New Jersey Real Estate Exam Questions With
Correct Answers
An |insurance |policy |which |combines |personal |liability |insurance |and |hazard |insurance |
coverage |for |a |dwelling |and |its |contents |is |called
a. |homeowner's |insurance
b. |buyer's |insurance
c. |error |and |omission |insurance
d. |all |of |the |above
a
What |is |the |status |of |a |contract |when |all |the |terms |have |been |fulfilled |and |the |transaction |has
|been |closed?
a. |fully |executed
b. |terminated
c. |voidable
d. |unenforceable
a
Subsurface |rights, |air |rights, |and |subsurface |rights |are |all |rights |that |can |be |sold |by |a |property
|owner |while |still |retaining |the |property |itself. |these |rights |are |known |as
a. |severable |rights
b. |littoral |rights
c. |owner's |rights
d. |riparian |rights
a
When |an |easement |allows |the |use |of |a |neighboring |property |which |automatically |transfers |
upon |the |sale |of |either |dominant |or |servient |property, |it |is |called |what |type |of |easement?
a. |easement |by |prescription
b. |easement |appurtenant
c. |easement |in |gross
d. |easement |of |utility
b
,Linda |purchased |a |fee |simple |interest |for |the |private |use |of |a |residential |property |for |one |
week |every |single |year. |What |did |Linda |purchase?
a. |shares |in |a |cooperative |building
b. |a |condominium
c. |common |elements
d. |resort |timeshare
d
What |is |the |highest |form |of |land |ownership |which |includes |the |full |and |complete |bundle |of |
property |rights?
a. |fee |simple |defeasible
b. |fee |simple |determinable
c. |fee |simple |condition |subsequent
d. |fee |simple |absolute
d
What |type |of |ownership |would |allow |two |or |more |owners |to |have |various |unequal |
percentages |of |ownership?
a. |joint |tenancy |with |rights |of |survivorship
b. |joint |tenancy
c. |tenancy |in |common
d. |tenancy |in |severalty
c
Tenancy |in |severalty |is |best |described |as:
a. |two |property |owners
b. |one |property |owner
c. |more |than |two |property |owners
d. |property |owned |by |a |corporation
b
Which |of |the |following |is |NOT |one |of |the |four |land |use |controls?
a. |police |power
b. |intestate
c. |escheat
d. |eminent |domain
b
, What |is |the |general |purpose |for |cities |to |require |building |permits?
a. |permit |fees |are |income |for |the |city
b. |control |the |amount |of |building |allowed
c. |to |supersede |deed |restrictions
d. |to |require |a |minimum |level |of |construction |standards
d
The |interest |rate |banks |charge |to |their |preferred |customers |is |called:
a. |the |graduated |rate
b. |the |preferred |rate
c. |the |prime |rate
d. |the |priority |rate
c
The |city |of |Brownwood |plans |to |build |a |new |water |treatment |facility |but |the |land |that |is |
required |is |privately |owned. |Eminent |domain |allows |the |city |to:
a. |take |possession |of |the |land |with |no |compensation |to |the |property |owner
b. |do |nothing, |the |City |does |not |own |the |land |and |they |cannot |take |it
c. |ask |the |property |owner |to |donate |the |land
d. |take |possession |of |the |land |against |the |owner's |wishes, |yet |the |owner |must |be |
compensated
d
When |the |appraised |value |of |a |property |is |given, |it |is |based |on:
a. |comparable |sales
b. |a |lower |purchase |price
c. |none |of |these
d. |an |exact |determination |of |market |value
a
Agent |Brook |is |preparing |for |a |listing |appointment |and |has |gathered |information |to |prepare |a |
report |of |recent |market |data |for |the |seller |to |review. |The |report |agents |reconcile |to |obtain |a |
reasonable |list |price |for |a |property |based |on |current |listings, |recent |sales, |and |expireds |would |
be |called:
a. |comparable |marketing |analytics |(CMA)
b. |broker |price |opinion |(BPO)
c. |comparative |market |analysis |(CMA)
d. |agent |market |analysis |(AMA)
Correct Answers
An |insurance |policy |which |combines |personal |liability |insurance |and |hazard |insurance |
coverage |for |a |dwelling |and |its |contents |is |called
a. |homeowner's |insurance
b. |buyer's |insurance
c. |error |and |omission |insurance
d. |all |of |the |above
a
What |is |the |status |of |a |contract |when |all |the |terms |have |been |fulfilled |and |the |transaction |has
|been |closed?
a. |fully |executed
b. |terminated
c. |voidable
d. |unenforceable
a
Subsurface |rights, |air |rights, |and |subsurface |rights |are |all |rights |that |can |be |sold |by |a |property
|owner |while |still |retaining |the |property |itself. |these |rights |are |known |as
a. |severable |rights
b. |littoral |rights
c. |owner's |rights
d. |riparian |rights
a
When |an |easement |allows |the |use |of |a |neighboring |property |which |automatically |transfers |
upon |the |sale |of |either |dominant |or |servient |property, |it |is |called |what |type |of |easement?
a. |easement |by |prescription
b. |easement |appurtenant
c. |easement |in |gross
d. |easement |of |utility
b
,Linda |purchased |a |fee |simple |interest |for |the |private |use |of |a |residential |property |for |one |
week |every |single |year. |What |did |Linda |purchase?
a. |shares |in |a |cooperative |building
b. |a |condominium
c. |common |elements
d. |resort |timeshare
d
What |is |the |highest |form |of |land |ownership |which |includes |the |full |and |complete |bundle |of |
property |rights?
a. |fee |simple |defeasible
b. |fee |simple |determinable
c. |fee |simple |condition |subsequent
d. |fee |simple |absolute
d
What |type |of |ownership |would |allow |two |or |more |owners |to |have |various |unequal |
percentages |of |ownership?
a. |joint |tenancy |with |rights |of |survivorship
b. |joint |tenancy
c. |tenancy |in |common
d. |tenancy |in |severalty
c
Tenancy |in |severalty |is |best |described |as:
a. |two |property |owners
b. |one |property |owner
c. |more |than |two |property |owners
d. |property |owned |by |a |corporation
b
Which |of |the |following |is |NOT |one |of |the |four |land |use |controls?
a. |police |power
b. |intestate
c. |escheat
d. |eminent |domain
b
, What |is |the |general |purpose |for |cities |to |require |building |permits?
a. |permit |fees |are |income |for |the |city
b. |control |the |amount |of |building |allowed
c. |to |supersede |deed |restrictions
d. |to |require |a |minimum |level |of |construction |standards
d
The |interest |rate |banks |charge |to |their |preferred |customers |is |called:
a. |the |graduated |rate
b. |the |preferred |rate
c. |the |prime |rate
d. |the |priority |rate
c
The |city |of |Brownwood |plans |to |build |a |new |water |treatment |facility |but |the |land |that |is |
required |is |privately |owned. |Eminent |domain |allows |the |city |to:
a. |take |possession |of |the |land |with |no |compensation |to |the |property |owner
b. |do |nothing, |the |City |does |not |own |the |land |and |they |cannot |take |it
c. |ask |the |property |owner |to |donate |the |land
d. |take |possession |of |the |land |against |the |owner's |wishes, |yet |the |owner |must |be |
compensated
d
When |the |appraised |value |of |a |property |is |given, |it |is |based |on:
a. |comparable |sales
b. |a |lower |purchase |price
c. |none |of |these
d. |an |exact |determination |of |market |value
a
Agent |Brook |is |preparing |for |a |listing |appointment |and |has |gathered |information |to |prepare |a |
report |of |recent |market |data |for |the |seller |to |review. |The |report |agents |reconcile |to |obtain |a |
reasonable |list |price |for |a |property |based |on |current |listings, |recent |sales, |and |expireds |would |
be |called:
a. |comparable |marketing |analytics |(CMA)
b. |broker |price |opinion |(BPO)
c. |comparative |market |analysis |(CMA)
d. |agent |market |analysis |(AMA)
