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NJ Real Estate Exam

QuestionAnswer
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