Title Producer Exam NJ Terms with written Questions and Verified Answers

Title Producer Exam NJ Terms with written Questions and Verified Answers Dominant Estate ANSWER The property which benefits from an easement appurtenant Dower Right ANSWER A wife's right to a life estate in her deceased husband's share of the property Curtesy Rights ANSWER Rights of a husband in a life estate of deceased wife Dedication ANSWER Gift of property to a public agency Deed Restrictions ANSWER Limitations placed on the use of the property by the grantor and found in the deed Defeasance Clause ANSWER Mortgage clause which returns title to mortgagor when the debt is satisfied Deficiency Judgment ANSWER Insufficient funds to satisfy the mortgage upon foreclosure sale Demise ANSWER Lease for years Depreciation ANSWER Loss in value due to deterioration, functional or economic obsolescence Descent ANSWER Transferring title on behalf of an intestate Alienation Clause ANSWER Due on sale clause in a mortgage demanding full payment upon title transfer Aleatory Contract ANSWER Contract based on future uncertain conditions