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New Jersey Title Insurance Exam|| Questions And
Correct Detailed Answers ||Verified Exam!!!(verified
Answers) ||Already Graded A+||Newest Version!!!
The agreement of the parties is demonstrated by their acts
and conduct - ANSWER-Implied Contract
One sided agreement whereby one party makes a
promise to induce a second party to do something -
ANSWER-Unilateral Contract
Both parties have fulfilled their promises and performed
the contract.
When something needs to be done by one or both parties
- ANSWER-Executed contract ; executory contract
Transfer of rights, duties, or obligations under a contract -
ANSWER-Assignment
Substitute of a new contract for an existing agreement -
ANSWER-Novation
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A violation of any terms or conditions in a contract without
legal excuse - ANSWER-Breach of Contract
NJ allows a specific time limit of 6 years during which
parties to a contract may bring legal suit to enforce their
rights (contracts, foreclosures, mortgages, fraud) -
ANSWER-Statute of Limitations
Whereby the seller and buyer agree on the terms of the
sale - ANSWER-Offer and Acceptance
Gives evidence of the buyers intention to carry out the
terms of the contract (good faith deposit) - ANSWER-
Earnest Money
A condition / special clause in a contract
Certain happening on which a contract depends -
ANSWER-Contingency
Agreement under which buyer pays in installments and
waits for deed - ANSWER-Land Contract
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Owner of real estate transfers the right to possession and
use of the owners property to the tenant for a specified
period of time - ANSWER-Lease
A leasehold estate that continues for a definite period of
time, oral or written - ANSWER-Estate for years
When the landlord and tenant enter into an agreement that
continue for an indefinite length of time - ANSWER-
Periodic estates
An estate that gives the lessee (tenant) the right to
possess with content of the landlord for an indefinite
period - ANSWER-Tenancy at Will
A tenant who lawfully came into possession of real
property continues after his or her rights has expired to
hold possession of premises without landlord consent
Can be evicted at any time - ANSWER-Tenancy at
Sufferance
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No new lease agreement has been made, the landlord
may evict the tenant or accept - ANSWER-Holdover
tenancy
The tenants obligation is to pay a fixed rent and the
landlord pays all taxes, insurance, repairs - ANSWER-
Gross lease
In addition to paying rent, the tenant may have to pay
some or all of the property damages - ANSWER-Net lease
A landowner leases his or her land to a tenant who agrees
to erect a building on it - ANSWER-Ground Lease
Rent is not fixed - can increase or decrease periodically
based on changes in the government cost of living index -
ANSWER-Variable Lease
Requires landlords to furnish most residential tenants with
a yearly statement of rights and duties of the landlord and
tenant - ANSWER-Truth-in-Renting law
The financing instrument signed by the borrower
promising to pay - ANSWER-Note (bond)
New Jersey Title Insurance Exam|| Questions And
Correct Detailed Answers ||Verified Exam!!!(verified
Answers) ||Already Graded A+||Newest Version!!!
The agreement of the parties is demonstrated by their acts
and conduct - ANSWER-Implied Contract
One sided agreement whereby one party makes a
promise to induce a second party to do something -
ANSWER-Unilateral Contract
Both parties have fulfilled their promises and performed
the contract.
When something needs to be done by one or both parties
- ANSWER-Executed contract ; executory contract
Transfer of rights, duties, or obligations under a contract -
ANSWER-Assignment
Substitute of a new contract for an existing agreement -
ANSWER-Novation
,2|Page
A violation of any terms or conditions in a contract without
legal excuse - ANSWER-Breach of Contract
NJ allows a specific time limit of 6 years during which
parties to a contract may bring legal suit to enforce their
rights (contracts, foreclosures, mortgages, fraud) -
ANSWER-Statute of Limitations
Whereby the seller and buyer agree on the terms of the
sale - ANSWER-Offer and Acceptance
Gives evidence of the buyers intention to carry out the
terms of the contract (good faith deposit) - ANSWER-
Earnest Money
A condition / special clause in a contract
Certain happening on which a contract depends -
ANSWER-Contingency
Agreement under which buyer pays in installments and
waits for deed - ANSWER-Land Contract
,3|Page
Owner of real estate transfers the right to possession and
use of the owners property to the tenant for a specified
period of time - ANSWER-Lease
A leasehold estate that continues for a definite period of
time, oral or written - ANSWER-Estate for years
When the landlord and tenant enter into an agreement that
continue for an indefinite length of time - ANSWER-
Periodic estates
An estate that gives the lessee (tenant) the right to
possess with content of the landlord for an indefinite
period - ANSWER-Tenancy at Will
A tenant who lawfully came into possession of real
property continues after his or her rights has expired to
hold possession of premises without landlord consent
Can be evicted at any time - ANSWER-Tenancy at
Sufferance
, 4|Page
No new lease agreement has been made, the landlord
may evict the tenant or accept - ANSWER-Holdover
tenancy
The tenants obligation is to pay a fixed rent and the
landlord pays all taxes, insurance, repairs - ANSWER-
Gross lease
In addition to paying rent, the tenant may have to pay
some or all of the property damages - ANSWER-Net lease
A landowner leases his or her land to a tenant who agrees
to erect a building on it - ANSWER-Ground Lease
Rent is not fixed - can increase or decrease periodically
based on changes in the government cost of living index -
ANSWER-Variable Lease
Requires landlords to furnish most residential tenants with
a yearly statement of rights and duties of the landlord and
tenant - ANSWER-Truth-in-Renting law
The financing instrument signed by the borrower
promising to pay - ANSWER-Note (bond)
