NJ TITLE INSURANCE COMPREHENSIVE EXAM 2026
QUESTIONS AND SOLUTIONS RATED A+
✔✔Tenant (trade) fixture - ✔✔Item of personal property attached to real estate that is
owned by a tenant and is used in business
- legally removable by tenant
- chairs, sinks, bar equipment
✔✔Emblements - ✔✔Personal property - annual crops (wheat, corn, vegetables)
✔✔Erosion - ✔✔The wearing away of land usually due to the action of wind or water
✔✔Hereditament - ✔✔anything that can be inherited
✔✔Tenancy in Severalty - ✔✔if title / ownership is held by one person
✔✔Conversion - ✔✔apartment house changed to condos
A broker using funds (trust, escrow) for personal use (illegal)
✔✔Real Estate Investment Trust (REIT) - ✔✔a form of organization that is useful for
taking advantage of certain tax benefits
✔✔Cooperative Ownership - ✔✔Title / stock ownership in a corporation that owns a
multi-unit complex (apartment building) where tenants of the building are stockholders
and hold proprietary leases
✔✔Syndicate - ✔✔joining together of two or more people to carry out a particular
business project ; they are NOT legal entities
✔✔Propietary Lease - ✔✔co-op (cooperative) owner's right to occupy the apartment
✔✔Limited Liability Company (LLC) - ✔✔members have tax advantages offered by
partnerships and limited liability offered by the corporation. has a flexible management
structure
✔✔Corporation - ✔✔an artificial person or legal entity created under the laws of the
states from which it receives its charter.
- exists until its formally dissolved
, ✔✔Horizontal Properties Act - ✔✔in NJ, the creation of condominiums is regulated by
the states
✔✔Board of Directors (BOD) - ✔✔manage and operate the corporation
✔✔Joint Venture - ✔✔an organization of people or firms designed to carry out a single
project ; limited period of time
has rights of survivorship
✔✔Limited Partnership - ✔✔incudes general & limited partners. General partners run
the business. limited partners do not participate in the operations but can be held liable
for business losses only to the extent of his or her investment
✔✔Condominium - ✔✔the financial and tax advantages of home ownership combined
with various advantages of apartment living
✔✔Town house - ✔✔an architectural style in which buildings share a party wall
✔✔Partnership - ✔✔an association of two or more persons to carry on a business as
co-owners and share business profits & losses
✔✔Condemnation - ✔✔Court ordered action where government takes property for
public good
✔✔Tax liens - ✔✔Municipalities financial claim against real property ; levy _________
to pay for governmental functions
✔✔Ad Valorem (General) Tax - ✔✔Taxes based on the value of the property
✔✔Special Assessments - ✔✔Special taxes that require property owners to pay for
improvements that benefit the real estate they own (streets, alleys, curbs, lighting)
✔✔Redemption period - 2 years - ✔✔Time in which a foreclosed owner can regain
property
✔✔Tax foreclosure - ✔✔When taxes are unpaid 6 months after the end of the tax year,
property is seized
✔✔Tax Sale - ✔✔Collection of overdue taxes through public auction of property
✔✔Asbestos; urea-formaldehyde - ✔✔Banned materials used for building
A mineral once used for insulation because it was fire resistive
QUESTIONS AND SOLUTIONS RATED A+
✔✔Tenant (trade) fixture - ✔✔Item of personal property attached to real estate that is
owned by a tenant and is used in business
- legally removable by tenant
- chairs, sinks, bar equipment
✔✔Emblements - ✔✔Personal property - annual crops (wheat, corn, vegetables)
✔✔Erosion - ✔✔The wearing away of land usually due to the action of wind or water
✔✔Hereditament - ✔✔anything that can be inherited
✔✔Tenancy in Severalty - ✔✔if title / ownership is held by one person
✔✔Conversion - ✔✔apartment house changed to condos
A broker using funds (trust, escrow) for personal use (illegal)
✔✔Real Estate Investment Trust (REIT) - ✔✔a form of organization that is useful for
taking advantage of certain tax benefits
✔✔Cooperative Ownership - ✔✔Title / stock ownership in a corporation that owns a
multi-unit complex (apartment building) where tenants of the building are stockholders
and hold proprietary leases
✔✔Syndicate - ✔✔joining together of two or more people to carry out a particular
business project ; they are NOT legal entities
✔✔Propietary Lease - ✔✔co-op (cooperative) owner's right to occupy the apartment
✔✔Limited Liability Company (LLC) - ✔✔members have tax advantages offered by
partnerships and limited liability offered by the corporation. has a flexible management
structure
✔✔Corporation - ✔✔an artificial person or legal entity created under the laws of the
states from which it receives its charter.
- exists until its formally dissolved
, ✔✔Horizontal Properties Act - ✔✔in NJ, the creation of condominiums is regulated by
the states
✔✔Board of Directors (BOD) - ✔✔manage and operate the corporation
✔✔Joint Venture - ✔✔an organization of people or firms designed to carry out a single
project ; limited period of time
has rights of survivorship
✔✔Limited Partnership - ✔✔incudes general & limited partners. General partners run
the business. limited partners do not participate in the operations but can be held liable
for business losses only to the extent of his or her investment
✔✔Condominium - ✔✔the financial and tax advantages of home ownership combined
with various advantages of apartment living
✔✔Town house - ✔✔an architectural style in which buildings share a party wall
✔✔Partnership - ✔✔an association of two or more persons to carry on a business as
co-owners and share business profits & losses
✔✔Condemnation - ✔✔Court ordered action where government takes property for
public good
✔✔Tax liens - ✔✔Municipalities financial claim against real property ; levy _________
to pay for governmental functions
✔✔Ad Valorem (General) Tax - ✔✔Taxes based on the value of the property
✔✔Special Assessments - ✔✔Special taxes that require property owners to pay for
improvements that benefit the real estate they own (streets, alleys, curbs, lighting)
✔✔Redemption period - 2 years - ✔✔Time in which a foreclosed owner can regain
property
✔✔Tax foreclosure - ✔✔When taxes are unpaid 6 months after the end of the tax year,
property is seized
✔✔Tax Sale - ✔✔Collection of overdue taxes through public auction of property
✔✔Asbestos; urea-formaldehyde - ✔✔Banned materials used for building
A mineral once used for insulation because it was fire resistive
