FREE REAL ESTATE AND STUDY GAMES ABOUT NJ REAL

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FREE REAL ESTATE AND STUDY GAMES ABOUT NJ REAL

ESTATE EXAM

Qs and Ans Expert- Explanation

This Exam contains:

-Guarantee passing score -42 Questions and Answers -format set of multiple-choice -Expert- Explanation Question 1: A salesperson accepts an earnest money deposit and turns it over to their broker. The broker must

Answer:

Deposit it within 5 business days Question 2: Whether a salesperson is associated with a broker as an employee or as an independent contractor is important

Answer:

For income tax purposes

Question 3: Fiduciary responsibilities

Answer:

Care, obedience, accounting, loyalty, disclosure Question 4: RE agents are required to furnish a ___ before any discussion of a seller's or buyer's motivation or financial situation is initiated.

Answer:

Consumer information statement (CIS)

Question 5: All copies of contracts of sale and listing agreements must be kept for ____

Answer:

• years

Question 6: 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

Answer:

License

Question 7: Nj requires the broker who sells out of state subdivided lands to

Answer:

Register with the state

Question 8: Latent defect

Answer:

Defect not discoverable by ordinary inspection

Question 9: An example of what is Not considered an improvement to land?

Answer:

Crops Question 10: In accordance to federal law, any cash deposited of $____ or more must be reported to the IRS.

Answer:

$10,000

Question 11: Which of the following is a lien that does Not need to be recorded?

Answer:

Real estate taxes

Question 12: A power of attorney

Answer:

Is authorized to act for someone else in a legally binding capacity.

Question 13: The HUD-1 statement will still be used for a mortgage secured by a

Answer:

Reverse mortgage

Question 14: The term depreciation refers to

Answer:

A loss of value due to any cause

Question 15: Meghan's law

Answer:

Requires that a community be alerted to the presence of a sex offender

Question 16: CAN-SPAM

Answer:

requires an opt-out in SPAM email Question 17: For a license law violation, the RE commission could fine a licensee as much as

Answer:

$50,000

Question 18: Examples improvement to land?

Answer:

Sewers, Roads, Building

Question 19: The real Estate license act is known as

Answer:

Title 45, chapter 15

Question 20: A legal description that defines the boundary lines is called

Answer:

Metes and bounds

Question 21: A person who has absolute control of a parcel of real estate is said to own a

Answer:

Fee simple

Question 22: A tenant's written, one-year lease expires on May

• To obtain possession on May 1, the landlord must give the tenant

Answer:

No notice

Question 23: NJ licenses have been administered by the NJ RE Commission since

Answer:

1921

Question 24: NAR (national association of REALTORS)

Answer:

founded in 1908. Ensures that realtors are governed by a code of ethics

Question 25: A township contains

Answer:

36 sections Question 26: 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?

Answer:

Every 3 days

Question 27: A nonresident broker requesting a NJ license must

Answer:

Agree to be sued in NJ Question 28: Every broker must keep records of trust account activity for at least

Answer:

• years