NJ Real Estate Practice Test A 110
complete solutions.
NJ Real Estate Practice Test A 110
complete solutions.
Which of the following is NOT considered an improvement to land? - ANSWER crops
To the seller's agent, the buyer is properly described as? - ANSWER Customer
which appraisal approach computes the value of the land separately from the buildings? - ANSWER Cost
A person who has absolute control of a parcel of real estate is said to own a: - ANSWER Fee Simple
Jimmy Gummybears lets his neighbor, Maddie Mackey, store her camper in his yard for a few weeks. He
does not charge her rent. He has given Blank a (n): - ANSWER License
The HUD-1 statement will still be used for a mortgage secured by a: - ANSWER Reverse Mortgage
A legal description that defines the boundary lines is called? - ANSWER Metes and Bounds
Which of the Following is considered dual agency? - ANSWER Broker acting for both buyer and seller
Which of the following is a lien that does NOT need to be recorded? - ANSWER Real estate taxes
The term "depreciation" refers to? - ANSWER A loss of value due to any cause
Whether a salesperson is associated with a broker as an employee or as an independent contractor is
important... - ANSWER for income tax purposes
A township contains: - ANSWER 36 sections
, NJ Real Estate Practice Test A 110
complete solutions.
A merchant signs a lease for $800/mo or 6% of gross sales, whichever is more. In July gross sales were
$14,000. How much is the rent for July? - ANSWER $840
Jacy Bell gave the hospital a vacant lot for "as long as it is used for hospital purposes." The hospital owns
a? - ANSWER fee determinable
The buyer moves in and pays expenses and loan payments but the seller retains title in a? - ANSWER
Land contract
A tenant's written, one-year lease expires on May 1. To obtain possession on May 1, the landlord must
give the tenant: - ANSWER No notice
Which of the following situations will NOT delay closing under the TRID rules? - ANSWER Escrow amount
for taxes and insurance was changed.
The Villari's own property that the city wants to use to extend the airport runway. The Villari's refuse to
sell. The city may acquire this property by its right of: - ANSWER Eminent Domain
Jenna sold her listed home herself and didn't owe anyone a commission. The listing she had signed was
probably a (n): - ANSWER Exclusive-agency listing
Federal income tax regulations allow a homeowner to reduce taxable income by amounts paid for: -
ANSWER interest and property tax
A grantor becomes a lessee, and the grantee becomes the lessor, in a? - ANSWER Sale and Leaseback
Brad Chad has defaulted in payment of several debts, and a court has ordered his property sold to
satisfy them, Which of the following would be considered the prior lien? - ANSWER Current Real estate
taxes
complete solutions.
NJ Real Estate Practice Test A 110
complete solutions.
Which of the following is NOT considered an improvement to land? - ANSWER crops
To the seller's agent, the buyer is properly described as? - ANSWER Customer
which appraisal approach computes the value of the land separately from the buildings? - ANSWER Cost
A person who has absolute control of a parcel of real estate is said to own a: - ANSWER Fee Simple
Jimmy Gummybears lets his neighbor, Maddie Mackey, store her camper in his yard for a few weeks. He
does not charge her rent. He has given Blank a (n): - ANSWER License
The HUD-1 statement will still be used for a mortgage secured by a: - ANSWER Reverse Mortgage
A legal description that defines the boundary lines is called? - ANSWER Metes and Bounds
Which of the Following is considered dual agency? - ANSWER Broker acting for both buyer and seller
Which of the following is a lien that does NOT need to be recorded? - ANSWER Real estate taxes
The term "depreciation" refers to? - ANSWER A loss of value due to any cause
Whether a salesperson is associated with a broker as an employee or as an independent contractor is
important... - ANSWER for income tax purposes
A township contains: - ANSWER 36 sections
, NJ Real Estate Practice Test A 110
complete solutions.
A merchant signs a lease for $800/mo or 6% of gross sales, whichever is more. In July gross sales were
$14,000. How much is the rent for July? - ANSWER $840
Jacy Bell gave the hospital a vacant lot for "as long as it is used for hospital purposes." The hospital owns
a? - ANSWER fee determinable
The buyer moves in and pays expenses and loan payments but the seller retains title in a? - ANSWER
Land contract
A tenant's written, one-year lease expires on May 1. To obtain possession on May 1, the landlord must
give the tenant: - ANSWER No notice
Which of the following situations will NOT delay closing under the TRID rules? - ANSWER Escrow amount
for taxes and insurance was changed.
The Villari's own property that the city wants to use to extend the airport runway. The Villari's refuse to
sell. The city may acquire this property by its right of: - ANSWER Eminent Domain
Jenna sold her listed home herself and didn't owe anyone a commission. The listing she had signed was
probably a (n): - ANSWER Exclusive-agency listing
Federal income tax regulations allow a homeowner to reduce taxable income by amounts paid for: -
ANSWER interest and property tax
A grantor becomes a lessee, and the grantee becomes the lessor, in a? - ANSWER Sale and Leaseback
Brad Chad has defaulted in payment of several debts, and a court has ordered his property sold to
satisfy them, Which of the following would be considered the prior lien? - ANSWER Current Real estate
taxes
