NJ Real Estate Exam- Chapter 1- RE Licensing, psi pdf questions

NJ Real Estate Exam- Chapter 1- RE Licensing, psi pdf questions Flashcards habendum clausea valid deed has which characteristic?special agencyThe typical relationship between a listing agent and a seller is a/an credit scoreaccording to the truth in lending act, all of the following must be disclosed to a borrower except

• DaysCancellation period for out of state land?

kickbackSam Lawrence recommends that his clients use Premier Painting Company whenever a property needs painting before putting it on the market. Lawrence receives a fee from the painting company for each job that he refers. This is known as a form of terminationnot required in a listing agreement Death of Brokertemporary license of 3 years experience, 1 year to get broker license, find new broker, application must be made with 30 days of event of PUDgives a property owner shares in the underlying corporation involuntary alienationCondemnation of property in order to transfer it to a real estate developer is known as License fees for SalespersonInitial-$100-license, $50 admin, $10 guaranty fund Renewal-$100 how is the item attachedone of the tests of whether something is a fixture adjust the value of the comp upwardAn appraiser is valuing a townhouse with a new tile kitchen floor and all new stainless steel appliances. It has two bed- rooms, a loft, and a fireplace. He found a comp that has the same floor plan, but the kitchen floor is 20-year-old linoleum and the appliances are also 20 years old.The appraiser will need to Claim against licensee paidlicense is revoked until the fund is reimbursed NJ Real Estate CommissionAdministration of NJ RE licenses by?riparian rightsthose who own property along rivers and streams the cost approachthe value of the land plus the cost to build the improvements (new), less depreciation of the improvements interestThe four unities that must be fulfilled in a joint tenancy are unity of time, title, possession, and interest only on the mortgage over the term of the mortgage with a straight term mortgage, the mortgage pays Referral rental agency mustFurnish prospective clients with a written contract credit scoreAccording to the Truth in Lending Act, all of the following must be disclosed to a bor- rower EXCEPT

intent to deceiveThe distinguishing characteristic of fraud is an attorney's opinion of titleThe process that uses an abstract of title ends with forfeitureThe loss of real property as a result of the breach of a sales contract by a buyer is known as a quitclaim deeda cloud on a title can be removed by under the supervision of hiring brokerSalesperson activities must be equityThe Dinhs bought a home 20 years ago. The value of the property has increased from $152,000 to $312,000. The difference between the purchase price and the current price less the remaining mortgage is known as Title 11, Chapter 5Rules and regulations set up by the Commission (Administrative Code) plottageThe Hamids have bought several plots of land from different owners in order to create a lot large enough for the 10,000 square foot home they intend to build. The process of combining lots is known as physical deterorationthe straight line method of measuring depreciation is best used to measure tenancy in commonmost frequently used form of joint ownership Guaranty FundUsed to reimburse public who suffer monetary damages due to wrongdoings in real estate transaction by licensee estate for yearsa leasehold estate License qualifications-sales person18 years old, GED, finger printing 75 hr course, SSN, pass exam are anticipationthe basis of the income approach in valuing a property is the principal of Interstate propertyout of state land sold to NJ residents- Governed by Real Estate Sales Full Disclosure Act olive because she signed a commercial lease and under the lease, the fixtures can be removed and the premises returned to the original condition Olive's Organic Food Store is moving to a new site. Olive wants to take her shelving and counters with her. Her landlord has told her that she can't. Who is right?APRthe effective rate of a loan including costs and fees is a market valueThe Krasners have just bought a home for$550,000. This is the home's statute of fraudssome states require that real estate sales contracts be in writing because of the state's net leaseSarah Mayfield, the owner of the Sally Mae Shop, signs a lease with Shepherd Realty to rent a storefront. Sarah must pay utilities and real estate taxes. She has probably signed a remaindermentcannot cancel a listing agreement buyer or seller, depending on the contract at closing who pays the discount points on the mortgage oan adverse possessionBob Kiley has been living in a shack in the woods on the Allens' property for 15 years with their consent, but without

paying rent. When both Allens die, their heirs want to evict Kiley. He claims the property is his because of

agencyObedience, loyalty, confidentiality, and honest accounting are known as what kind of duties of the agent to the principal?to check with an attorneySharon Macy and Ben Porter are buying a house together before they get married and ask their realtor what type of ownership they should agree to. The realtor should tell them where they want to buy and for how muchMark Neri is an experienced realtor and always qualifies potential buyers, which means that he asks Environmental Impact StatementThe federal government wants to build a dam on the Sawtooth River. Before the Army Corps of Engineers can proceed, what must they file?can attempt to restart the negotiations by making a new, lower offer The Thomases are selling their condo. They have been going back and forth in negotiations with Brad Morse. Brad has rejected the latest counteroffer and decided to walk away. The Thomases Bureau of Subdivided Land Sales ControlPrior approval for out of state land sold in NJ by the?FSBO-attorneys, executors, trustees, etc-banks and trust cos-insurance cos Who doesn't need a license to to give public notice that the title has passed why are deeds recorded after closings Licensing Procedure75 hr course completion successfully, submit score report to REC, complete finger printing and consent to criminal history check sampling and analysis of the siteA Phase II environmental inspection includes Real Estate License Act Title 14 Chapter 15 Licenses governed by?executory contracta contract in which the obligation is in the future no, because under an exclusive agreement, the realtor only gets a commission if the realtor sells the property Marty Chu signs an exclusive agency listing with Morgan Realty. Marty then sells his property himself to someone who did not learn about it through Morgan Realty. Does Marty have to pay a commission to Morgan Realty?by June 30th on odd yearsWhen do you need to renew?Who needs a licenseAnyone who receives consideration for taking part in RE transactions type of restaurants and shopsa social factor that influences housing values Agree to be sued in NJNon resident broker requesting an NJ license must?street address of the propertyNOT a part of a legal description of real property Activities of licenseeswork performed in anticipation of fee and or commission Nj exam fee$47 baselineNOT part of a metes and bounds legal property description?steeringThe Hamers, an African American couple who are interested in buying their first home, are being shown predominantly African American neighborhoods by their realtor. This practice is known as