What duty does an agent acting as a property manager owe a property owner?
A. Principal Duties
B. Fiduciary Duties
C. Legal Duties
D. Regulatory Duties
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B - A property management agreement creates a general agency between
the property owner and the licensee, therefore a property manager owes
the property owner fiduciary duties. The fiduciary duty requires the agent to
act in the property owner's best interest
Which estate requires the presence of all four unities + marriage?
A. Joint tenancy
B. Tenancy in common
,C. Community property
D. Tenancy by the entirely
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D - It's essentially a special type of joint tenancy reserved for married
couples. So while tenancy by the entirety does include the four unities, it's
not the only one that does — joint tenancy is the broader answer, which is
why A is the correct exam answer unless the question asks specifically
about marriage-based ownership.
Surface rights, air rights and subsurface rights are all rights that can be sold by a
property owner while still retaining the property itself. These rights are known as:
A. Severable Rights
B. Littoral Rights
C. Owner's Rights
D. Riparian Rights
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A
Surface Rights, Air Rights, and Subsurface Rights can be sold separately
and are called Severable Rights.
All of the following are involved in the secondary mortgage market EXCEPT for which
one?
A. Mortgage lenders
B. Mortgage brokers
C. Government-sponsored enterprises
D. Homebuyers
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, D - The secondary mortgage market involves various entities like mortgage
lenders, mortgage brokers, and government-sponsored enterprises (such
as Fannie Mae and Freddie Mac), but homebuyers are not directly involved
in this market.
In real estate, what is the closest meaning to the term "quieting a title"?
A. Clearing any liens or encumbrances on a property
B. Transferring ownership from the seller to the buyer
C. Resolving disputes over property boundaries
D. conducting a thorough property inspection
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A
"Quieting a title" refers to the legal process of resolving any claims, defects,
or disputes that could cloud or challenge the ownership rights of a
property, ensuring a clear and marketable title.
A landlord selling his property collected June rent from five tenants: two at $345 and
three at $425. What is the total rent collected?
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$1,965
Under NJ real estate law, which entity is responsible for holding earnest money
deposits?
A. The buyer's attorney
B. The broker
, C. The seller
D. The mortgage lender
Give this one a try later!
B - in NJ, brokers are typically responsible for holding earnest money
deposits in a trust account until the transaction is completed or otherwise
directed
The beautiful town of Big Bear is experiencing a fast influx of new residents. There are
few homes on the market and no new construction developments in the works. What
will this do to the price of the existing homes in the area?
A. The prices will decline over time
B. The prices will remain stable
C. The prices will decline swiftly
D. The prices will increase
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D
The principle of supply and demand control property values. An influx of
new residents in an area with limited housing drives property values up
When a claim against a licensee is filed, and the Real Estate Recovery Fund is used to
compensate, what applies?
A. The licensee's professional reputation remains intact, they're not subject to any
disciplinary action
B. The licensee must personally reimburse the Real Estate Recovery Fund for amount
paid out
C. The licensee's license may be suspended/revoked, they may face disciplinary
actions
D. The Real Estate Recovery Fund is not available to compensate claimants in cases
involving licensees
A. Principal Duties
B. Fiduciary Duties
C. Legal Duties
D. Regulatory Duties
Give this one a try later!
B - A property management agreement creates a general agency between
the property owner and the licensee, therefore a property manager owes
the property owner fiduciary duties. The fiduciary duty requires the agent to
act in the property owner's best interest
Which estate requires the presence of all four unities + marriage?
A. Joint tenancy
B. Tenancy in common
,C. Community property
D. Tenancy by the entirely
Give this one a try later!
D - It's essentially a special type of joint tenancy reserved for married
couples. So while tenancy by the entirety does include the four unities, it's
not the only one that does — joint tenancy is the broader answer, which is
why A is the correct exam answer unless the question asks specifically
about marriage-based ownership.
Surface rights, air rights and subsurface rights are all rights that can be sold by a
property owner while still retaining the property itself. These rights are known as:
A. Severable Rights
B. Littoral Rights
C. Owner's Rights
D. Riparian Rights
Give this one a try later!
A
Surface Rights, Air Rights, and Subsurface Rights can be sold separately
and are called Severable Rights.
All of the following are involved in the secondary mortgage market EXCEPT for which
one?
A. Mortgage lenders
B. Mortgage brokers
C. Government-sponsored enterprises
D. Homebuyers
Give this one a try later!
, D - The secondary mortgage market involves various entities like mortgage
lenders, mortgage brokers, and government-sponsored enterprises (such
as Fannie Mae and Freddie Mac), but homebuyers are not directly involved
in this market.
In real estate, what is the closest meaning to the term "quieting a title"?
A. Clearing any liens or encumbrances on a property
B. Transferring ownership from the seller to the buyer
C. Resolving disputes over property boundaries
D. conducting a thorough property inspection
Give this one a try later!
A
"Quieting a title" refers to the legal process of resolving any claims, defects,
or disputes that could cloud or challenge the ownership rights of a
property, ensuring a clear and marketable title.
A landlord selling his property collected June rent from five tenants: two at $345 and
three at $425. What is the total rent collected?
Give this one a try later!
$1,965
Under NJ real estate law, which entity is responsible for holding earnest money
deposits?
A. The buyer's attorney
B. The broker
, C. The seller
D. The mortgage lender
Give this one a try later!
B - in NJ, brokers are typically responsible for holding earnest money
deposits in a trust account until the transaction is completed or otherwise
directed
The beautiful town of Big Bear is experiencing a fast influx of new residents. There are
few homes on the market and no new construction developments in the works. What
will this do to the price of the existing homes in the area?
A. The prices will decline over time
B. The prices will remain stable
C. The prices will decline swiftly
D. The prices will increase
Give this one a try later!
D
The principle of supply and demand control property values. An influx of
new residents in an area with limited housing drives property values up
When a claim against a licensee is filed, and the Real Estate Recovery Fund is used to
compensate, what applies?
A. The licensee's professional reputation remains intact, they're not subject to any
disciplinary action
B. The licensee must personally reimburse the Real Estate Recovery Fund for amount
paid out
C. The licensee's license may be suspended/revoked, they may face disciplinary
actions
D. The Real Estate Recovery Fund is not available to compensate claimants in cases
involving licensees
