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Exam (elaborations)

Nj Real Estate Exam Notes 1 Questions With Correct Answers

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NJ REAL ESTATE EXAM NOTES 1 QUESTIONS WITH CORRECT ANSWERS

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Covenant of seisin


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The grantor warrants that he or she is the owner of the property and has
the right to convey title to it




The amount of notice the Real Estate Commission must give when checking a broker's
files


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No notice

,The date all real estate licenses expire


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June 30 of every odd year




Essential elements of a valid contract


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Competent parties, offer and acceptance - there must be a meeting of the
minds on each term of the contract, consideration, must be legal




Priority of liens


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Taxes and special assessments are always first priority. Other outstanding
liens are paid in the order of their date of recording




Number of business days you can hold a trust account check


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5

, Estate in land


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The amount and kind of ownership interest that a person has in real
property. There are freehold estates and less than freehold or leasehold
estates




Length of time a listing salesperson has to transmit all written offers to the seller


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24 hours




Truth-in-Lending Laws. For second mortgages and home equity loans, the buyer has a
right of rescission for


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3 days




New Jersey Law Against Discrimination - 1945


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