NJ Real Estate Exam: Practice Questions & Answers:
Updated A+ Guide Solution
/. If a broker is expecting to receive 6% commission on a sale of $250,000 house, what
will the commission be?
a) $750
b) $1,500
c) $7,500
d) $15,000 - Answer-d) $15,000
/.A lot measuring 240' by 400' is selling for $400 a front foot. What is the price?
a) $1,600
b) $16,000
c) $72,000
d) $96,000 - Answer-d) $96,000
/.If the frontage of a half acre lot is 100 feet, how deep is it?
a) 154 ft
b) 218 ft
c) 248 ft
d) 436 ft - Answer-b) 218 ft
/.An acre is how many Sqft? - Answer-1 Acre= 43,560 Sqft.
A section = 640 acres
/.Life Estate - Answer-Is limited to the life of a specific person; life estate ends with the
death of the owner.
/.Which fact or facts is (are) TRUE concerning the DVA loan?
a) a DVA loan cannot be assumed
b) DVA loans made after March
1,1998 are freely assumable
c) the veteran must be careful how she/he uses up eligibility
d) the DVA fixes the rate of interest charged by the lender - Answer-d) the DVA fixes the
rate of interest charged by the lender.
, /.If the tenant exercises his option to buy, can he force the landlord to sell? - Answer-
YES
/.A "JUMBO" loan is: - Answer-A loan higher than the secondary markets limit.
/.Selling price: $325,000, 20% down and 2 points plus $2,000 closing fees. What is the
total cash required to close?
a) 71,500
b) 72,200
c) 73,500
d) 75,600 - Answer-b) $72,200
/.Which of the following is NOT characteristic of a DVA loan?
a) loan is guaranteed
b) owner occupied
c) loan is insured
d) little or no down payment - Answer-c) loan is insured
/.If a lender charges 2 points on a $60,000 loan, how much does the lender get?
a) 120
b) 1,200
c) 2,400
d) none of the above - Answer-b) $1,200
/.A broker establishes a company policy of charging no less than 6% commission, is this
legal? - Answer-YES
/.Money in a trust account, Broker must?
a) keep accurate records
b) may withdraw commission amount - Answer-a) keep accurate records
/.One who has the right to sign the name of a principal to a contract of sale is:
a) an attorney in fact
b) broker with a listing
c) a special agent
d) an attorney at law - Answer-a) an attorney in fact
/.A deed made and delivered but NOT recorded is:
a) valid between the parties and valid as to third parties with notice
Updated A+ Guide Solution
/. If a broker is expecting to receive 6% commission on a sale of $250,000 house, what
will the commission be?
a) $750
b) $1,500
c) $7,500
d) $15,000 - Answer-d) $15,000
/.A lot measuring 240' by 400' is selling for $400 a front foot. What is the price?
a) $1,600
b) $16,000
c) $72,000
d) $96,000 - Answer-d) $96,000
/.If the frontage of a half acre lot is 100 feet, how deep is it?
a) 154 ft
b) 218 ft
c) 248 ft
d) 436 ft - Answer-b) 218 ft
/.An acre is how many Sqft? - Answer-1 Acre= 43,560 Sqft.
A section = 640 acres
/.Life Estate - Answer-Is limited to the life of a specific person; life estate ends with the
death of the owner.
/.Which fact or facts is (are) TRUE concerning the DVA loan?
a) a DVA loan cannot be assumed
b) DVA loans made after March
1,1998 are freely assumable
c) the veteran must be careful how she/he uses up eligibility
d) the DVA fixes the rate of interest charged by the lender - Answer-d) the DVA fixes the
rate of interest charged by the lender.
, /.If the tenant exercises his option to buy, can he force the landlord to sell? - Answer-
YES
/.A "JUMBO" loan is: - Answer-A loan higher than the secondary markets limit.
/.Selling price: $325,000, 20% down and 2 points plus $2,000 closing fees. What is the
total cash required to close?
a) 71,500
b) 72,200
c) 73,500
d) 75,600 - Answer-b) $72,200
/.Which of the following is NOT characteristic of a DVA loan?
a) loan is guaranteed
b) owner occupied
c) loan is insured
d) little or no down payment - Answer-c) loan is insured
/.If a lender charges 2 points on a $60,000 loan, how much does the lender get?
a) 120
b) 1,200
c) 2,400
d) none of the above - Answer-b) $1,200
/.A broker establishes a company policy of charging no less than 6% commission, is this
legal? - Answer-YES
/.Money in a trust account, Broker must?
a) keep accurate records
b) may withdraw commission amount - Answer-a) keep accurate records
/.One who has the right to sign the name of a principal to a contract of sale is:
a) an attorney in fact
b) broker with a listing
c) a special agent
d) an attorney at law - Answer-a) an attorney in fact
/.A deed made and delivered but NOT recorded is:
a) valid between the parties and valid as to third parties with notice
