NJ REAL ESTATE PRACTICE EXAM 2021 questions and answers 100% verified.

NJ REAL ESTATE PRACTICE EXAM 2021 questions and answers 100% verified. 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 - correct answers.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 - correct answers.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 - correct answers. 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 - correct answers.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) - correct answers.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 of 1866 - correct answers.Civil Rights Act of 1866 In order to convert an oral agreement into a written listing, the broker must deliver a written memorandum of the agreement to the client within how many days? 1. 5 days 2. 10 days 3. 30 days 4. 1 day - correct answers.5 Days In New Jersey, a conveyance to a married couple creates a 1. Tenancy by the entirety 2. Partnership 3. Tenancy in common 4. Joint Tenancy - correct answers.Tenancy by the entirety A seller's broker must transmit to her principle 1. All written offers 2. All reasonable written offers 3. All reasonable offers 4. Copies of all advertisements on the property. - correct answers. Which of these protects suppliers and laborers? 1. Encroachment 2. License 3. Mechanic's or construction lien 4. Easement - correct answers.Mechanic's or construction lien A man and a woman are not married but own property together. The man dies in an accident and the woman now owns the property in severalty. The man and woman held the title in 1. Tenancy in Common 2. Tenancy by the entirety 3. Joint Tenancy 4. Life Tenancy - correct answers. The approach that uses the concept of deprecation is the