NJ REAL ESTATE 2026 FULLY SOLVED
ANSWERS AND TEST PAPER
⫸ 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
ANSWERS AND TEST PAPER
⫸ 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
