Alluvion
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 - correct answer Freehold Estate
Sudden change of course of a stream - correct answer Avulsion
two or more people own property ; nonmarried persons with right of survivorship - correct
answer Joint Tenancy
American Land Title Association - correct answer ALTA
Charging more than (unusually high) the legal limit on interest. - correct answer Usury
A defensible estimate of value by an expert under given market conditions. - correct answer
Appraisal
Granting of a lifetime interest in the property without the right to transfer title.
Complete ownership until someone's death - correct answer Life Estate
The means to gain entrance into or to an exit from a property - correct answer Ingress And
Egress
A government agency which oversees National Housing Programs and enforce the Federal Fair
Housing Act - correct answer Housing and Urban Development (HUD)
To ensure that the buyer and seller in a residential real estate transaction have knowledge of all
settlement costs ; prohibits kickbacks - correct answer Real Estate Settlement Procedures Act
(RESPA)
Description makes use of the boundaries and measurements of the land in question - correct
answer Metes and Bounds
Aid surveyors, permanent reference points - correct answer Benchmark
Summary of all Deeds in a condominium project, as well as describing the interest in common
elements. - correct answer Master Deed
a point, line, or surface from which elevations are measured or indicated - correct answer
Datum
, Gift of personal property by Will. - correct answer Bequest
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 - correct answer General Partnership
"Self eviction" by the tenant because the property cannot be used for the purpose for which it
was rented. - correct answer Constructive Eviction
For The Life Of Another ; A life estate measured by the life of someone other than the tenant -
correct answer Pur Autre Vie
Both parties promise to do something ; one promise is given in exchange for another
- real estate contracts - correct answer Bilateral Contracts
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 - correct answer Bundle of Rights
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 - correct
answer Judgement
A use Variance for a specific property. - correct answer Spot Zoning
The distance set by zoning ordinances from adjoining property lines limiting the placement of a
building / space between houses - correct answer Set Back
A lien against all the property / assets someone owns
(Judgements, federal / state taxes, debts of dead person, IRS taxes) - correct answer General
Lien
WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
When a party in legal possession of property leaves without the intention of reclaiming rights. -
correct answer Abandonment
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 - correct answer Abstract
of Title
Mortgage Clause demanding full payment upon Default. - correct answer Acceleration Clause
an increase of land caused by the gradual depositing of solid material - correct answer
Accretion
A non negotiable contract with terms dictated by one party. - correct answer Adhesion
Contract
A contract based upon Future uncertain conditions. - correct answer Aleatory Contract
Transfers Title of an intestate by the administrator. - correct answer Administrators Deed
Someone has used another persons land for a certain period of time as defined by state law
(20 years in NJ) - correct answer Easement by Prescription
Rights to space above a property
Belonging to owner of land below - correct answer Air Rights
Government owns all property and individuals get rights. - correct answer Feudal System
A person or organization that acts on behalf of another person to manage assets - correct
answer Fiduciary
To seize and sell property pledged for a debt
A forced sale of property to satisfy a lien. - correct answer Foreclosure
,Solid material deposited by a body of water - correct answer Alluvion
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 - correct answer Freehold Estate
Sudden change of course of a stream - correct answer Avulsion
two or more people own property ; nonmarried persons with right of survivorship - correct
answer Joint Tenancy
American Land Title Association - correct answer ALTA
Charging more than (unusually high) the legal limit on interest. - correct answer Usury
A defensible estimate of value by an expert under given market conditions. - correct answer
Appraisal
Granting of a lifetime interest in the property without the right to transfer title.
Complete ownership until someone's death - correct answer Life Estate
The means to gain entrance into or to an exit from a property - correct answer Ingress And
Egress
A government agency which oversees National Housing Programs and enforce the Federal Fair
Housing Act - correct answer Housing and Urban Development (HUD)
To ensure that the buyer and seller in a residential real estate transaction have knowledge of all
settlement costs ; prohibits kickbacks - correct answer Real Estate Settlement Procedures Act
(RESPA)
Description makes use of the boundaries and measurements of the land in question - correct
answer Metes and Bounds
Aid surveyors, permanent reference points - correct answer Benchmark
Summary of all Deeds in a condominium project, as well as describing the interest in common
elements. - correct answer Master Deed
a point, line, or surface from which elevations are measured or indicated - correct answer
Datum
, Gift of personal property by Will. - correct answer Bequest
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 - correct answer General Partnership
"Self eviction" by the tenant because the property cannot be used for the purpose for which it
was rented. - correct answer Constructive Eviction
For The Life Of Another ; A life estate measured by the life of someone other than the tenant -
correct answer Pur Autre Vie
Both parties promise to do something ; one promise is given in exchange for another
- real estate contracts - correct answer Bilateral Contracts
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 - correct answer Bundle of Rights
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 - correct
answer Judgement
A use Variance for a specific property. - correct answer Spot Zoning
The distance set by zoning ordinances from adjoining property lines limiting the placement of a
building / space between houses - correct answer Set Back
A lien against all the property / assets someone owns
(Judgements, federal / state taxes, debts of dead person, IRS taxes) - correct answer General
Lien
