Kovats Real Estate School Test Flashcards

Kovats Real Estate School Test Flashcards Life Estate?lasts for a lifetime Fiduciary relationship refer to?the position of trust between broker and his principal The right of possession, control, disposition and enjoyment which accompany ownership are called?bundle of rights The REC may suspend or revoke a license? for using the insignia of membership in a real estate organization of which licensee is not a member In advertising a listed property for sale a broker may NOT legally?run an ad giving the impression that he is the owner of the property Accession?additional land acquired through natural causes Property classed as real property?may, under certain circumstances become personal property Freehold estates?estates that last for an indefinite period of time, as long as a lifetime After completion of the real estate license preparation course, what period of times does the applicant have in which to pass the state examination and request issuance of his license?one year When there is a first violation of the licensing act the Real Estate Commission?impose monetary fines, revoke the license, suspend the license A salesperson has listed a house for sale and has knowledge of a latent defect in the building. His responsibility is to?disclose it to the buyer A conveyance of a life estate where the fee at the end of the life estate goes to someone other than the grantor is a life estate with?remainder If a licensee is convicted of forgery, the REC will NOT grant a license within?five years Fee simple estate?estate in land that lasts forever A salesperson may advertise a property from sale only?if the name of his brokerage is included in the ad When a licensee is guilty of violating the New Jersey Real Estate License Act or the Rules and Regulations of the New Jersey Real Estate Commission, the Commission may for the first violation?impose a fine of not more that $5,000 A life estate is an estate in real property, it? can exist with an other estate in the same property at the same time Where can a broker not maintain an office? the home of a salesperson Full and complete ownership of land as recognized today exists most nearly in?a fee simple estate Accretion?gaining of additional land through the process of either alluvion or reliction

If Alan deeded 40 acres of land to Bill for the life of Ceil?Bill holds a life estate; Alan, an estate in reversion A life estate?may be created by will or deed Faith conveys a house to Hope for life, then to Charity.Hope's heirs have?no estate or interest When a broker prepares a document pertaining to a real estate transaction?he must give a copy to all parties signing it at the time the signature is obtained A broker may properly advertise?free market study Chattel?personal property which is tangible and moveable The legal rights attached to real property are referred to as?the bundle of rights Monies may be paid out of the Guaranty Fund in the event?a seller suffers a monetary loss due to the embezzlement of money by a licensed broker, a licensed real estate salesperson or an unlicensed employee of a real estate broker Air rights may?be sold or leased The Realtor Code of Ethics is?a code obligatory upon members of the National Association of Realtors Funds received for deposit in the Guaranty Fund? are used to indemnify aggrieved participants in real estate transactions A broker incorporates his business and subsequently dies, and another person becomes the broker for the corporation?contracts with principals do not terminate upon death of the broker under these circumstances A riparian owner is one who owns land bounding on?a waterway A principal broker for a corporation must be? responsible for every licensee and clothed with full authority even if he has no ownership interest Broker's real estate ads in New Jersey must include?the name of a brokerage firm A broker must keep permanent records of how he handled other persons' funds for?six years A real estate branch office?must be open to the public during normal business hours A widow who is willed the use of the family home for the rest of her natural life, with provisions that title shall go to the children upon her death, holds?a life estate Crops which grow on land and require annual planting and cultivation are?Personalty Eminent Domainthe right of the government to take privately owned land for a public purpose through due legal process with just compensation being paid to the owner When money is deposited in a client trust account?deposit money must be promptly returned to the buyer if the offer is not accepted A salesperson may accept a commission from? the employing broker You are the seller's broker negotiating a difficult sales contract between an experienced seller of real estate and a novice purchaser?you recommend that purchaser employ an attorney Property is?personal if not real

The duration of a life estate is?a life or the lives of one or more persons If the broker terminates the employment of a salesperson, he must?immediately return the salesperson's license to the Real Estate Commission To be licensed as a New Jersey Real Estate Broker you must be?of legal age A Real Estate Broker typically can?prepare a purchase and sale agreement Land that borders the sea, especially land washed by waves and coastal currents is?littoral land When title is gained because a portion of a water course permanently dries up, exposing land it is called?reliction An estate for years?leasehold The maximum fine for violations of the Real Estate Sales Full Disclosure Act is?$50,000 per violation The return of land to the grantor or his heirs when the grant is over?reversion Unless otherwise agreed to in writing, the employing broker must pay a commissions due a salesperson within how many days after receipt by the broker?ten days Condemnationthe act or process by which the government exercises the power of eminent domain An ownership interest in real property is? an estate Police Powerpower vested in government to restrict, regulate and control (without compensation) When a real estate broker advertises in the local newspaper, he must?specify the municipality within which the property is located When the course of a stream is suddenly changed by natural forces it is called?avulsion When the contract for sale of real property includes the sale of certain removable items, such as a refrigerators and furniture, upon delivery of the deed the seller should also deliver?a bill of sale Rights, privileges, and improvements that will pass to the new owner upon conveyance of land?appurtenances Escheatwhen a property owner dies intestate and without leaving any legally qualified heirs, the property reverts to the state A real estate licensee brings a prospective buyer to see a property and the property owner requests ID from the licensee indicating her licensure status. The proper ID for the licensee to produce is a?pocket card A broker's records must be available?to members of the Commission without notice Should the employing broker die, a temporary broker license may be issued to a salesperson provided?that the request is made within 30 days of the brokers death and that the applicant have three years prior experience In maintaining a trust account?the depository accounts may NOT be located in another state even if it is an approved depository in the other state

Which requires licensees to provide owners with a copy of the Attorney General's Memorandum on the Law Against Discrimination?the Rules and Regulations of the New Jersey Real Estate Commission Every broker must maintain records of all funds and property of others for not less than six years, except in two cases where records have to be kept for only six months?unaccepted offers and expired listings that did not sell Generally, things or objects of a temporary or easily movable are?personalty The boundary of your property line can be changed by?accretion Regarding property?personal property is anything that is not real property When a New Jersey farmer sells his property? the mineral rights will automatically pass to the buyer unless they are specifically reserved by the seller Real estate licenses are renewed?biannually on July 1st, in odd-numbered years The broker owes an obligation to?present to his principal all written offers he receives, including all the terms and conditions of each offer signed by a prospective buyer An estate in land vested in a grantee "until he marries" is properly classified as?a defeasible fee Magna grants a life estate to Carter with the stipulation that the property will go back to Magna when Carter dies. In this case Magna has?a reversion A New Jersey broker named I.M. first listed a house at 326 cove drive in Mantoloking. She may refuse to cooperate with another licensee if?the owner of the home signs a statement directing her not to cooperate An example of a freehold estate is?a life estate An example of personal property is?a household furnishing Trees, shrubs, bushes, etc which grow naturally and do not require annual planting are?emblements A life estate is conveyed to A for the life of X. A dies. Titlegoes to A's heirs until the death of X Where must a salesperson's license be displayed? in a broker's main office A broker must transmit to his principal? all written offers