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 agency - CORRECT ANSWER-Principal and agent agreement, allowing the agent to represent the principal's interest in dealing with third parties. agreement of sale - CORRECT ANSWER-Contract for the sale of real estate air rights - CORRECT ANSWER-rights to space above the property Aleatory Contract - CORRECT ANSWER-A contract based upon future uncertain conditions Alien Title - CORRECT ANSWER-A company formed under laws of another nation ALIENATION CLAUSE - CORRECT ANSWER-A provision in a mortgage requiring full payment of the debt upon the transfer of title to the property, due on sale. Prevents loan assumptions. ALLODIAL SYSTEM - CORRECT ANSWER-A system of land ownership which recognizes the right of individuals to own land independently of political superiors, but allows the government to retain the rights of eminent domain, police power, taxation and escheat. alluvion - CORRECT ANSWER-A gradual increase or decrease in land that will change the property lines (for example, as when a stream that serves as a property line slowly changes course). alta - CORRECT ANSWER-american land title aassociation Amendatory clause - CORRECT ANSWER-states that a buyer getting an FHA/VA loan can rescind the contract if the appraisal is lower than the purchase price. escape clause Americans with Disabilities Act (ADA) - CORRECT ANSWER-Legislation passed in 1990 that prohibits discrimination against people with disabilities. Under this Act, discrimination against a disabled person is illegal