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NJ Real Estate Practice Test A 110
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Which of the following is NOT considered an improvement to land? - ANSWER crops
To the seller's agent, the buyer is properly described as? - ANSWER Customer
which appraisal approach computes the value of the land separately from the buildings? - ANSWER Cost
A person who has absolute control of a parcel of real estate is said to own a: - ANSWER Fee Simple
Jimmy Gummybears lets his neighbor, Maddie Mackey, store her camper in his yard for a few weeks. He does not charge her rent. He has given Blank a (n): - ANSWER License
The HUD-1 statement will still be used for a mortgage secured by a: - ANSWER Reverse Mortgage
A legal description that defines the boundary lines is called? - ANSWER Metes and Bounds
Which of the Following is considered dual agency? - ANSWER Broker acting for both buyer and seller
Which of the following is a lien that does NOT need to be recorded? - ANSWER Real estate taxes
The term "depreciation" refers to? - ANSWER 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... - ANSWER for income tax purposes
A township contains: - ANSWER 36 sections
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A merchant signs a lease for $800/mo or 6% of gross sales, whichever is more. In July gross sales were $14,000. How much is the rent for July? - ANSWER $
Jacy Bell gave the hospital a vacant lot for "as long as it is used for hospital purposes." The hospital owns a? - ANSWER fee determinable
The buyer moves in and pays expenses and loan payments but the seller retains title in a? - ANSWER 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: - ANSWER No notice
Which of the following situations will NOT delay closing under the TRID rules? - ANSWER Escrow amount for taxes and insurance was changed.
The Villari's own property that the city wants to use to extend the airport runway. The Villari's refuse to sell. The city may acquire this property by its right of: - ANSWER Eminent Domain
Jenna sold her listed home herself and didn't owe anyone a commission. The listing she had signed was probably a (n): - ANSWER Exclusive-agency listing
Federal income tax regulations allow a homeowner to reduce taxable income by amounts paid for: - ANSWER interest and property tax
A grantor becomes a lessee, and the grantee becomes the lessor, in a? - ANSWER Sale and Leaseback
Brad Chad has defaulted in payment of several debts, and a court has ordered his property sold to satisfy them, Which of the following would be considered the prior lien? - ANSWER Current Real estate taxes
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The amount of commission due a salesperson is determined by: - ANSWER agreement between broker and salesperson
The practice of reusing to lend mortgage money in certain neighborhoods is called? - ANSWER redlining
In a real estate sale, transfer tax fees are usually paid by the: - ANSWER seller
Which of the following should you accept as evidence or proof of ownership of an estate in land? - ANSWER Title insurance policy
An appraiser would NOT generally use which of these items to determine the replacement cost of a building? - ANSWER Original cost
Which of the following hazards requires a federal disclosure form in a residential purchase? - ANSWER lead-based paint
Frank Rents an apartment under a two-year written lease. After one year, the building is sold. Which statement is TRUE? - ANSWER The sale has no effect on Frank's tenancy
In 1977 a family purchased their house and lot for $53,000. They made no major improvements. They recently sold it for $224,550. How much do they owe on their gain? - ANSWER Nothing
a REALTOR is? - ANSWER a member of a trade organization
A broker received two offers at once, one through a salesperson in his office and one from a competitor. The broker should: - ANSWER submit both offers at the same time
The act by which all parties agree to the terms of a contact is known as? - ANSWER meeting of the minds
A refusal to rent to a couple because they are unmarried violates: - ANSWER New Jersey Law
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Exemption from a portion of property taxes is available to: - ANSWER qualified veterans, qualified senior citizens & qualified non-profit organizations;
ALL THE ABOVE
Those who are entiteled to inspect all documents recorded in the county clerk's office include: - ANSWER bank employees, private individual & tax assessors;
ALL THE ABOVE
Seller lists a home $400,000 and listing broker tells a prospective buyer to submit a low offer because the seller is desperate. Buyer offers $320,000 and seller accepts. In this instance, - ANSWER The broker violated the agency relationship
When real property is sold at a foreclosure sale and not enough money is realized to pay the mortgage, the lender may: - ANSWER Seek a deficiency judgement
Which of the following represents economic obsolescence? - ANSWER Car lot next door
The law that requires MOST real estate contracts to be in writing is known as the statue of: - ANSWER Frauds
J.R. Bell is a licensed salesperson who completed a difficult transaction. J.R. may accept a bonus from? - ANSWER His own broker
A custom-built house containing 2,320 sq ft has been constructed on a $28,000 lot. Constructions costs are $50.25 per/ sq ft. Other fees and costs total $2,780. What is the total cost of the property? - ANSWER $147,
From which of the following does one obtain an FHA loan? - ANSWER local FHA lender
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Regulation Z would require full disclosure of all financing terms if an advertisement mentioned? - ANSWER "payment $1,500 a mo"
A purchaser in a cooperative usually receives? - ANSWER a proprietary lease to one living unit.
a Comparative Market Analysis (CMA): - ANSWER helps a seller establish the right listing price
a developer is planning a building containing 103,000 sq ft. Construction costs are estimated at $ per/sq ft; 90% financing is available. How much money must the developer put up to complete the project? - ANSWER $432,
Which of the following represents functional obsolescence? - ANSWER outmoded plumbing
Mr. Dutrutch purchased a duplex for $300,000, paying $37,500 down and financing the balance. About two years later he sold the property for $345,000. He has realized: - ANSWER Capital gain
The term "condominium" refers to a (n)? - ANSWER type of ownership
What is radon? - ANSWER A colorless, odorless gas
When real estate is operated by a general partner who is fully liable for operating losses and is owned jointly with several passive partners who are liable only to the extent of their investment, this form of ownership is called? - ANSWER limited partnership
Every deed in the subdivision has a restriction forbidding tool sheds or doghouses. Mr. Alberti erects both in his backyard. His neighbors may.. - ANSWER go to court and obtain injuctive relief
Estimating market value by considering sales of similar properties is used in which appraisal approach? - ANSWER Market Data
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In a new subdivision, streets, sidewalks, and curbs are usually provided by the? - ANSWER developer
Morgan holds a proprietary lease on her apartment and directs that shares of stock in the corporation that owns the building be registered in the name of Morgan Jones. She owns a - ANSWER Cooperative
The appraiser estimates the replacement cost of a building at $560,000. The building has an estimated life of 40 years and a current estimated remaining life of 30 years. What is the current value of the building? - ANSWER $420,
a perc Test.. - ANSWER determines the suitability of soil for installing a septic system.
the current value of a piece of property is $350,000 and the assessed value is 40% of its current value. The tax rate is $4 per $100. What is the amount of the tax? - ANSWER $
In New Jersey, a lease for four years... - ANSWER May be recorded
A broker's license is suspended by the Real Estate Commission (REC). His salespeople must immediately... - ANSWER stop listing and selling
Although federal law does not mention it, New Jersey law forbids discrimination on the grounds of: - ANSWER sexual orientation
The (REC) Real Estate Commission prohibits... - ANSWER vague "vicinity" advertisements
Destin bought acreage in a distant county, never went to see it, and did not use it. Drew moved his mobile home onto the land, had a well drilled, and lived there for the past 22 years. A court might find Drew has become the owner of the land through: - ANSWER adverse possession
The term commingling refers to: - ANSWER mixing the broker's funds with escrow deposits.
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The Real Estate Guaranty Fund... - ANSWER receives funding from license applicants.
The Real Estate Commission does NOT allow brokers to cooperate on... - ANSWER price fixing
Broker John Roger dies. A temporary broker's license to carry on the work of the office may be granted to - ANSWER a salesperson who could qualify to be a broker
In New Jersey, landlord Steve Merwan places tenants' security deposits in an interest-bearing bank account. He must give his tenants - ANSWER All the Interest earned.
Someone whose license is suspended may receive a fine for a first offense of up to: - ANSWER $50,
The New Jersey Real Estate Commission was established to... - ANSWER Protect the interests of the public
An applicant for a broker's license who claims full-time experience in real estate should be able to show at LEAST how many transactions per category a year? - ANSWER Not Specified
Who of the following is required to take the 75-hour course before applying for a real estate license? - ANSWER Licensed insurance broker
any advertisement placed by a salesperson must also include the... - ANSWER the name of the brokerage firm
Any later change in a signed contract must be... - ANSWER initialed by all the parties
Salesperson Justin O'Rourke has his license revoked because he lied on his license application. His broker, Daniel Bruza, also loses his license... - ANSWER if he knew at the time O'Rourke was doing
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Real Estate licenses must be renewed: - ANSWER only after completion of continuing education
A fully qualified broker who chooses to remain in the role of a salesperson under another broker's supervision is known as a(n): - ANSWER broker-salesperson
