NJ TITLE INSURANCE EVALUATION EXAM 2026
QUESTIONS AND SOLUTIONS RATED A+
✔✔Ground Lease - ✔✔A landowner leases his or her land to a tenant who agrees to
erect a building on it
✔✔Variable Lease - ✔✔Rent is not fixed - can increase or decrease periodically based
on changes in the government cost of living index
✔✔Truth-in-Renting law - ✔✔Requires landlords to furnish most residential tenants with
a yearly statement of rights and duties of the landlord and tenant
✔✔Note (bond) - ✔✔The financing instrument signed by the borrower promising to pay
✔✔Estoppel Certificate - ✔✔Executed by the borrower - verifies the amount that
remains to be repaid and the interest rate
✔✔Real Estate Owned (REO) - ✔✔Properties acquired by lenders through foreclosure
✔✔Deficiency Judgement - ✔✔court order that borrower pay money lost by lender after
foreclosure
✔✔Sheriff's Sale - ✔✔Proceeding to auction foreclosed real estate
✔✔Default - ✔✔Failure to live up to any part of a mortgage agreement
✔✔Legal Description - ✔✔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
✔✔Deed - ✔✔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
✔✔Acknowledgement - ✔✔A declaration made by a person who is signing a document
before a notary public or authorized officer
✔✔Planned Unit Development (PUD) - ✔✔Community with dense zoning and
developers plan for entire land use ; involve common elements
✔✔Impact Fees - ✔✔Charges to developers for extra roads, schools, etc
✔✔Plat - ✔✔Map of town, section, or subdivision
, ✔✔Covenant - ✔✔A legal promise
✔✔Point of Beginning (POB) - ✔✔The spot at which the metes and bounds description
begins and ends
✔✔Warranty Deed - ✔✔Grantor is legally bound by covenants
Providing grantee with the most protection
✔✔Granting Clause - ✔✔The grantors intention to convey the property
Clause in a deed that makes the transfer
✔✔Percentage Lease - ✔✔The rent is based on the percentage of the gross income
received by the tenant doing business on the leased property
✔✔Involuntary Alienation ; Voluntary Alienation - ✔✔Title to property is transferred
without the owners consent
With the owners consent:
✔✔Testate ; Intestate - ✔✔When a person dies with a will, the descendant's real estate
and property pass to his or her heirs
Without a will?
✔✔Probate - ✔✔Legal process by which a court determines who will inherit a deceased
person's property and what the assets of the estate are
(court proceeding to establish validity of a will)
✔✔Executor ; Istrator - ✔✔After Probate:
- person named in will:
- person named by the court:
✔✔Last will and Testament - ✔✔An instrument made by an owner to voluntarily convey
title to the owner's property after his/her death
✔✔Testator - ✔✔A party who makes a will
✔✔Heir - ✔✔One who can inherit another's property / belongings
QUESTIONS AND SOLUTIONS RATED A+
✔✔Ground Lease - ✔✔A landowner leases his or her land to a tenant who agrees to
erect a building on it
✔✔Variable Lease - ✔✔Rent is not fixed - can increase or decrease periodically based
on changes in the government cost of living index
✔✔Truth-in-Renting law - ✔✔Requires landlords to furnish most residential tenants with
a yearly statement of rights and duties of the landlord and tenant
✔✔Note (bond) - ✔✔The financing instrument signed by the borrower promising to pay
✔✔Estoppel Certificate - ✔✔Executed by the borrower - verifies the amount that
remains to be repaid and the interest rate
✔✔Real Estate Owned (REO) - ✔✔Properties acquired by lenders through foreclosure
✔✔Deficiency Judgement - ✔✔court order that borrower pay money lost by lender after
foreclosure
✔✔Sheriff's Sale - ✔✔Proceeding to auction foreclosed real estate
✔✔Default - ✔✔Failure to live up to any part of a mortgage agreement
✔✔Legal Description - ✔✔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
✔✔Deed - ✔✔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
✔✔Acknowledgement - ✔✔A declaration made by a person who is signing a document
before a notary public or authorized officer
✔✔Planned Unit Development (PUD) - ✔✔Community with dense zoning and
developers plan for entire land use ; involve common elements
✔✔Impact Fees - ✔✔Charges to developers for extra roads, schools, etc
✔✔Plat - ✔✔Map of town, section, or subdivision
, ✔✔Covenant - ✔✔A legal promise
✔✔Point of Beginning (POB) - ✔✔The spot at which the metes and bounds description
begins and ends
✔✔Warranty Deed - ✔✔Grantor is legally bound by covenants
Providing grantee with the most protection
✔✔Granting Clause - ✔✔The grantors intention to convey the property
Clause in a deed that makes the transfer
✔✔Percentage Lease - ✔✔The rent is based on the percentage of the gross income
received by the tenant doing business on the leased property
✔✔Involuntary Alienation ; Voluntary Alienation - ✔✔Title to property is transferred
without the owners consent
With the owners consent:
✔✔Testate ; Intestate - ✔✔When a person dies with a will, the descendant's real estate
and property pass to his or her heirs
Without a will?
✔✔Probate - ✔✔Legal process by which a court determines who will inherit a deceased
person's property and what the assets of the estate are
(court proceeding to establish validity of a will)
✔✔Executor ; Istrator - ✔✔After Probate:
- person named in will:
- person named by the court:
✔✔Last will and Testament - ✔✔An instrument made by an owner to voluntarily convey
title to the owner's property after his/her death
✔✔Testator - ✔✔A party who makes a will
✔✔Heir - ✔✔One who can inherit another's property / belongings
