NJ SALESPERSON PRACTICE EXAM verified to pass 2023/2024

NJ SALESPERSON PRACTICE EXAM1. The law which requires that transfers of real property ownership be in writing is known as the: (A) law of evidence. (B) statute of liberties (C) statute of frauds (D) statute of limitations - correct answer C 2. In a VA loan: (A) a down payment is required (B) there must be an approved appraisal. C) one must be a veteran to assume the loan. (D) the maximum term is 25 years. - correct answer B 3. When a land contract is entered into: (A) legal title passes to the buyer (B) the seller executes the deed C) the buyer cannot occupy property. (D) the buyer acquires equitable title. - correct answer D 4. A five bedroom, one bath residence is an example of what type of depreciation? (A) Functional. (B) Economic. (C) Physical (D) All of the above - correct answer A 5. One of the following is NOT an essential requirement for a valid deed: (A) The buyer and seller be named. (B) Words of conveyance (C) Acknowledgement and recording D) Competent grantor - correct answer C 6. If two married brothers own property as joint tenants and one brother dies, his wife owns: (A) a one-third life estate in half of the undivided interest her husband owned. (B) a one-half life estate in the entire property (C) fee simple estate in half of the property. D) no interest. - correct answer D 7. In a lease: A) the original lessee could be liable for rent payments even though he sublets the premises (B) a tenancy for years is one which continues indefinitely until one of the parties elects to terminate it by giving proper notice (C) a residential security deposit is the prop- erty of the lessor during a lease term. (D) the tenant is the lessor. - correct answer A property is tn8. To use property for the best net return to the (A) functional value. (B) appreciation. (C) highest and best use. D) economic value. - correct answer C