New Jersey Real estate practice exam
test B 111 COMPLETE SOLUTIONS.
New Jersey Real estate practice exam
test B 111 COMPLETE SOLUTIONS.
A house contains screens, smoke alarms, and a crystal chandelier. the contract of sale mentions none of
this items specifically. before final closing, the seller has the right to remove - ANSWER none of this
items
the amount of earnest money deposit is determined by - ANSWER agreement of the parties.
Nelson McDonald sold his house on his own and still owed a broker a commission. he must have signed
an - ANSWER exclusive-right-to-sell listing
which can be executed without subjecting the signers to further responsibility for title? - ANSWER
quitclaim deed
the utility company dug up Andrea Dunham's garden to lay gas lines. The company had an easement,
recorded at the county clerk's office. Andrea claimed the easement was invalid because she was never
told about it. The easement - ANSWER was valid even if she has never heard of it.
when a court orders real property sold to satisfy an unpaid lien, the process is known as a - ANSWER
foreclosure
the tax rate is $7.80 per $100 assessment. if property is valued at $87,500 and assessed for 50% of its
value, what is the total property tax? - ANSWER $3,412.50
when appraising an office building, the appraiser MOST concerned with - ANSWER net annual income
a borrower obtain a second mortgage loan for $20,000 at 10%. It called for payments of $175 a month
over a period of five years. the final installment would be a balloon payment. this loan is a - ANSWER
partially amortized loan
, New Jersey Real estate practice exam
test B 111 COMPLETE SOLUTIONS.
if the interest rate is 5% and the monthly interest payments is $650, the principle sum would be -
ANSWER $156,000
Ezra dies and devises his real property to his second wife for her lifetime, after which the property will
pass to Ezra's children. Ezra's children own a - ANSWER remainder interest
the prospective borrower decided to change the loan from FHA-insured to a conventional loan. in this
situation the lender - ANSWER must issue a new loan estimate
the market data approach is MOST important in appraising an - ANSWER older residence
among the several pieces of information that the lender must gather before issuing a Loan Estimate (LE)
is the applicants - ANSWER Social Security number
Broker Bensley listed the Corwins' property. his salesman, Stan Sandow, accepted a check for $5,000
earnest money with an offer, Sandow should take the check and - ANSWER give it to Bensley
Mrs. hall signed a 30-day listing with a broker. the next day she was killed in an accident. the listing was
then - ANSWER terminated
a widow received ownership of the family home for the rest of her life, with title going to her children
on her death. she owns a - ANSWER life estate
under the common law of agency, the real estate broker has a fiduciary relationship with - ANSWER the
client
title to real property is passed when a valid deed is - ANSWER delivered
test B 111 COMPLETE SOLUTIONS.
New Jersey Real estate practice exam
test B 111 COMPLETE SOLUTIONS.
A house contains screens, smoke alarms, and a crystal chandelier. the contract of sale mentions none of
this items specifically. before final closing, the seller has the right to remove - ANSWER none of this
items
the amount of earnest money deposit is determined by - ANSWER agreement of the parties.
Nelson McDonald sold his house on his own and still owed a broker a commission. he must have signed
an - ANSWER exclusive-right-to-sell listing
which can be executed without subjecting the signers to further responsibility for title? - ANSWER
quitclaim deed
the utility company dug up Andrea Dunham's garden to lay gas lines. The company had an easement,
recorded at the county clerk's office. Andrea claimed the easement was invalid because she was never
told about it. The easement - ANSWER was valid even if she has never heard of it.
when a court orders real property sold to satisfy an unpaid lien, the process is known as a - ANSWER
foreclosure
the tax rate is $7.80 per $100 assessment. if property is valued at $87,500 and assessed for 50% of its
value, what is the total property tax? - ANSWER $3,412.50
when appraising an office building, the appraiser MOST concerned with - ANSWER net annual income
a borrower obtain a second mortgage loan for $20,000 at 10%. It called for payments of $175 a month
over a period of five years. the final installment would be a balloon payment. this loan is a - ANSWER
partially amortized loan
, New Jersey Real estate practice exam
test B 111 COMPLETE SOLUTIONS.
if the interest rate is 5% and the monthly interest payments is $650, the principle sum would be -
ANSWER $156,000
Ezra dies and devises his real property to his second wife for her lifetime, after which the property will
pass to Ezra's children. Ezra's children own a - ANSWER remainder interest
the prospective borrower decided to change the loan from FHA-insured to a conventional loan. in this
situation the lender - ANSWER must issue a new loan estimate
the market data approach is MOST important in appraising an - ANSWER older residence
among the several pieces of information that the lender must gather before issuing a Loan Estimate (LE)
is the applicants - ANSWER Social Security number
Broker Bensley listed the Corwins' property. his salesman, Stan Sandow, accepted a check for $5,000
earnest money with an offer, Sandow should take the check and - ANSWER give it to Bensley
Mrs. hall signed a 30-day listing with a broker. the next day she was killed in an accident. the listing was
then - ANSWER terminated
a widow received ownership of the family home for the rest of her life, with title going to her children
on her death. she owns a - ANSWER life estate
under the common law of agency, the real estate broker has a fiduciary relationship with - ANSWER the
client
title to real property is passed when a valid deed is - ANSWER delivered
