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Exam (elaborations)

Nj Real Estate Unit Exam Questions And Correct Answers

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NJ REAL ESTATE UNIT EXAM QUESTIONS AND CORRECT ANSWERS

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In what type of ownership are CC&Rs enforced by a HOA?


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condos




The civil rights laws that affect the real estate industry help ensure that


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everyone has the opportunity to live wherever they can afford to live




Under the terms of a net lease, a commercial landlord would usually be responsible
for paying which of the following property expense?

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mortgage debt service




In NJ, what is the upper limit of appraisal values that are permitted by a licensed or
certified residential appraiser?


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$1 million




What housing discrimination does the Mt Laurel court decisions attempt to correct?


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Discrimination based on income level




The government sponsored enterprise that provides a secondary market for
conventional, FHA insured, and VA guaranteed loans is


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Fannie Mae




Why is the Civil Rights Act of 1866 unique?

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Covers only the areas of race and color




In which regulation is the Fair Housing Act contained?


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The Civil Rights Act of 1866




A widower signs a deed giving the farm to his grandson, but he tells no one and hides
the deed. The widower later forgets and sells the farm to a banker who receives a
deed and records it but tells no one. The widower dies, leaving everything to his
daughter in his will. The deed to his grandson is then discovered. Who owns the farm?


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the banker




An amendment


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changes the contract

, The seller collected rent of $1,000, payable in advance, from the third floor tenant on
June 1. Closing is set for June 15. How is this rent covered on the closing statement?


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the seller owes the buyer $500




What type of deposit into an escrow account is prohibited?


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credit card




What is used by an appraiser using the income approach?


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capitalization




Under an existing ordinance, signs that are placed on a building may extend no more
than three feet above the highest point of the roof. an owner wants to erect a nine-
foot high revolving sign on the roof of his store. in order to legally do this, the owner
must get a


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