A real estate salesman shows a pre-World War 1 house to a prospective buyer who
has two toddlers and is worried about potential health hazards. In this situation
A) There is a risk that urea-formaldehyde foam insulation was used in the original
construction
B) The licensed real estate salesman can offer to inspect for lead and remove any
lead risks
C) Because the house was built before 1978, there is a likelihood of the presence of
lead-based paint, and federal disclosure laws must be complied with
D) There is a possibility of lead poisoning only if there are paint chips to chew and
swallow
Give this one a try later!
C - Because the house was built before 1978, there is a good likelihood of
the presence of lead-based paint, and federal disclosure laws must be
complied with
,In New Jersey, the buyer who purchases out-of-state subdivided land may cancel the
contract for no reason within
A) three days
B) seven calendar days
C) ten days
D) one month
Give this one a try later!
B - seven calendar days
Commissions usually are earned when
A) The buyer makes a purchase offer
B) The seller accepts the buyers offer without conditions
C) A new mortgage has been promised by the lender
D) Title to the property transfers
Give this one a try later!
D - Title to property transfers
An interest rate that exceeds the legal rate is called
A) Usury
B) Deficiency
C) Escheat
D) Void
Give this one a try later!
, A - Usury
The IRS taxes income not really received if a mortgage interest rate is
A) Above federal usury limits
B) Charged by a seller
C) Set by the state
D) Below the applicable rate
Give this one a try later!
D - Below the applicable rate
Which of the following would NOT be a part of the development cost of land?
A) curbs and gutters
B) installation of telephone lines
C) raw land cost
D) developer overhead
Give this one a try later!
C - raw land cost
Shortly after their marriage, a couple buys a home together. If the deed states nothing
to the contrary, they are
A) Tenants by the entirety
B) Joint tenants
C) Tenants in common
D) Tenants in severalty
, Give this one a try later!
A - Tenants by the entirety
A tenant's lease has expired, the tenant has neither vacated nor negotiated a renewal
lease, and the landlord has declared that she does not want the tenant to remain in
the building. The tenancy is called
A) Estate for years
B) Periodic estate
C) Tenancy at will
D) Tenancy at sufferance
Give this one a try later!
D - Tenancy at sufferance
At the time the owner listed his home with a salesperson, he informs her of his general
dislike of members of a particular ethnic group. The salesperson later shows the home
to two prospective buyers, one of whom is a member of this group and both make an
offer. When the owner contacts the agent again, she does not present him with the
lower offer, which was made by the member of the minority group. The salesperson
has violated:
A) The Civil Rights Act of 1866
B) Only the NJ real estate license law
C) The NJ Law Against Discrimination, federal fair housing laws, and NJ Real Estate
License Law
D) Federal fair housing laws
Give this one a try later!
has two toddlers and is worried about potential health hazards. In this situation
A) There is a risk that urea-formaldehyde foam insulation was used in the original
construction
B) The licensed real estate salesman can offer to inspect for lead and remove any
lead risks
C) Because the house was built before 1978, there is a likelihood of the presence of
lead-based paint, and federal disclosure laws must be complied with
D) There is a possibility of lead poisoning only if there are paint chips to chew and
swallow
Give this one a try later!
C - Because the house was built before 1978, there is a good likelihood of
the presence of lead-based paint, and federal disclosure laws must be
complied with
,In New Jersey, the buyer who purchases out-of-state subdivided land may cancel the
contract for no reason within
A) three days
B) seven calendar days
C) ten days
D) one month
Give this one a try later!
B - seven calendar days
Commissions usually are earned when
A) The buyer makes a purchase offer
B) The seller accepts the buyers offer without conditions
C) A new mortgage has been promised by the lender
D) Title to the property transfers
Give this one a try later!
D - Title to property transfers
An interest rate that exceeds the legal rate is called
A) Usury
B) Deficiency
C) Escheat
D) Void
Give this one a try later!
, A - Usury
The IRS taxes income not really received if a mortgage interest rate is
A) Above federal usury limits
B) Charged by a seller
C) Set by the state
D) Below the applicable rate
Give this one a try later!
D - Below the applicable rate
Which of the following would NOT be a part of the development cost of land?
A) curbs and gutters
B) installation of telephone lines
C) raw land cost
D) developer overhead
Give this one a try later!
C - raw land cost
Shortly after their marriage, a couple buys a home together. If the deed states nothing
to the contrary, they are
A) Tenants by the entirety
B) Joint tenants
C) Tenants in common
D) Tenants in severalty
, Give this one a try later!
A - Tenants by the entirety
A tenant's lease has expired, the tenant has neither vacated nor negotiated a renewal
lease, and the landlord has declared that she does not want the tenant to remain in
the building. The tenancy is called
A) Estate for years
B) Periodic estate
C) Tenancy at will
D) Tenancy at sufferance
Give this one a try later!
D - Tenancy at sufferance
At the time the owner listed his home with a salesperson, he informs her of his general
dislike of members of a particular ethnic group. The salesperson later shows the home
to two prospective buyers, one of whom is a member of this group and both make an
offer. When the owner contacts the agent again, she does not present him with the
lower offer, which was made by the member of the minority group. The salesperson
has violated:
A) The Civil Rights Act of 1866
B) Only the NJ real estate license law
C) The NJ Law Against Discrimination, federal fair housing laws, and NJ Real Estate
License Law
D) Federal fair housing laws
Give this one a try later!
