COLIBRI SCHOOL EXAM NJ LATEST ACTUAL EXAM 100
QUESTIONS AND CORRECT DETAILED ANSWERS WITH
RATIONALES (VERIFIED ANSWERS) |AGRADE
buyer pays seller to occupy and use property - ANSWER: land contract
buyer pays rent and other expenses - ANSWER: net lease
buyer pays only rent - ANSWER: gross lease
Tenants in common, 2 of 3 people die. Who gets the property of those who died? -
ANSWER: goes to heirs
Joint Tenancy, 3 of 4 people die. Who gets property of those who died? - ANSWER:
Tenant owns it in severality
Another word for principal - ANSWER: Client
Protected by Fair Housing Act - ANSWER: race, nat. origin, sex, color, religion,
disability, familial status
Not protected by Fair Housing Act - ANSWER: marital status
telling homeowners that property values will be declining because of ethical/racial
makeup is changing - ANSWER: Blockbusting
real estate put to its highest use - ANSWER: flat, paved parking lot
"This is the most prestigious street in town" - ANSWER: puffing
maximum fine for first offense - ANSWER: $5,000
an individual advertisement needs... - ANSWER: name and broker
a brokerage advertisement needs... - ANSWER: statement that they are licensed
if listing is submitted to MLS, must notify customer within... - ANSWER: 48 hours
Licensee must deliver Consumer Info Statement when... - ANSWER: at their next
meeting
a mortgage that covers 2 parcels of land - ANSWER: blanket mortgage
lease expires, tenants won't leave - ANSWER: tenancy at sufference
gas company intrudes on land to fix a gas line - ANSWER: easement in gross
, signs the deed at a closing - ANSWER: the seller
least likely to require a legal description - ANSWER: listing agreement
agent takes on a listing, decides to buy house for themselves - ANSWER: let the client
know
Open house, declined agency relationship... What does the agent owe the person? -
ANSWER: honesty
leak in the house, seller is trying to hide it but the agent finds it - ANSWER: disclose it
to the buyers
agent switches brokerages, what happens to their listings? - ANSWER: listings stay
with brokerage
a seller wants a certain amount, the rest of the money goes to the agent as
commission - ANSWER: net listing
refusing to make loans in a minority neighborhood - ANSWER: redlining
NOT an element for a valid and enforceable contract - ANSWER: consequence
seller keeps earnest money deposit when the buyer backs out - ANSWER: liquidity
damages
LEAST likely to be needed in a lease - ANSWER: security deposit
pledge of property as collateral for a loan - ANSWER: hypothecation
lender must deliver loan estimate within ... - ANSWER: 7 business days
broker pays agent within... - ANSWER: 10 days of receipt
beginning point (street name), then the direction to go - ANSWER: metes and
bounds
What can an unlicensed assistant NOT do? - ANSWER: call for late payments
principal, interest, taxes, insurance - ANSWER: PITI
Wetlands: need a permit for... - ANSWER: clearing, adding structures, draining/filling,
pesticides
Wetlands: do not need a permit for... - ANSWER: selling wetlands
QUESTIONS AND CORRECT DETAILED ANSWERS WITH
RATIONALES (VERIFIED ANSWERS) |AGRADE
buyer pays seller to occupy and use property - ANSWER: land contract
buyer pays rent and other expenses - ANSWER: net lease
buyer pays only rent - ANSWER: gross lease
Tenants in common, 2 of 3 people die. Who gets the property of those who died? -
ANSWER: goes to heirs
Joint Tenancy, 3 of 4 people die. Who gets property of those who died? - ANSWER:
Tenant owns it in severality
Another word for principal - ANSWER: Client
Protected by Fair Housing Act - ANSWER: race, nat. origin, sex, color, religion,
disability, familial status
Not protected by Fair Housing Act - ANSWER: marital status
telling homeowners that property values will be declining because of ethical/racial
makeup is changing - ANSWER: Blockbusting
real estate put to its highest use - ANSWER: flat, paved parking lot
"This is the most prestigious street in town" - ANSWER: puffing
maximum fine for first offense - ANSWER: $5,000
an individual advertisement needs... - ANSWER: name and broker
a brokerage advertisement needs... - ANSWER: statement that they are licensed
if listing is submitted to MLS, must notify customer within... - ANSWER: 48 hours
Licensee must deliver Consumer Info Statement when... - ANSWER: at their next
meeting
a mortgage that covers 2 parcels of land - ANSWER: blanket mortgage
lease expires, tenants won't leave - ANSWER: tenancy at sufference
gas company intrudes on land to fix a gas line - ANSWER: easement in gross
, signs the deed at a closing - ANSWER: the seller
least likely to require a legal description - ANSWER: listing agreement
agent takes on a listing, decides to buy house for themselves - ANSWER: let the client
know
Open house, declined agency relationship... What does the agent owe the person? -
ANSWER: honesty
leak in the house, seller is trying to hide it but the agent finds it - ANSWER: disclose it
to the buyers
agent switches brokerages, what happens to their listings? - ANSWER: listings stay
with brokerage
a seller wants a certain amount, the rest of the money goes to the agent as
commission - ANSWER: net listing
refusing to make loans in a minority neighborhood - ANSWER: redlining
NOT an element for a valid and enforceable contract - ANSWER: consequence
seller keeps earnest money deposit when the buyer backs out - ANSWER: liquidity
damages
LEAST likely to be needed in a lease - ANSWER: security deposit
pledge of property as collateral for a loan - ANSWER: hypothecation
lender must deliver loan estimate within ... - ANSWER: 7 business days
broker pays agent within... - ANSWER: 10 days of receipt
beginning point (street name), then the direction to go - ANSWER: metes and
bounds
What can an unlicensed assistant NOT do? - ANSWER: call for late payments
principal, interest, taxes, insurance - ANSWER: PITI
Wetlands: need a permit for... - ANSWER: clearing, adding structures, draining/filling,
pesticides
Wetlands: do not need a permit for... - ANSWER: selling wetlands
