NJ REAL ESTATE PRACTICE EXAM 2021

The type of deed that warrants only that the grantor has not impaired the title during the term in which he held it is referred to as. 1. Quitclaim Deed 2. General Warranty Deed 3. Bargain and Sale Deed 4. Bargain and Sale Deed, CAG - Answer- Bargain and Sale Deed, CAG Taxes raised to pay for improvements that benefit real estate are referred to as 1. Special Assessments 2. Facilities Taxes 3. Ad Valorem Taxes 4. Luxury Rates - Answer- Special Assessments After Borrowers have indicated an intent to proceed, the lender 1. is prohibited from asking for any additional information 2. approves their loan application 3. can ask for additional fees to process the loan application. 4. can provide a temporary approval letter - Answer- In a blanket mortgage, the clause that allows the developer the right to sell an individual lot without having to pay off the entire principal amount is called a 1. Partial Release Clause 2. Subordination Clause 3. Defeasance Clause 4. Prepayment Clause - Answer- Partial Release Clause Which of these documents is typically recorded in the public records? 1. Sales Contract 2. Deed 3. Closing statement (CD) 4. Loan Estimate (LE) - Answer- Deeds- Must be notarized Which law prohibits ALL racial discrimination in housing, with no exceptions? 1. Jones v Mayer Act 2. Fair Housing Act of 1968 3. Civil Rights Act of 1965 4. Civil Rights Act