Which of the following acts is illegal?
A license broker shares a commission with a real estate attorney
An unlicensed assistant in a real estate broker's office may
pick up keys
Which of the following documents me be retained by a broker for only six months
Unaccepted offers to purchase
In New Jersey, NO ads for real estate may
indiscriminately promise financing
The supervising licensee of a main real estate office must NOT be
seller
Prohibits against commingling are aimed to prevent
mixing brokers' funds with clients' funds
The supervising licensee of a main real estate office
Otherwise employed
All ads for real estate must specify the
Property's municipal location
When brokers licenses are suspended or revoked, their sales person's licenses are
Suspended until they affiliate with another broker. They can go work for another broker at no fee
Real estate is defined to include all of the following components of land and also
Man made improvements
The creation of dryland by the gradual withdrawal of water from the land by the lowering of its surface level is known as
Reliction
Unlike trade fixtures, other fixtures are
Legally considered real estate
In a state that an individual may own for a lifetime or forever is referred to as
Freehold estate
In a state in which the holder is entitled to all the rides in the property is called
Fee simple
Which of the following activities by a property owner would result in a general lien against all of his property?
not paying federal income taxes
Permission to enter the land owned by another person for a specific purpose is
A license
Which of the following liens serves as a notice of possible future legal actions against a parcel of real estate?
Lis pendants
An easement by prescription is not created if the property owner
Specifically grant permission for use of the land
In New Jersey unless otherwise stated in the deed convenience of two or more persons not married to each other creates
Tenancy in common
The four unities required to create join Tenancy are time, title, interest, and
Possession
Which of the following statements regarding ownership of real property by a corporation is true?
Corporations can own real estate in several tea or as a tenant in common
A woman and a man live in a cooperative building when they purchased their apartment they automatically become lessees and
Shareholders
In New Jersey allows favorable property tax treatment for certain homeowners age 65 or older, eligible veterans, and property used for
Agriculture
Real estate property taxation in New Jersey is complex because not all townships within the state
Assessed property exactly at market value
If a private party purchases a tax sale certificate on a property, the purchaser cannot obtain clear title to the property for
Two years
Land acquired through eminent domain can only be taken for
Public good
According to Zoning rules, a man's lot is too small to build the garage he wants. In order to have the garage according to his plan, he will appeal for a
Variance
The Asbestos was once used in buildings for
Insulation
To prevent the growth of mold, a building must be free from
Intrusion from water
Under the Comprehensive Environmental Response, Compensation and Liability Act, liability for the release of a hazardous substance on an owners property is placed on the
Landowner
Unlike employees, sales persons who are independent contractors cannot rely on their progress for
Health insurance benefits
A "meeting of the minds" is said to have taken place when parties are in agreement on the price, down payment, and
Financial method
After receiving a commission payment, a broker must pay the sales person's share within
10 days
In acting as fiduciary for a principal, the broker must
Please the principles interest above all others
Licensees must provide sellers, buyers, landlords, and tenants with Consumer Information Statement before any
Discussion of that party's motivation or financial situation
Agents are expected to serve principles with informed knowledge and skills. This is referred to as their duty of
Care
New Jersey's license law forbids an agent to represent both the seller and the buyer except with written consent of
Both parties
A real estate broker noticed that none of the electrical outlets in one bedroom of the house he was showing worked. The fact of this electrical problem is referred to as
Material information
A Megan's law statement on real estate contracts and leases advises purchasers and leasees that
The county prosecutor has a list of all known sex offenders who live in the area
When answering questions about the property, a good strategy for avoiding misrepresentation is to
Refer questions number to an expert source
Inducing homeowners to sell by telling them the minority's persons are moving to their neighborhood is referring to as
Blockbusting
Which of the following is NOT a reason for termination of listing
The owner discloses the presence of Asbestos
When talking with a broker about listing his home for sale, Frank Jackson made it clear that he did not want to have the whole house showing to people who would change the neighborhood. What must a broker do?
Refuse the listing after Frank intends to violate the law against discrimination
What are four essential elements of a valid contract
Competent parties, offer and acceptance, consideration, and legality of object
The comparative market Analysis CMA offered by a broker or salesperson must never
Be called a free appraisal
How many years are allowed in New Jersey for parties to a contract to bring legal suit to recover real property?
Six
In New Jersey brokers are allowed to complete standard approved sales contracts for one family to four family residences and vacant lots and to
Complete residential leases
New Jersey requires that specific language appear in exact form at the top of the first page of the sales contract to alert signers that
The contract is a legally binding and three business days if you choose an attorney
The buyer of a residential property constructed before 1978 must be offered, in the sales contract, a 10 day opportunity to examine the property for
Lead based paint
In contract negotiations, an offer is not considered accepted until the person making the offer
Has been notified of the other parties acceptance
Special contingency clauses providing that the contract may be voided if the property appraises below the sale price must be part of contracts for
Home finance to buy FHA and VA loans
Earnest money from the purchaser must be kept in a special account and must not be
Mixed with brokers on funds
An amount of money that will serve as compensation if one party to a contract does not live up to the contract is called
Liquidated damages
When home purchasers apply for mortgage loans, the right of rescission
Does not apply. Once you get a mortgage that's it you can't rescind it you can only rescind with a refinance
Land contracts or means of
Seller financing
A business signed a lease on a property for 24 months this type of lease is referred to as
And estate for years
New Jersey a lease prepared by a licensee must indicate the
Business relationship the firm has with respect to parties named in the lease
If I tenant makes improvements to my property, the improvements
Become fixtures and they were allowed to remove them before the lease is up
Constructive eviction refers to an action taken by
Landlords
The two main documents in a mortgage are the mortgage and the note. The note is
A financing instrument also evidence of the debt
The acceleration clause in a mortgage
Assists the lender if the borrower defaults
And alternative to foreclosure is for the mortgage lender to except
A deed in Lieu of foreclosure
In a fully amortized mortgage loan, regular payments are applied first to the
Interest owed
By definition, estate for years
It's for a fixed term . definite period of time specific termination date
The main type of mortgage loans that shift interest rate risk from the lender to the borrower is the
Adjustable rate mortgage
In mortgage lending, points are a form of
Prepaid interest
the term used to describe mortgage loans that were arranged entirely between the borrower in the lending institution is
Conventional loan
One of the main advantages of FHA loans is that they
Require very low down payments
At what time most lenders provide your "home loan tool kit" to perspective buyers
Within three business days of completed loan application
The New Jersey Housing in Mortgage Finance Agency offers favorable mortgage terms to home buyers who purchase homes in
Urban target areas
The lender is preparing to close a loan for $395,000 so the buyers can purchase their first home. In this situation what must the lender provide three business days prior to the closing
CD or closing disclosure
Which of the following is an example of a second mortgage
Home-equity loan
What does RESPA is section 8 do?
Prohibits kickbacks to real estate licensees for referring business to lenders and title companies
Mortgage lenders make many loans with the intention of selling them on the
Secondary market
Mortgage loans for a very high amount of money are referred to as
Jumbo loans
The lender offered at a rate lock to the borrowers. What is the purpose of the rate lock?
Lenders hold the agreed upon rate for a specific period of time
Qualifying ratios are used by lenders to determine a borrowers
Maximum monthly payment for housing expense. qualifying ratios 28/36
The location of a particular property and People's preference for particular locations is called
Situs
The present worth of future benefits arising from the ownership of real property is called
Value
The principle that maximum value of property tends to be set at the cost of purchasing another is called
Substitution
Market value presupposes in "arms length transaction " with which means that it is done
Between relative strangers
Which approach to value is most often used by brokers and sales people when helping setters set prices for their residential real estate?
Sales comparison , method most common
External obsolescence is caused by factors not on the subject property so it is almost always
Incurable
A license or certificate is required to perform
Any real estate appraisal
And investor cannot usually sell real estate quickly without taking some sort of loss, making real estate an investment that is not
Highly liquid
The object of owning income property is to generate spendable income, usually referred to as
Cash flow
An investors initial cost for real estate is referred to as
Basis
In the sale of a business, the Bulk Transfer Act protects the
Creditors of the seller
Investors in real estate investment trusts REIT take advantage of the same tax benefits
Mutual fund investors
Which of the following concerns would not be important to a planning board as it considers a new subdivision?
Racial composition of perspective homeowners
And planning a subdivision is subdivider draft a map of the development that shows the location and boundaries of individual properties this map is known as the
Plat or also called plat map it shows setbacks and easements
The minimum lot size is a new subdivision and population density are usually established by
Zoning ordinances
Which of the following is not a legal description of land
Monument and landscape
Through which deed does a grantor covenant that they have done nothing to encumber the property while it was in their possession, but not extending back to all previous owners?
Bargain and sale deed also known CAG
Which type of deed provides the Grantee with the lease protection of any deed?
Quit claim deed, clears a Cloud on the title past, present , future
In New Jersey a deed will not be excepted for recording unless it contains the
Acknowledgment
The corporation can convey real estate only upon
Resolution passes by its Board of Directors
A partition proceeding is a form of involuntary alienation in which
A co-owner seeks To force another to divide or sell property
The legal process by which a court determines who will inherit the property of a deceased person is called
Probate
In New Jersey, the duty to investigate the title of the property to be conveyed it belongs to the
Purchaser
The title insurance required by lenders protects the interest of the
Lender
The closing of real estate transaction generally involves two closings. One is the closing of the real estate sale in which the deed is delivered in exchange for the purchase price. The other is the closing of the
Buyers loan
The real estate settlement procedures act RESPA was created to ensure that the buyer and seller in residential real estate transaction have knowledge of all
Settlement costs
At closing, and seller swears that he or she has not had a judgment, bankruptcy, filed for divorce, or taking any other action that would cloud the title through in
Affidavit of title
Which of the following items is credited to the buyer at closing?
...
Which of the following acts is illegal?
A license broker shares a commission with a real estate attorney
An unlicensed assistant in a real estate broker's office may
pick up keys
Which of the following documents me be retained by a broker for only six months
Unaccepted offers to purchase
In New Jersey, NO ads for real estate may
indiscriminately promise financing
The supervising licensee of a main real estate office must NOT be
seller
Prohibits against commingling are aimed to prevent
mixing brokers' funds with clients' funds
The supervising licensee of a main real estate office
Otherwise employed
All ads for real estate must specify the
Property's municipal location
When brokers licenses are suspended or revoked, their sales person's licenses are
Suspended until they affiliate with another broker. They can go work for another broker at no fee
Real estate is defined to include all of the following components of land and also
Man made improvements
The creation of dryland by the gradual withdrawal of water from the land by the lowering of its surface level is known as
Reliction
Unlike trade fixtures, other fixtures are
Legally considered real estate
In a state that an individual may own for a lifetime or forever is referred to as
Freehold estate
In a state in which the holder is entitled to all the rides in the property is called
Fee simple
Which of the following activities by a property owner would result in a general lien against all of his property?
not paying federal income taxes
Permission to enter the land owned by another person for a specific purpose is
A license
Which of the following liens serves as a notice of possible future legal actions against a parcel of real estate?
Lis pendants
An easement by prescription is not created if the property owner
Specifically grant permission for use of the land
In New Jersey unless otherwise stated in the deed convenience of two or more persons not married to each other creates
Tenancy in common
The four unities required to create join Tenancy are time, title, interest, and
Possession
Which of the following statements regarding ownership of real property by a corporation is true?
Corporations can own real estate in several tea or as a tenant in common
A woman and a man live in a cooperative building when they purchased their apartment they automatically become lessees and
Shareholders
In New Jersey allows favorable property tax treatment for certain homeowners age 65 or older, eligible veterans, and property used for
Agriculture
Real estate property taxation in New Jersey is complex because not all townships within the state
Assessed property exactly at market value
If a private party purchases a tax sale certificate on a property, the purchaser cannot obtain clear title to the property for
Two years
Land acquired through eminent domain can only be taken for
Public good
According to Zoning rules, a man's lot is too small to build the garage he wants. In order to have the garage according to his plan, he will appeal for a
Variance
The Asbestos was once used in buildings for
Insulation
To prevent the growth of mold, a building must be free from
Intrusion from water
Under the Comprehensive Environmental Response, Compensation and Liability Act, liability for the release of a hazardous substance on an owners property is placed on the
Landowner
Unlike employees, sales persons who are independent contractors cannot rely on their progress for
Health insurance benefits
A "meeting of the minds" is said to have taken place when parties are in agreement on the price, down payment, and
Financial method
After receiving a commission payment, a broker must pay the sales person's share within
10 days
In acting as fiduciary for a principal, the broker must
Please the principles interest above all others
Licensees must provide sellers, buyers, landlords, and tenants with Consumer Information Statement before any
Discussion of that party's motivation or financial situation
Agents are expected to serve principles with informed knowledge and skills. This is referred to as their duty of
Care
New Jersey's license law forbids an agent to represent both the seller and the buyer except with written consent of
Both parties
A real estate broker noticed that none of the electrical outlets in one bedroom of the house he was showing worked. The fact of this electrical problem is referred to as
Material information
A Megan's law statement on real estate contracts and leases advises purchasers and leasees that
The county prosecutor has a list of all known sex offenders who live in the area
When answering questions about the property, a good strategy for avoiding misrepresentation is to
Refer questions number to an expert source
Inducing homeowners to sell by telling them the minority's persons are moving to their neighborhood is referring to as
Blockbusting
Which of the following is NOT a reason for termination of listing
The owner discloses the presence of Asbestos
When talking with a broker about listing his home for sale, Frank Jackson made it clear that he did not want to have the whole house showing to people who would change the neighborhood. What must a broker do?
Refuse the listing after Frank intends to violate the law against discrimination
What are four essential elements of a valid contract
Competent parties, offer and acceptance, consideration, and legality of object
The comparative market Analysis CMA offered by a broker or salesperson must never
Be called a free appraisal
How many years are allowed in New Jersey for parties to a contract to bring legal suit to recover real property?
Six
In New Jersey brokers are allowed to complete standard approved sales contracts for one family to four family residences and vacant lots and to
Complete residential leases
New Jersey requires that specific language appear in exact form at the top of the first page of the sales contract to alert signers that
The contract is a legally binding and three business days if you choose an attorney
The buyer of a residential property constructed before 1978 must be offered, in the sales contract, a 10 day opportunity to examine the property for
Lead based paint
In contract negotiations, an offer is not considered accepted until the person making the offer
Has been notified of the other parties acceptance
Special contingency clauses providing that the contract may be voided if the property appraises below the sale price must be part of contracts for
Home finance to buy FHA and VA loans
Earnest money from the purchaser must be kept in a special account and must not be
Mixed with brokers on funds
An amount of money that will serve as compensation if one party to a contract does not live up to the contract is called
Liquidated damages
When home purchasers apply for mortgage loans, the right of rescission
Does not apply. Once you get a mortgage that's it you can't rescind it you can only rescind with a refinance
Land contracts or means of
Seller financing
A business signed a lease on a property for 24 months this type of lease is referred to as
And estate for years
New Jersey a lease prepared by a licensee must indicate the
Business relationship the firm has with respect to parties named in the lease
If I tenant makes improvements to my property, the improvements
Become fixtures and they were allowed to remove them before the lease is up
Constructive eviction refers to an action taken by
Landlords
The two main documents in a mortgage are the mortgage and the note. The note is
A financing instrument also evidence of the debt
The acceleration clause in a mortgage
Assists the lender if the borrower defaults
And alternative to foreclosure is for the mortgage lender to except
A deed in Lieu of foreclosure
In a fully amortized mortgage loan, regular payments are applied first to the
Interest owed
By definition, estate for years
It's for a fixed term . definite period of time specific termination date
The main type of mortgage loans that shift interest rate risk from the lender to the borrower is the
Adjustable rate mortgage
In mortgage lending, points are a form of
Prepaid interest
the term used to describe mortgage loans that were arranged entirely between the borrower in the lending institution is
Conventional loan
One of the main advantages of FHA loans is that they
Require very low down payments
At what time most lenders provide your "home loan tool kit" to perspective buyers
Within three business days of completed loan application
The New Jersey Housing in Mortgage Finance Agency offers favorable mortgage terms to home buyers who purchase homes in
Urban target areas
The lender is preparing to close a loan for $395,000 so the buyers can purchase their first home. In this situation what must the lender provide three business days prior to the closing
CD or closing disclosure
Which of the following is an example of a second mortgage
Home-equity loan
What does RESPA is section 8 do?
Prohibits kickbacks to real estate licensees for referring business to lenders and title companies
Mortgage lenders make many loans with the intention of selling them on the
Secondary market
Mortgage loans for a very high amount of money are referred to as
Jumbo loans
The lender offered at a rate lock to the borrowers. What is the purpose of the rate lock?
Lenders hold the agreed upon rate for a specific period of time
Qualifying ratios are used by lenders to determine a borrowers
Maximum monthly payment for housing expense. qualifying ratios 28/36
The location of a particular property and People's preference for particular locations is called
Situs
The present worth of future benefits arising from the ownership of real property is called
Value
The principle that maximum value of property tends to be set at the cost of purchasing another is called
Substitution
Market value presupposes in "arms length transaction " with which means that it is done
Between relative strangers
Which approach to value is most often used by brokers and sales people when helping setters set prices for their residential real estate?
Sales comparison , method most common
External obsolescence is caused by factors not on the subject property so it is almost always
Incurable
A license or certificate is required to perform
Any real estate appraisal
And investor cannot usually sell real estate quickly without taking some sort of loss, making real estate an investment that is not
Highly liquid
The object of owning income property is to generate spendable income, usually referred to as
Cash flow
An investors initial cost for real estate is referred to as
Basis
In the sale of a business, the Bulk Transfer Act protects the
Creditors of the seller
Investors in real estate investment trusts REIT take advantage of the same tax benefits
Mutual fund investors
Which of the following concerns would not be important to a planning board as it considers a new subdivision?
Racial composition of perspective homeowners
And planning a subdivision is subdivider draft a map of the development that shows the location and boundaries of individual properties this map is known as the
Plat or also called plat map it shows setbacks and easements
The minimum lot size is a new subdivision and population density are usually established by
Zoning ordinances
Which of the following is not a legal description of land
Monument and landscape
Through which deed does a grantor covenant that they have done nothing to encumber the property while it was in their possession, but not extending back to all previous owners?
Bargain and sale deed also known CAG
Which type of deed provides the Grantee with the lease protection of any deed?
Quit claim deed, clears a Cloud on the title past, present , future
In New Jersey a deed will not be excepted for recording unless it contains the
Acknowledgment
The corporation can convey real estate only upon
Resolution passes by its Board of Directors
A partition proceeding is a form of involuntary alienation in which
A co-owner seeks To force another to divide or sell property
The legal process by which a court determines who will inherit the property of a deceased person is called
Probate
In New Jersey, the duty to investigate the title of the property to be conveyed it belongs to the
Purchaser
The title insurance required by lenders protects the interest of the
Lender
The closing of real estate transaction generally involves two closings. One is the closing of the real estate sale in which the deed is delivered in exchange for the purchase price. The other is the closing of the
Buyers loan
The real estate settlement procedures act RESPA was created to ensure that the buyer and seller in residential real estate transaction have knowledge of all
Settlement costs
At closing, and seller swears that he or she has not had a judgment, bankruptcy, filed for divorce, or taking any other action that would cloud the title through in
Affidavit of title
Which of the following items is credited to the buyer at closing?
...