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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
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as.
|
1. Quitclaim Deed |
2. General Warranty Deed | |
3. Bargain and Sale Deed | | |
4. Bargain and Sale Deed, CAG - correct answer- Bargain and
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Sale Deed, CAG
| | |
Taxes raised to pay for improvements that benefit real estate are
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referred to as
| | |
1. Special Assessments |
2. Facilities Taxes |
3. Ad Valorem Taxes | |
4. Luxury Rates - correct answer- Special Assessments
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After Borrowers have indicated an intent to proceed, the lender
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1. is prohibited from asking for any additional information
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2. approves their loan application | | |
3. can ask for additional fees to process the loan application.
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4. can provide a temporary approval letter - correct answer-
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In a blanket mortgage, the clause that allows the developer the
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right to sell an individual lot without having to pay off the entire
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principal amount is called a
| | | | |
1. Partial Release Clause | |
2. Subordination Clause |
3. Defeasance Clause |
4. Prepayment Clause - correct 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) - correct answer- Deeds- Must be
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notarized
|
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Which law prohibits ALL racial discrimination in housing, with no
| | | | | | | | |
exceptions?
|
1. Jones v MayerAct | | |
2. Fair Housing Act of 1968 | | | |
3. Civil Rights Act of 1965 | | | |
4. Civil Rights Act of 1866 - correct answer- Civil Rights Act of
| | | | | | | | | | |
1866
|
In order to convert an oral agreement into a written listing, the
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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 - correct answer- 5 Days
| | | | | |
In New Jersey, a conveyance to a married couple creates a
| | | | | | | | | |
1. Tenancy by the entirety | | |
2. Partnership
3. Tenancy in common | |
4. Joint Tenancy - correct answer- Tenancy by the entirety
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Aseller's broker must transmit to her principle
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1. All written offers | |
2. All reasonable written offers
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3. All reasonable offers| |
4. Copies of all advertisements on the property. - correct
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answer-
|
Which of these protects suppliers and laborers?
| | | | | |
1. Encroachment
2. License
3. Mechanic's or construction lien | | |
4. Easement - correct answer- Mechanic's or construction lien | | | | | | |
Aman 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 |
| | | | | |
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 - correct 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 - correct answer- Special Assessments
| | | | | |
After Borrowers have indicated an intent to proceed, the lender
| | | | | | | | |
1. is prohibited from asking for any additional information
| | | | | | |
,2 | Page
| | | | | |
2. approves their loan application | | |
3. can ask for additional fees to process the loan application.
| | | | | | | | |
4. can provide a temporary approval letter - correct 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 |
4. Prepayment Clause - correct 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) - correct answer- Deeds- Must be
| | | | | | | |
notarized
|
,3 | Page
| | | | | |
Which law prohibits ALL racial discrimination in housing, with no
| | | | | | | | |
exceptions?
|
1. Jones v MayerAct | | |
2. Fair Housing Act of 1968 | | | |
3. Civil Rights Act of 1965 | | | |
4. Civil Rights Act of 1866 - correct 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 - correct answer- 5 Days
| | | | | |
In New Jersey, a conveyance to a married couple creates a
| | | | | | | | | |
1. Tenancy by the entirety | | |
2. Partnership
3. Tenancy in common | |
4. Joint Tenancy - correct answer- Tenancy by the entirety
| | | | | | | |
, 4 | Page
| | | | | |
Aseller'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. - correct
| | | | | | | |
answer-
|
Which of these protects suppliers and laborers?
| | | | | |
1. Encroachment
2. License
3. Mechanic's or construction lien | | |
4. Easement - correct answer- Mechanic's or construction lien | | | | | | |
Aman 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 |
