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NJ Real Estate Exam
| Question | Answer |
|---|---|
| An example of what is Not considered an improvement to land? | Crops |
| Examples improvement to land? | Sewers, Roads, Building |
| To the seller's agent, the buyer is properly described as a | Customer |
| Which appraisal approach computes the value of the land separately from the buildings? | Cost |
| A person who has absolute control of a parcel of real estate is said to own a | Fee simple |
| Jim Thomas let's his neighbor, Shirley Blank, store her camper in his yard for a few weeks. He does not charge her rent. He has given Blank a | License |
| The HUD-1 statement will still be used for a mortgage secured by a | Reverse mortgage |
| A legal description that defines the boundary lines is called | Metes and bounds |
| Which of the following is considered dual agency? | Broker acting for both buyer and seller |
| Which of the following is a lien that does Not need to be recorded? | Real estate taxes |
| The term depreciation refers to | A loss of value due to any cause |
| Whether a salesperson is associated with a broker as an employee or as an independent contractor is important | For income tax purposes |
| A township contains | 36 sections |
| A merchant signs a lease for $800 a month or 6% of gross sales, whichever is more. In July gross sales were $14,000. How much is the rent for July? | $840 14,000×.06=840 |
| Jane Smith gave the hospital a vacant lot for "as long as it is used for hospital purposes." The hospital owns a | Fee determinable |
| The buyer moves in and pays expenses and loan payments but the seller retains title in a | Land contract |
| A tenant's written, one-year lease expires on May 1. To obtain possession on May 1, the landlord must give the tenant | No notice |
| NJ licenses have been administered by the NJ RE Commission since | 1921 |
| NJ RE commission operates within what department | Dept. Of banking and insurance |
| The real Estate license act is known as | Title 45, chapter 15 |
| The rules and regulations set up by the commission are known as | Title 11, chapter 5, administrative code |
| NJ RE commission is composed of | 8 members appointed by the governor. 5 RE brokers licensed for at least 10 years, 2 are chosen from general public, and 1 represents a dept. Of state government. |
| A nonresident broker requesting a NJ license must | Agree to be sued in NJ |
| Nj requires the broker who sells out of state subdivided lands to | Register with the state |
| In NJ, the buyer who purchases out of state subdivided land may cancel the contract for no reason within | 7 calendar days |
| An apartment is listed with a rental referral agency, but is NOT actively advertised to the public. How frequently must the agency check the apartments availability? | Every 3 days |
| In accordance to federal law, any cash deposited of $____ or more must be reported to the IRS. | $10,000 |
| Every broker must keep records of trust account activity for at least | 6 years |
| The broker must keep copies of all unaccepted offers to purchase for ____ from the date of the original offer. | 6 months |
| All copies of contracts of sale and listing agreements must be kept for ____ | 6 years |
| For a license law violation, the RE commission could fine a licensee as much as | $50,000 |
| A salesperson accepts an earnest money deposit and turns it over to their broker. The broker must | Deposit it within 5 business days |
| A universal agent | Has the authority to represent the principal in all matters that can be delegated. |
| A general agent | Is empowered to represent the principal in a broad range of matters. |
| A special agent | Is authorized to represent the principal in one specific capacity. |
| A power of attorney | Is authorized to act for someone else in a legally binding capacity. |
| Fiduciary responsibilities | Care, obedience, accounting, loyalty, disclosure |
| RE agents are required to furnish a ___ before any discussion of a seller's or buyer's motivation or financial situation is initiated. | Consumer information statement (CIS) |
| Latent defect | Defect not discoverable by ordinary inspection |
| Meghan's law | Requires that a community be alerted to the presence of a sex offender |
| CAN-SPAM | requires an opt-out in SPAM email |
| NAR (national association of REALTORS) | founded in 1908. Ensures that realtors are governed by a code of ethics |
Created by:
lwschjang
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