NJ TITLE INSURANCE ACTUAL PAPER
SOLVED QUESTIONS
◉ Caveat Emptor
Answer: Latin term denoting "buyer beware".
◉ Trust Deed (Deed of Trust)
Answer: An instrument used to create a mortgage lien by which
the borrower / mortgagor conveys title to a trustee, who holds it
as security for the benefit of the note holder (the lender)
◉ Township
Answer: An area of 36 sections of one square mile each on a
rectangular survey. Each square mile contains 640 acres
◉ Right Of Way
Answer: The right to pass over the property of another.
◉ Liquidated Damages
Answer: An amount of money agreed to in advance by buyer and
seller that serves as compensation if one party does not live up to
the contract
Sum agreed on to serve as damages in case of future default
,◉ Tenancy by the Entireties
Answer: Special tenancy between husband and wife
- owners have right of survivorship & no right to partition
◉ Encumbrance
Answer: - Anything that might adversely affect the marketability
of title
- A claim, lien, charge, or liability attached to and binding in real
property (liens run with the land, attached to the property not
owner)
◉ Building Codes
Answer: Municipalities have enacted ordinances (a set of rules) to
specify construction standards that must be met when repairing
to erecting buildings
◉ Equity
Answer: The difference between the market value of a property
and the outstanding liens.
◉ Easement by Necessity
,Answer: If the only access to a parcel is through another's
property the owner may acquire this to reach his or her land
◉ Dowers Right
Answer: A wife's right to a life estate in her deceased husband's
share of the property.
◉ Demise
devise
Answer: a transfer of property by lease
by will?
◉ Estate
Answer: The degree, quantity, nature, and extent of interest that a
person has in real property, alive or deceased
◉ Exclusionary Zoning
Answer: Zoning with the intent to discriminate against low and
middle-income housing.
◉ Common Elements
Answer: Areas in properties owned in common by Condominiums
owners as a group.
, ◉ Equitable Title (estate)
Answer: Interest acquired by buyer with land contract.
When someone has a legal right to Title which is being held by
another.
◉ Easement
Answer: A right acquired by one party to use the land of another
party for a special purpose.
◉ Eminent Domain
Answer: The right of government to take privately owned real
estate for the public good and owner receives just compensation
◉ Deed Restrictions
Answer: Limitations placed on the use of the property by private
parties (not government) and found in the deed
◉ Contractual Ability
Answer: Signifies that parties are legally competent to contract
◉ Curtesy Rights
Answer: Rights of a husband to a life estate in his deceased wife
share of the property
SOLVED QUESTIONS
◉ Caveat Emptor
Answer: Latin term denoting "buyer beware".
◉ Trust Deed (Deed of Trust)
Answer: An instrument used to create a mortgage lien by which
the borrower / mortgagor conveys title to a trustee, who holds it
as security for the benefit of the note holder (the lender)
◉ Township
Answer: An area of 36 sections of one square mile each on a
rectangular survey. Each square mile contains 640 acres
◉ Right Of Way
Answer: The right to pass over the property of another.
◉ Liquidated Damages
Answer: An amount of money agreed to in advance by buyer and
seller that serves as compensation if one party does not live up to
the contract
Sum agreed on to serve as damages in case of future default
,◉ Tenancy by the Entireties
Answer: Special tenancy between husband and wife
- owners have right of survivorship & no right to partition
◉ Encumbrance
Answer: - Anything that might adversely affect the marketability
of title
- A claim, lien, charge, or liability attached to and binding in real
property (liens run with the land, attached to the property not
owner)
◉ Building Codes
Answer: Municipalities have enacted ordinances (a set of rules) to
specify construction standards that must be met when repairing
to erecting buildings
◉ Equity
Answer: The difference between the market value of a property
and the outstanding liens.
◉ Easement by Necessity
,Answer: If the only access to a parcel is through another's
property the owner may acquire this to reach his or her land
◉ Dowers Right
Answer: A wife's right to a life estate in her deceased husband's
share of the property.
◉ Demise
devise
Answer: a transfer of property by lease
by will?
◉ Estate
Answer: The degree, quantity, nature, and extent of interest that a
person has in real property, alive or deceased
◉ Exclusionary Zoning
Answer: Zoning with the intent to discriminate against low and
middle-income housing.
◉ Common Elements
Answer: Areas in properties owned in common by Condominiums
owners as a group.
, ◉ Equitable Title (estate)
Answer: Interest acquired by buyer with land contract.
When someone has a legal right to Title which is being held by
another.
◉ Easement
Answer: A right acquired by one party to use the land of another
party for a special purpose.
◉ Eminent Domain
Answer: The right of government to take privately owned real
estate for the public good and owner receives just compensation
◉ Deed Restrictions
Answer: Limitations placed on the use of the property by private
parties (not government) and found in the deed
◉ Contractual Ability
Answer: Signifies that parties are legally competent to contract
◉ Curtesy Rights
Answer: Rights of a husband to a life estate in his deceased wife
share of the property
