NJ REAL ESTATE EXAM 2 PRACTICE STUDY
SHEET 2026 QUESTIONS WITH FULL SOLUTION
GRADED A+
◉ A lot measuring 240' by 400' is selling for $400 a front foot. What
is the price?
a) $1,600
b) $16,000
c) $72,000
d) $96,000. Answer: d) $96,000
◉ If the frontage of a half acre lot is 100 feet, how deep is it?
a) 154 ft
b) 218 ft
c) 248 ft
d) 436 ft. Answer: b) 218 ft
◉ An acre is how many Sqft?. Answer: 1 Acre= 43,560 Sqft.
,A section = 640 acres
◉ Life Estate. Answer: Is limited to the life of a specific person; life
estate ends with the death of the owner.
◉ Which fact or facts is (are) TRUE concerning the DVA loan?
a) a DVA loan cannot be assumed
b) DVA loans made after March
1,1998 are freely assumable
c) the veteran must be careful how she/he uses up eligibility
d) the DVA fixes the rate of interest charged by the lender. Answer:
d) the DVA fixes the rate of interest charged by the lender.
◉ If the tenant exercises his option to buy, can he force the landlord
to sell?. Answer: YES
◉ A "JUMBO" loan is:. Answer: A loan higher than the secondary
markets limit.
◉ Selling price: $325,000, 20% down and 2 points plus $2,000
closing fees. What is the total cash required to close?
, a) 71,500
b) 72,200
c) 73,500
d) 75,600. Answer: b) $72,200
◉ Which of the following is NOT characteristic of a DVA loan?
a) loan is guaranteed
b) owner occupied
c) loan is insured
d) little or no down payment. Answer: c) loan is insured
◉ If a lender charges 2 points on a $60,000 loan, how much does the
lender get?
a) 120
b) 1,200
c) 2,400
d) none of the above. Answer: b) $1,200
◉ A broker establishes a company policy of charging no less than
6% commission, is this legal?. Answer: YES
SHEET 2026 QUESTIONS WITH FULL SOLUTION
GRADED A+
◉ A lot measuring 240' by 400' is selling for $400 a front foot. What
is the price?
a) $1,600
b) $16,000
c) $72,000
d) $96,000. Answer: d) $96,000
◉ If the frontage of a half acre lot is 100 feet, how deep is it?
a) 154 ft
b) 218 ft
c) 248 ft
d) 436 ft. Answer: b) 218 ft
◉ An acre is how many Sqft?. Answer: 1 Acre= 43,560 Sqft.
,A section = 640 acres
◉ Life Estate. Answer: Is limited to the life of a specific person; life
estate ends with the death of the owner.
◉ Which fact or facts is (are) TRUE concerning the DVA loan?
a) a DVA loan cannot be assumed
b) DVA loans made after March
1,1998 are freely assumable
c) the veteran must be careful how she/he uses up eligibility
d) the DVA fixes the rate of interest charged by the lender. Answer:
d) the DVA fixes the rate of interest charged by the lender.
◉ If the tenant exercises his option to buy, can he force the landlord
to sell?. Answer: YES
◉ A "JUMBO" loan is:. Answer: A loan higher than the secondary
markets limit.
◉ Selling price: $325,000, 20% down and 2 points plus $2,000
closing fees. What is the total cash required to close?
, a) 71,500
b) 72,200
c) 73,500
d) 75,600. Answer: b) $72,200
◉ Which of the following is NOT characteristic of a DVA loan?
a) loan is guaranteed
b) owner occupied
c) loan is insured
d) little or no down payment. Answer: c) loan is insured
◉ If a lender charges 2 points on a $60,000 loan, how much does the
lender get?
a) 120
b) 1,200
c) 2,400
d) none of the above. Answer: b) $1,200
◉ A broker establishes a company policy of charging no less than
6% commission, is this legal?. Answer: YES
