NJ Real Estate Final Exam Weichert Flashcards

NJ Real Estate Final Exam Weichert Flashcards A power company has the right to install electric linesacross property controlled by different owners. The powercompany has an easementA. by necessity.B. in gross.C. by prescription.D. appurtenant.

• in gross.

One essential element of a fiduciary relationship isputting the principal's interests above all others Certain items on the premises that are installed by thetenant and are related to the tenants business are calledA. fixtures.B. emblements.C. trade fixtures.D.easements.

• trade fixtures

A man conveys the ownership of his house to his motherand stipulates that upon her death he will recapture theownership. The interest the man has in the ownership is aA. remainder estate.B. curtesy estate.C. legal life estate.D. reversion estate.

• reversion estate.

A radiator in a single family home is considered fixture Your neighbors use your driveway to reach their garage ontheir property. Your attorney explains that the ownership ofthe neighbors' real estate includes an easement appurtenantgiving them the driveway right. Your property is theA. leasehold interest.B. dominant tenement.C. servient estate.D. license property.

• servient estate.

Undercover volunteers who visit real estate offices

todetermine if all applicants are treated fairly are called:A.

testers.B. samplers.C. racial analysts.D. illegal analysts.

• testers.

The type of listing agreement that providesfor the payment of a commission to thebroker even if the owner makes the salewithout the broker's help is called anA.exclusive-right-to-sell listing.B. open listing.C.exclusive-agency listing.D. option listing.

• exclusive-right-to-sell listing.

A rental referral agency charges prospective tenants an advance fee of $50. This fee must be deposited in an escrow account The broker enters into a listing agreementwith a seller in which the seller will receive$12,000 from the sale of a lot and the brokerwill receive any sale proceeds over thisamount. This type of listing isA. a gross listing.B. a legal and ethical way to ensure that thebroker is compensated.C.an exclusive agency.D. a net listing.

• a net listing.

Which type of ownership is regarded in the same light as the owner of a single family dwelling?A. Leasehold estateB.Life estateC. Cooperative ownershipD. Condominium ownership

• Condominium ownership

A homeowner acquired the ownership of land that wasdeposited by a river running through her property byA.reliction.B. succession.C. avulsion.D. accretion.

• accretion.

The Fair Housing Act is contained inTitle VIII of the Civil Rights Act of 1968 What is an example of dual agency?A broker represents both the buyer and the seller in thesame transaction Tax assessors in the state of New Jersey attempt to assess property atA. 25 percent of value.B. 50 percent of value.C.75 percent of value.D. full value.

• full value.

the New Jersey salesperson's license examination cost$47 A rental referral agency advertises the availability of an apartment. How often must they check the availability of the unit?Every day A failure to renew will void a license after two years Under which of the following listingagreements can the owner of listed propertysell the property on her own without havingto pay the listing broker a commission?A.Exclusive-right-to-sell listing onlyB. Exclusive-agency listing onlyC. Open and exclusive-agency listingsD. Open listing only

• Open and exclusive-agency listings

The occupancy rights of the owners in a cooperative building are based onA. the number of shares of stock held.B. a proprietary lease.C. the articles of incorporation.D. the bylaws of the cooperative association.

• a proprietary lease.

A seller is unhappy with the performance of the real estatebroker. How can the seller terminate the agencyrelationship?Revoking the listing agreement The violation referred to as "commingling" refers tothe mixing of broker funds with trust funds Which of the following phrases is legal to use whenadvertising real estate for sale or rent?A. Chapel on premisesB. Married couple onlyC. Wife's dream kitchenD.Near a great Catholic school

• Chapel on premises

Which of the following is a freehold estate?A. Life estateB.Estate for yearsC. Estate at willD. Easement in gross

• Life estate

Both the ad valorem tax and a special assessment taxA.are calculated using the same method.B. allow a deduction for senior citizens and veterans.C. are levied for the general support or operation of the local government.D.levied against specific parcels of property.

• levied against specific parcels of property.

A referral agent is allowed to only refer prospects for brokerage services to the supervising broker or the broker's designate Taxing authorities can determine a tax rate byA. dividing budgetary needs by the assessment roll.B. multiplying the assessment roll by the equalization factor.C. multiplying the budgetary needs by .001.D. subtracting the budget needs

from the assessment roll.

• dividing budgetary needs by the assessment roll.

A man and a woman bought a store building and took title as joint tenants. The woman died testate. The man now owns the storeA. as a joint tenant with rights of

survivorship.B. in severalty.C. as a tenant in common with the woman's heirs.D. in trust.

• in severalty.

A real estate salesperson who is an independent contractorreceives negotiated commissions on transactions