NJ TITLE INSURANCE FINAL EXAM
TEST COMPLETE 400 EXAM
QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY
GRADED A+
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)
Executed by the borrower - verifies the amount that
remains to be repaid and the interest rate -
....ANSWER...Estoppel Certificate
Properties acquired by lenders through foreclosure -
....ANSWER...Real Estate Owned (REO)
court order that borrower pay money lost by lender after
foreclosure - ....ANSWER...Deficiency Judgement
Proceeding to auction foreclosed real estate -
....ANSWER...Sheriff's Sale
Failure to live up to any part of a mortgage agreement -
....ANSWER...Default
An exact way of describing real estate in a contract, deed,
mortgage, or any other document that will be accepted by
a court of law - ....ANSWER...Legal Description
,A written instrument by which an owner of real estate
intentionally conveys his or her right, title, or interest in a
parcel of real estate
Must be in writing - ....ANSWER...Deed
A declaration made by a person who is signing a document
before a notary public or authorized officer -
....ANSWER...Acknowledgement
Community with dense zoning and developers plan for
entire land use ; involve common elements -
....ANSWER...Planned Unit Development (PUD)
Charges to developers for extra roads, schools, etc -
....ANSWER...Impact Fees
Map of town, section, or subdivision - ....ANSWER...Plat
A legal promise - ....ANSWER...Covenant
, The spot at which the metes and bounds description begins
and ends - ....ANSWER...Point of Beginning (POB)
Grantor is legally bound by covenants
Providing grantee with the most protection -
....ANSWER...Warranty Deed
The grantors intention to convey the property
Clause in a deed that makes the transfer -
....ANSWER...Granting Clause
The rent is based on the percentage of the gross income
received by the tenant doing business on the leased
property - ....ANSWER...Percentage Lease
Title to property is transferred without the owners consent
TEST COMPLETE 400 EXAM
QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY
GRADED A+
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)
Executed by the borrower - verifies the amount that
remains to be repaid and the interest rate -
....ANSWER...Estoppel Certificate
Properties acquired by lenders through foreclosure -
....ANSWER...Real Estate Owned (REO)
court order that borrower pay money lost by lender after
foreclosure - ....ANSWER...Deficiency Judgement
Proceeding to auction foreclosed real estate -
....ANSWER...Sheriff's Sale
Failure to live up to any part of a mortgage agreement -
....ANSWER...Default
An exact way of describing real estate in a contract, deed,
mortgage, or any other document that will be accepted by
a court of law - ....ANSWER...Legal Description
,A written instrument by which an owner of real estate
intentionally conveys his or her right, title, or interest in a
parcel of real estate
Must be in writing - ....ANSWER...Deed
A declaration made by a person who is signing a document
before a notary public or authorized officer -
....ANSWER...Acknowledgement
Community with dense zoning and developers plan for
entire land use ; involve common elements -
....ANSWER...Planned Unit Development (PUD)
Charges to developers for extra roads, schools, etc -
....ANSWER...Impact Fees
Map of town, section, or subdivision - ....ANSWER...Plat
A legal promise - ....ANSWER...Covenant
, The spot at which the metes and bounds description begins
and ends - ....ANSWER...Point of Beginning (POB)
Grantor is legally bound by covenants
Providing grantee with the most protection -
....ANSWER...Warranty Deed
The grantors intention to convey the property
Clause in a deed that makes the transfer -
....ANSWER...Granting Clause
The rent is based on the percentage of the gross income
received by the tenant doing business on the leased
property - ....ANSWER...Percentage Lease
Title to property is transferred without the owners consent
