NJ REAL ESTATE PRACTICE EXAM QUESTIONS AND ANSWERS
The type of deed that warrants only that the grantor has not impaired the title during the term in which
he held it is referred to as.
1. Quitclaim Deed
2. General Warranty Deed
3. Bargain and Sale Deed
4. Bargain and Sale Deed, CAG - (ANSWER)Bargain and Sale Deed, CAG
Taxes raised to pay for improvements that benefit real estate are referred to as
1. Special Assessments
2. Facilities Taxes
3. Ad Valorem Taxes
4. Luxury Rates - (ANSWER)Special Assessments
After Borrowers have indicated an intent to proceed, the lender
1. is prohibited from asking for any additional information
2. approves their loan application
3. can ask for additional fees to process the loan application.
4. can provide a temporary approval letter - (ANSWER)
In a blanket mortgage, the clause that allows the developer the right to sell an individual lot without
having to pay off the entire principal amount is called a
1. Partial Release Clause
2. Subordination Clause
3. Defeasance Clause
,NJ REAL ESTATE PRACTICE EXAM QUESTIONS AND ANSWERS
4. Prepayment Clause - (ANSWER)Partial Release Clause
Which of these documents is typically recorded in the public records?
1. Sales Contract
2. Deed
3. Closing statement (CD)
4. Loan Estimate (LE) - (ANSWER)Deeds- Must be notarized
Which law prohibits ALL racial discrimination in housing, with no exceptions?
1. Jones v Mayer Act
2. Fair Housing Act of 1968
3. Civil Rights Act of 1965
4. Civil Rights Act of 1866 - (ANSWER)Civil Rights Act of 1866
In order to convert an oral agreement into a written listing, the broker must deliver a written
memorandum of the agreement to the client within how many days?
1. 5 days
2. 10 days
3. 30 days
4. 1 day - (ANSWER)5 Days
In New Jersey, a conveyance to a married couple creates a
1. Tenancy by the entirety
2. Partnership
, NJ REAL ESTATE PRACTICE EXAM QUESTIONS AND ANSWERS
3. Tenancy in common
4. Joint Tenancy - (ANSWER)Tenancy by the entirety
A seller's broker must transmit to her principle
1. All written offers
2. All reasonable written offers
3. All reasonable offers
4. Copies of all advertisements on the property. - (ANSWER)
Which of these protects suppliers and laborers?
1. Encroachment
2. License
3. Mechanic's or construction lien
4. Easement - (ANSWER)Mechanic's or construction lien
A man and a woman are not married but own property together. The man dies in an accident and the
woman now owns the property in severalty. The man and woman held the title in
1. Tenancy in Common
2. Tenancy by the entirety
3. Joint Tenancy
4. Life Tenancy - (ANSWER)
The approach that uses the concept of deprecation is the
1. Cost Approach
The type of deed that warrants only that the grantor has not impaired the title during the term in which
he held it is referred to as.
1. Quitclaim Deed
2. General Warranty Deed
3. Bargain and Sale Deed
4. Bargain and Sale Deed, CAG - (ANSWER)Bargain and Sale Deed, CAG
Taxes raised to pay for improvements that benefit real estate are referred to as
1. Special Assessments
2. Facilities Taxes
3. Ad Valorem Taxes
4. Luxury Rates - (ANSWER)Special Assessments
After Borrowers have indicated an intent to proceed, the lender
1. is prohibited from asking for any additional information
2. approves their loan application
3. can ask for additional fees to process the loan application.
4. can provide a temporary approval letter - (ANSWER)
In a blanket mortgage, the clause that allows the developer the right to sell an individual lot without
having to pay off the entire principal amount is called a
1. Partial Release Clause
2. Subordination Clause
3. Defeasance Clause
,NJ REAL ESTATE PRACTICE EXAM QUESTIONS AND ANSWERS
4. Prepayment Clause - (ANSWER)Partial Release Clause
Which of these documents is typically recorded in the public records?
1. Sales Contract
2. Deed
3. Closing statement (CD)
4. Loan Estimate (LE) - (ANSWER)Deeds- Must be notarized
Which law prohibits ALL racial discrimination in housing, with no exceptions?
1. Jones v Mayer Act
2. Fair Housing Act of 1968
3. Civil Rights Act of 1965
4. Civil Rights Act of 1866 - (ANSWER)Civil Rights Act of 1866
In order to convert an oral agreement into a written listing, the broker must deliver a written
memorandum of the agreement to the client within how many days?
1. 5 days
2. 10 days
3. 30 days
4. 1 day - (ANSWER)5 Days
In New Jersey, a conveyance to a married couple creates a
1. Tenancy by the entirety
2. Partnership
, NJ REAL ESTATE PRACTICE EXAM QUESTIONS AND ANSWERS
3. Tenancy in common
4. Joint Tenancy - (ANSWER)Tenancy by the entirety
A seller's broker must transmit to her principle
1. All written offers
2. All reasonable written offers
3. All reasonable offers
4. Copies of all advertisements on the property. - (ANSWER)
Which of these protects suppliers and laborers?
1. Encroachment
2. License
3. Mechanic's or construction lien
4. Easement - (ANSWER)Mechanic's or construction lien
A man and a woman are not married but own property together. The man dies in an accident and the
woman now owns the property in severalty. The man and woman held the title in
1. Tenancy in Common
2. Tenancy by the entirety
3. Joint Tenancy
4. Life Tenancy - (ANSWER)
The approach that uses the concept of deprecation is the
1. Cost Approach
