NJ Real estate Exam Prep Solutions 2023

NJ Real estate Exam Prep Solutions 2023 An Appraisal made by a Certified appraiser is REQUIRED? - ANSWER WHEN THE BUYER IS USING A FHA LOAN TO PURCHASE Greatest advantage of using FHA financing when buyer plans to occupy? - ANSWER THE REQUIRED DOWN PAYMENT MAY BE LOWER THAN CONVENTIONAL LOANS What should buyer put in purchase offer to make sure they would NOT have to purchase, if they CANNOT obtain financing? - ANSWER Contingency Conditions does NOT create stigmatized property that may or may not be disclosed under the law of some state? - ANSWER THE OWNER OF THE PROPERTY HAS AIDS Mortgage lender rely on deciding how much is safe to lend on a parcel of RE? - ANSWER APPRAISAL REPORT NJ Private Well Testing Act (PWTA) requires? - ANSWER The buyer & seller to certify receipt of test results before title transfer What is acceptable offering? - ANSWER A FREE DINNER FOR ATTENDEES AT HOMEBUYERS SEMINAR Individual is not required to be a RE licensee in NJ UNLESS engages in the following activities? - ANSWER SOLICITING TENANTS FOR VACANT RENTAL UNITS Statement about branch office is INCORRECT? - ANSWER TWO SALESPERSONS MAY BE DESIGNATED TO SHARE SUPERVISING RESPONSIBILITIES Statement in advertisement example of non-discriminatory language under HUD? - ANSWER "FEMALE SEEKING FEMALE ROOMATE" If a seller request for earnest money prior to the property inspection what should a broker do? - ANSWER CAN BE RELEASED WHEN WRITTEN PERMISSION FROM BOTH PARTIES Earnest money on a settlement statement is identified as? - ANSWER CREDIT TO A SELLER Which of the following property valuation estimates or reports have been prepared by a licensed or certified appraiser? - ANSWER A RECONCILIATION REPORT FOR A FHA LOAN A secretary in a real estate office who does not have a real estate license may? - ANSWER PERFORM BOOKKEEPING FUNCTIONS CONCERNING ESCROWED FUNDS A land owner uses his land as security for a lone the encumbrance created is called? - ANSWER AN INVOLUNTARY LIEN Which of the following are most likely to be addressed by building code? - ANSWER CONSTRUCTION STANDARDS Which disclosure is the most commonly required in a residential RE sale? - ANSWER LEAD-BASED PAINT