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test B 111 COMPLETE SOLUTIONS.
New Jersey Real estate practice exam
test B 111 COMPLETE SOLUTIONS.
A house contains screens, smoke alarms, and a crystal chandelier. the contract of sale mentions none of this items specifically. before final closing, the seller has the right to remove - ANSWER none of this items
the amount of earnest money deposit is determined by - ANSWER agreement of the parties.
Nelson McDonald sold his house on his own and still owed a broker a commission. he must have signed an - ANSWER exclusive-right-to-sell listing
which can be executed without subjecting the signers to further responsibility for title? - ANSWER quitclaim deed
the utility company dug up Andrea Dunham's garden to lay gas lines. The company had an easement, recorded at the county clerk's office. Andrea claimed the easement was invalid because she was never told about it. The easement - ANSWER was valid even if she has never heard of it.
when a court orders real property sold to satisfy an unpaid lien, the process is known as a - ANSWER foreclosure
the tax rate is $7.80 per $100 assessment. if property is valued at $87,500 and assessed for 50% of its value, what is the total property tax? - ANSWER $3,412.
when appraising an office building, the appraiser MOST concerned with - ANSWER net annual income
a borrower obtain a second mortgage loan for $20,000 at 10%. It called for payments of $175 a month over a period of five years. the final installment would be a balloon payment. this loan is a - ANSWER partially amortized loan
test B 111 COMPLETE SOLUTIONS.
if the interest rate is 5% and the monthly interest payments is $650, the principle sum would be - ANSWER $156,
Ezra dies and devises his real property to his second wife for her lifetime, after which the property will pass to Ezra's children. Ezra's children own a - ANSWER remainder interest
the prospective borrower decided to change the loan from FHA-insured to a conventional loan. in this situation the lender - ANSWER must issue a new loan estimate
the market data approach is MOST important in appraising an - ANSWER older residence
among the several pieces of information that the lender must gather before issuing a Loan Estimate (LE) is the applicants - ANSWER Social Security number
Broker Bensley listed the Corwins' property. his salesman, Stan Sandow, accepted a check for $5, earnest money with an offer, Sandow should take the check and - ANSWER give it to Bensley
Mrs. hall signed a 30-day listing with a broker. the next day she was killed in an accident. the listing was then - ANSWER terminated
a widow received ownership of the family home for the rest of her life, with title going to her children on her death. she owns a - ANSWER life estate
under the common law of agency, the real estate broker has a fiduciary relationship with - ANSWER the client
title to real property is passed when a valid deed is - ANSWER delivered
test B 111 COMPLETE SOLUTIONS.
the primary purpose of a deed is to - ANSWER transfer title rights
a summary of the history of all conveyances and legal proceedings affecting a specific parcel of real estate is called - ANSWER abstract of title
at the closing, the cost of filing the deed in the public records usually appears as a - ANSWER debit to the buyer
a person cannot successfully claim that he or she did not know about the contents of any recorded decument. this legal principal is known as - ANSWER constructive notice
the purpose of TRIDs loan estimate is to ensure - ANSWER buyers are aware of all costs relating to their mortgage loan
a building was bought for $250,000, with 10% down and a loan for the balance. if the lender charged the buyer two points, how much cash did the buyer need? - ANSWER $29,
a mortgage loan payable in installments sufficient to pay the principal off by the end of the term is called a - ANSWER fully amortized loan
which of the following deeds contains no express or implied warranties? - ANSWER quitclaim deed
the disclosures required by TRID apply to - ANSWER lenders financing purchase of a residence
a comparative market analysis is usually provided by the - ANSWER listing agent
a legal action brought by either buyer or seller to enforce the terms of the contract is known as - ANSWER specific performance
test B 111 COMPLETE SOLUTIONS.
to avoid possible violation of antitrust regulations, one should avoid any discussion of commissions with a - ANSWER competitor
cash flow means - ANSWER total remaining money after expenses have been paid
the town allows construction on quarter-acre lots. one subdivision has a restriction for at least acre lots. which statement is true? - ANSWER neighbors may enforce the one-acre lot limit but only through a court order.
Rex vail lives in one side of a duplex. he refuses to rent the other side to Marian Washington, a single black woman with good credit and income. he tells her he wants to choose his neighbors. Marian may have a remedy under which of the following acts? - ANSWER Civil Rights acts of 1866
in the valuation of a large office building, which approach is given MOST weight? - ANSWER income capitalization
a broker must pay Social Security taxes, workers' compensation, and unemployment insurance for all - ANSWER employees
the fiduciary duty forbids a listing broker - ANSWER advertising property at less than the listed price
which of the following represents a voluntary lien? - ANSWER mortgage
a house sold for $157,000. the broker charged a 6% commission and divided it s follows. 10% to salesperson Alan, who took the listing, and the rest divided equally between salesperson Bette, who made the sale, and the brokers office. what was Alans commission? - ANSWER $
Smith Water Hole company constructed a swimming pool. on completion, they filed a lien for nonpayment. this was most likely a - ANSWER construction lien
the term leverage refers to - ANSWER the use of borrowed money to finance most of an investment
test B 111 COMPLETE SOLUTIONS.
in the valuation of a hospital, which approach is given MOST weight? - ANSWER Cost
the sale of time-sharing units - ANSWER allows buyers the right of rescission for seven days
covenants, conditions, and restrictions are placed on a condominium or cooperative development by the - ANSWER developer
the primary objective of a property manager should be to provide the owner with - ANSWER the highest return on the property value
if a radon test on a home reveals a reading of 14 picocuries per liter, a prospective purchaser should probably - ANSWER request remediation
a house sells for $102,000 and is appraised at $100,000 by a lender who is willing to make a 75% loan- to-value ratio loan. How much down payment does this house require? - ANSWER $27,
under the provisions of the ordinary store lease, trade fixtures that remain in the store after the expiration of the lease become the property of the - ANSWER lessor
a listing that obligates the broker to distribute the listing to other brokers is a - ANSWER multiple listing
a void contract is one that is - ANSWER missing an essential element
if there is an incident of discrimination, the complainant has to prove that - ANSWER discrimination occurred
an option is a contract that - ANSWER keeps an offer open for a specified time
test B 111 COMPLETE SOLUTIONS.
in the cost approach, the appraiser makes use of the - ANSWER estimate of the replacement cost of the building
a lease that requires the lessee to pay taxes, operating expenses, and insurance is called a - ANSWER net lease
the tenant with a month-to-month tenancy must give the landlord how much notice of intention to vacate? - ANSWER one month
when recorded in the county where real property of the defendant is located, a judgment becomes an - ANSWER involuntary lien
zoning ordinances are usually established by - ANSWER local authorities
John Borek sold Andrew Meloni an acre of land but reserved the right to cross Meloni's acre to reach the public road. Melonis new property is called the - ANSWER servient tenement
if a brokers license is suspended, the licenses of his or her salespersons are - ANSWER also suspended automatically
a broker-salesperson must - ANSWER meet all broker qualifications
in New Jersey, an oral listing agreement - ANSWER must be confirmed in writing within five days
in New Jersey, a licensed broker must have - ANSWER a separate escrow bank account
a salesperson or broker may have to start all over again with classes and examination if a license is not renewed for - ANSWER two years
New Jersey's laws allow a landlord to refuse to rent to - ANSWER people with dogs
test B 111 COMPLETE SOLUTIONS.
the Guaranty Fund is used to - ANSWER reimburse the public for losses arising from licensees' wrongdoing
a broker could lose his or her license for sharing a commission with - ANSWER another broker's salesperson
with certain restrictions, a commission may be shared with an unlicensed person in the form of a rebate to the - ANSWER buyer
when a new building is considered safe for human habitation, a building inspector can issue a - ANSWER certificate of occupancy
the largest fine that may be charged as a penalty for a violation of the New Jersey license law is - ANSWER $50,
the New Jersey Real Estate commission is part of the - ANSWER department of banking and insurance
which of the following needs a real estate license when involved in handling a real estate transaction? - ANSWER an auctioneer
who doesn't need a license in handling a real estate transactions? - ANSWER an executor, a bank, a developer selling homes in her subdivision
the deed known in New Jersey as a bargain and sale deed with covenants against grantors acts is also known as a - ANSWER special warranty deed
Ron Smith dies suddenly, leaving a wife and two minor children but no will. the New Jersey law of descent provides that his wife is entitled to - ANSWER $50,000 plus half the remaining state
New Jersey's Consumer Information Statement lists - ANSWER the licensees agency relationship to each party
test B 111 COMPLETE SOLUTIONS.
Megans law requires that - ANSWER a community be alerted to the presence of convicted sex offenders
the Mt. Laurel lawsuits were concerned with - ANSWER exclusionary zoning
a residential lease for one year or more is subject to review and possible cancellation by the tenants attorney - ANSWER within three business days of signing
